For decades, avoiding lenders mortgage insurance below a 20% deposit meant being a doctor, a lawyer, or having a guarantor. That’s changed: a small group of lenders now waive LMI at up to 90% LVR for any occupation, on both owner-occupied and investment loans.
Who offers it
ubank is the most prominent, with 90% LVR no-LMI available on owner-occupier and investment lending as standing policy, no profession list, no income-threshold gymnastics. A handful of other lenders run 85% no-LMI offers, and the set changes as banks compete. Tracking who’s offering what is part of a broker’s job.
What it saves
On a $850,000 purchase with a 10% deposit, LMI would typically cost $14,000–$19,000. Waived, that money covers most of your conveyancing, inspections and moving costs, or simply stays as a buffer in offset.
The catches to check
- Rate positioning: a no-LMI 90% loan sometimes prices slightly above an 80% LVR loan. The honest comparison is against borrowing 90% with LMI, and on that test the waiver usually wins clearly.
- Property and postcode rules: high-density apartments and some locations can be excluded.
- Serviceability still applies: the waiver removes the premium, not the assessment.
How it compares to the alternatives
- Home Guarantee Scheme: better if you’re an eligible first home buyer with only 5%: see FHB grants and schemes.
- Professional waivers: up to 95% for medicos; 90% with income tests for lawyers and accountants.
- Guarantor loans: can reach 100%+ with family support: see guarantor loans.
Our LMI waiver loans page covers the any-occupation route in full, who offers it, what it costs, and when it beats the alternatives.
See LMI waiver loans at Linton Finance →One call with Nathan maps every no-LMI path you qualify for and models the total cost of each, free, and usually eye-opening.