Home loans for professionals – the benefits available to borrowers working in certain industries

When it comes to borrowing money, it not simply how much you earned, but how you earned it. Aussie banks and lenders have several policies and offerings catering to people working in specific industries that give them favourable options for borrowing money.

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There are several reasons for this, like the high-income nature of certain industries, the career-long reliability of the income, consistency of extra hours available and the excellent repayment history from other borrowers working in that industry.

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Lower deposits and waiving Lender’s Mortgage Insurance

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Several lenders have offerings to borrowers working in specific fields to allow them to purchase a property for less deposit than usually required and pay no Lender’s Mortgage Insurance. Doctors, Accountants, Lawyers and more can get approved for loans with a 10%, 5% and even a 0% deposit. They also don’t need to be first home buyers; they don’t even have to be buying an owner-occupied property. Lenders know that certain occupations, historically, are great borrowers, and they are rewarded for this.

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Here's a list of the professions in 2025 that can access some form of LMI waiver:
(and we’re updating this regularly as lenders provide new offerings for certain professions)

• Doctors (including specialists, GPs, surgeons)
• Lawyers, solicitors, barristers, judges
• Accountants, actuaries, financial analysts
• Nurses, midwives, paramedics
• Police officers and firefighters
• Allied health professionals (physiotherapists, psychologists, optometrists, etc.)
• Teachers
• Veterinarians
• Professional athletes and creatives (in some cases!)
  

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You might have noticed some odd job titles in there like people in creative and sporting industries, yes, some lenders have LMI waivers specifically for people working in these industries, with some lenders having policy specific for celebrities and well-known individuals.

Keep in mind that some lenders have criteria you must meet in order to be eligible for an LMI waiver, these could be things like minimum income thresholds, holding a certain level of education like a bachelor’s degree in your assigned field or being registered with a relevant professional body such as AHPRA for people in the medical field.

Didn’t see your profession on the list? Doesn’t mean you aren’t eligible. Hit the contact page to find out if we can get you an LMI waiver. Lenders can make exceptions if your profession is like others on the list. If you’re a first home buyer, or haven’t owned property in the last 10 years, you might be eligible for the First Home Guarantee – more .

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Greater borrowing power when working in certain jobs

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Essential workers get a lot of love from lenders. Most industries that earn overtime have this income shaded to maybe 80% or even 60% of what is earnt to allow for fluctuations or that you may just not be able to maintain that level of overtime for an extended period.

Due to the nature of the work, if you’re considered an “essential worker”, many lenders do not shade the overtime that you have earnt and will use 100%.

For example, someone working at the local supermarket who earnt $10,000 in a year in overtime, for most lenders, they’re going to reduce your overtime to $8,000. However, someone like a police officer or nurse who earnt $10,000 in overtime can use all $10,000 towards their borrowing power and therefore, borrow more money.

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This works the same way for someone who works casual. Where a lender would shade your income in the same way to account for unpaid leave and fluctuating hours, essential workers, working casually, might have no shading to their income and can usually borrow more than a non-essential worker, working the same hours getting the same pay. No matter your role or industry, this is where a broker is useful to determine which lenders look at your income most favourably. Each lender looks at and calculates your income differently and that’s why sometimes your maximum borrowing power between lenders changes considerably.

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Lenient lending criteria

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If you’re in a preferred profession, you might also benefit from relaxed rules when borrowing money.

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While this is on a case-by-case basis, lenders can often overlook application criteria that might otherwise have been a “no”. An example of this might be where a lender normally requires you to have been in your position for 6 months before approving you a loan, certain professions are less risky and banks can overlook this requirement, getting you into your home sooner.

Self-employed individuals working in certain professions who would normally be required to provide 2 years’ worth of tax returns, could get approved with only 1 year or even interim financials where they have not been operating for 12 months yet.

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Will I get a better interest rate?

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A frequent question, but the answer is generally, no. Majority of lenders determine your interest rate based on metrics like your total loan amounts, the loan to value ratio of your loans, and the purpose of the funds (principal and interest or interest only). While a preferred profession may help you access Lender’s Mortgage Insurance waivers or unlock greater borrowing power, it won’t reduce your interest rate with majority of lenders.

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I’m working in a preferred profession and I’m thinking about buying, how do I get the process started?

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Due to the flexibility around what lenders can do for you, we recommend you speak with a broker before you start looking for a property. Depending on your role will determine what perks are available to you and what you might be able to borrow.

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Click the contact page and fill out your details and one of our experts will be in touch.