Buy a Home with a 10% Deposit
and No LMI.

Lenders Mortgage Insurance (LMI) is a one-off cost charged when you borrow more than 80% of your property's value. On a $600,000 home with a 10% deposit, LMI typically costs between $12,000 and $20,000 depending on the lender. It protects the bank, not you.

In recent years, several major lenders - including Westpac, St. George, BankSA, Bank of Melbourne, and CBA - have started waiving LMI for AHPRA-registered nurses and midwives meeting certain income thresholds. The savings are significant: that $15,000+ stays in your pocket.

The catch? These waivers aren't advertised heavily, eligibility varies between lenders, and most nurses don't know they exist. That's where we come in.

• LMI Waiver up to 90% LVR

  For AHPRA-registered nurses and midwives earning $90,000+ at major banks like Westpac, St. George, BankSA, and Bank of Melbourne. CBA has also expanded eligibility under their pilot. Save $15,000–$20,000+.

• 100% Shift Allowances Counted

  Many lenders only count 80% of overtime, penalty rates and shift allowances. Some specialist lenders will count 100% of these - significantly increasing your borrowing capacity. We know which lenders to approach.

• Federal 5% Deposit Scheme

  From January 2026, the Federal Government's expanded First Home Guarantee allows eligible first home buyers to purchase with just a 5% deposit and no LMI - regardless of profession. This stacks well for nurses entering the market.

• Essential Worker Packages

  Some lenders (like People's Choice and BankVic) bundle nurses into broader essential worker packages with their own perks - sometimes lower income thresholds but slightly higher deposit requirements. A good fallback option.

• Specialist Income Treatment

  Casual nurses, agency nurses, and contract nurses can struggle with mainstream lenders. We work with specialist lenders who understand non-standard nursing employment patterns and assess income fairly.

• Already Own? Refinance and Save

  If you bought before knowing about these programs and paid LMI, you can't get that back. But you may be able to refinance to a healthcare-friendly lender and unlock better rates and product features going forward.

• 1

  AHPRA Registered

  You hold a current AHPRA registration as a Registered Nurse (RN), Registered Midwife, or Nurse Practitioner. Note: Enrolled Nurses (EN) typically don't qualify for the medico waiver but can use the Federal 5% Deposit Scheme.

• 2

  Earning $90,000+

  Most lenders set a minimum income threshold of $90,000 (often inclusive of shift allowances, penalty rates, and overtime). Higher-tier roles like nurse practitioners may qualify for 95% LVR with select lenders.

• 3

  Hospital Employed

  Most LMI waiver policies are for nurses employed in a hospital setting (public or private). GP clinic nurses and aged care nurses may qualify with select lenders, but it's case-by-case. Office-based or admin nursing roles often don't qualify.

• 4

  Off Probation

  Lenders typically require you to be employed off probation. Some allow recent role changes if you've been in nursing for 2+ years total. Probationary employees may still qualify for 85% LVR loans without the medico waiver.

• 5

  10% Deposit Saved

  For the standard 90% LVR LMI waiver, you'll need a 10% deposit. If you're a first home buyer, the Federal 5% Deposit Scheme can help bridge the gap if you don't have 10% saved yet.

• 6

  Buying as Owner-Occupier

  Most LMI waiver policies are for owner-occupier purchases or refinances with principal & interest repayments. Investment loans and interest-only loans typically don't qualify for the waiver, though some specialist lenders are exceptions.