Is LMI Waived for Registered Nurses and Midwives in Australia?
Quick answer: A number of Australian lenders waive Lenders Mortgage Insurance for registered nurses and midwives, usually allowing you to borrow up to 90 percent of a property’s value with only a 10 percent deposit. Not every lender offers this, and the ones that do typically require active AHPRA registration, a minimum income roughly between $90,000 and $120,000 a year depending on the lender, and at least a year in your current role. Because policies vary so much and most are not advertised publicly, the fastest way to find out who currently offers a nurse or midwife waiver is to check with a broker who reviews the full lender panel for you.
Saving a 20 percent deposit is hard for almost anyone, and irregular shifts and overtime do not make budgeting any easier. If you are a registered nurse or midwife, a smaller deposit does not always mean paying Lenders Mortgage Insurance (LMI), since several lenders waive it for healthcare workers.
Working out which lenders, and whether you actually qualify, is the part that trips up most applicants. This guide walks through what the waiver is, the criteria lenders look for, and how the numbers compare across professions.
What is the medical professional LMI waiver?
LMI is a one-off premium charged when you borrow more than 80 percent of a property’s value. On an average home it can add tens of thousands of dollars to your loan, and most lenders add it to the loan amount, so you pay interest on it for years.
A medical professional waiver lets eligible healthcare workers skip that premium entirely. The reasoning is that professions like nursing carry lower long-term default risk, so lenders are comfortable lending at a higher LVR without the usual insurance buffer.
The waiver started decades ago with doctors and specialists, and has gradually broadened to include nurses, midwives, and a range of allied health professions. The rules still differ a lot from lender to lender, and not every bank offers a nurse-specific version at all.
Minimum criteria for nurses and midwives
Most lenders that offer a nurse or midwife waiver expect a few things before they approve it.
Active AHPRA registration in your profession is the baseline requirement almost everywhere. A minimum income is common too, typically somewhere between $90,000 and $120,000 a year depending on the lender, and this can usually include shift allowances and overtime once you can show a consistent history of receiving them.
Lenders also generally want to see at least 12 months in your current role, or two years in nursing overall, so a brand new graduate may need to wait or look at a smaller, standard waiver instead. For income documentation more broadly, our guide on why your annualised income looks different between banks is worth reading alongside this one.
Casual and part time nurses are not automatically excluded. Casual income is often averaged over a full 12 months rather than taken from your most recent payslips, which can lower your assessed income compared to an equivalent permanent salary, so it pays to understand how a particular lender treats this before you apply.
How nurse and midwife waivers compare
Policies differ enough between lenders that a side by side view helps. Exact figures change without much notice and vary by lender, so treat this as a general guide rather than a guarantee, and confirm current criteria before you apply.
| Registration type | Typical max LVR without LMI | Typical minimum income | Employment type accepted |
|---|---|---|---|
| Registered Nurse or Midwife (general AHPRA registration) | Up to 90% (10% deposit) | Roughly $90,000 to $120,000 a year | Full time and part time accepted everywhere, casual usually accepted but averaged over 12 months |
| Nurse Practitioner | Up to 90%, sometimes 95% depending on the lender | Similar to RN, occasionally a lower threshold | Same general treatment as Registered Nurses |
| Enrolled Nurse (EN) | Not typically included in medico-style waivers | Standard lending criteria applies | Standard lending criteria applies |
| Doctors, dentists, medical specialists (for comparison) | Up to 95% (5% deposit) | Often no minimum income requirement | Full time, part time, and locum or self-employed income often accepted with extra documentation |
Figures are a general market guide only, sourced from publicly available lender information current as of June 2026. Confirm exact criteria with your broker before applying, since policy details and thresholds change.
One misconception worth flagging here. Enrolled nurses are usually not included in these waivers, even though registered nurses and midwives are. If you are an EN it is still worth checking, since a handful of lenders take a broader view, but do not assume the same terms automatically apply to you.
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How to apply with 50+ lenders at once
Very few lenders publish their healthcare worker policy openly, and the ones that do change the terms every year or two. One major bank ran a pilot scheme for frontline workers a few years back and later closed it quietly, which is a useful example of how fast these policies can move.
Working through this alone usually means a string of phone calls for an uncertain answer, since most of the activity around nurse LMI waivers happens through the broker channel rather than on a bank’s public website. A broker who checks your situation against a full panel, rather than one bank’s product list, can usually tell you within a day or two which lenders currently offer a nurse or midwife waiver, and which of those you actually qualify for.
Laxmi Home Loans compares options across 50+ banks and lenders for exactly this reason, so you only need to tell your story once. If you are also newer to Australia, our guide to home loans for Nepali nurses covers the visa and income side of this in more detail.
Common misconceptions about nurse LMI waivers
A few assumptions come up again and again in conversations with nurses and midwives. Here are the ones worth clearing up.
Does the LMI waiver apply if I work casually or as an agency nurse?
In many cases yes, though your income is usually averaged over a longer period rather than taken from recent payslips, and a small number of lenders are stricter about contract or agency work.
Are enrolled nurses eligible for the same waiver as registered nurses?
Generally no. Most lenders that offer this waiver limit it to registered nurses, midwives, and nurse practitioners with full AHPRA registration, though it is still worth asking, since policies vary.
Does the LMI waiver also mean I get a lower interest rate?
Not necessarily. The waiver removes the LMI premium specifically. Some lenders bundle in a small rate discount for healthcare professionals, but this is a separate decision and not guaranteed.
Can I use the waiver for an investment property, not just my own home?
Often yes, though the maximum LVR is sometimes lower for investment purchases than for owner-occupied homes, so confirm this with your broker before assuming the same terms apply.
If one bank says no, does that mean I am not eligible anywhere?
No. Healthcare worker policies differ significantly between lenders, and a knockback from one bank does not reflect your eligibility everywhere else.
Talk to a broker who already knows which lenders say yes
You do not need to call around the banks yourself. Book a free, no obligation chat with the Laxmi Home Loans team to find out which lenders currently waive LMI for your profession and whether you meet their criteria.
Book a free consultation or call 0433 589 626.
This article is general information only and does not take into account your personal financial situation, objectives, or needs. It is not financial, tax, or legal advice. Lender policies, eligibility criteria, and income thresholds for medical professional LMI waivers change regularly and vary between lenders, so confirm your specific position with your broker before making a decision.
Laxmi Home Loans is the trading name of Mero Chino Groups Pty Ltd, ABN 76 169 013 012, Credit Representative Number 476974, authorised under Australian Credit Licence Number 383640.
