Buying a home just became easier for accountants, lawyers, and medical professionals in Australia, thanks to a major policy shift by NAB.
The bank has expanded its lenders mortgage insurance (LMI) waiver, allowing more professionals to secure a home loan with as little as 10% deposit—without paying LMI.
This move could save eligible homebuyers tens of thousands of dollars, making homeownership more accessible for many who previously faced hefty upfront costs.
More Professionals Now Qualify for NAB’s LMIWaiver
Previously, NAB’s LMI waiver was reserved for a select group of professionals, such as doctors and lawyers. Now, the bank has widened its reach to include practising barristers, solicitors, and other legal professionals.
Finance experts such as accountants, actuaries, and financial analysts are also now eligible. In the medical field, chiropractors, pharmacists, veterinarians, and optometrists have been added to the list of those who can benefit from the waiver.
By extending the program, NAB is giving these professionals the chance to borrow up to 90% of a property’s value without paying LMI, provided they meet the bank’s eligibility criteria. This is particularly significant for self-employed individuals who often face more stringent lending requirements.
How Much Can Homebuyers Save?
Lenders mortgage insurance is typically required when a borrower has less than 20% deposit, and it can be a massive expense. For example, LMI provider Helia estimates that a homebuyer purchasing an $850,000 property with a 10% deposit would normally have to pay $18,819 in LMI fees. A $650,000 unit with a 10% deposit would incur an LMI cost of $14,391.
With NAB’s expanded LMI waiver, these costs disappear for eligible borrowers, a game-changer for professionals looking to enter the property market sooner. Avoiding this additional financial burden means more buyers can put their savings towards their deposit or other homeownership expenses instead.
NAB’s Motivation Behind the Policy Change
According to NAB executive broker distribution Adam Brown, the decision aims to make homeownership more accessible for professionals, particularly those who are self-employed.
Brown explained that by expanding the LMI waiver program to include more industry professionals and medical practitioners, NAB is giving more people greater financial flexibility and an easier path to homeownership.
For many self-employed individuals, securing a home loan can be challenging due to the complexities of proving income stability and meeting lender requirements.
This waiver removes one of the major financial hurdles, allowing these professionals to qualify for loans with a lower deposit requirement and no additional insurance costs.
How NAB’s LMI Waiver Compares to Other Banks
NAB isn’t the only bank offering LMI waivers—all of Australia’s Big Four banks (Commonwealth Bank, Westpac, NAB, and ANZ) provide similar benefits for certain high-income professions.
However, NAB’s latest expansion stands out because it broadens the range of eligible professionals rather than limiting benefits to only the highest-earning sectors.
By contrast, ANZ made headlines last year when it offered LMI waivers in 145 of the wealthiest postcodes, including Point Piper, Toorak, Hamilton, and Cottesloe.
Under ANZ’s policy, borrowers needed to take out a home loan of $2 million or more and meet specific income and financial requirements to qualify.
This sparked controversy, as critics argued the policy disproportionately benefited wealthy buyers in elite suburbs, rather than first-home buyers or middle-income earners in need of financial relief.
