Service · profession packages
Most major and second-tier Australian lenders run a profession- package matrix that waives Lenders Mortgage Insurance above 80% LVR for nurses, teachers, doctors, accountants, lawyers, police and other recognised occupations. The waiver is real — typically $13k–$17k saved on a $760k loan at 90% LVR — but the lender that writes the cleanest waiver isn't always the one with the best rate. Both halves matter.
Run the LMI break-even → Check your borrowing capacity →The LMI waiver looks like a free saving — and at first glance it is. But the lenders writing the cleanest 90% LVR profession waivers don't all run identical rates underneath the package. On a $760,000 owner-occupied loan: the LMI saving sits around $13,000–$17,000. A 25-basis-point rate gap costs roughly $1,900/year on the same loan. Inside eight years the rate gap has eaten the waiver entirely.
The decision isn't "take the profession package" or "pay the LMI". It's "which lender on the panel gives me the LMI waiver AND the rate that still makes financial sense over my actual hold period." For a refinance-likely borrower (5–7 year horizon) almost any profession package wins. For a 25-year set-and-forget mortgage, the math gets closer. We run both numbers on the file before lodging.
Each lender publishes its own list of eligible occupations and which LVR cap applies. The table below is the panel-typical pattern across major and second-tier banks — individual lenders deviate, and the lender-level differences are where the broker- panel intelligence matters.
| Tier | Max LVR no LMI | Typical occupations |
|---|---|---|
| Top tier | 95% | Medical doctors (GP, specialist, surgeon), dental surgeons. Some lenders include senior counsel, equity-partner accountants and lawyers. |
| Standard tier | 90% | Registered nurses, midwives, teachers (primary & secondary), accountants (CA, CPA), lawyers, dentists, veterinarians, police, paramedics, firefighters, optometrists, physiotherapists, pharmacists, ADF members. |
| Extended tier (some lenders) | 90% | Engineers (chartered), university lecturers, allied health (occupational therapists, speech pathologists, psychologists), select IT professionals (lender-specific lists). |
| Investor product | 80–90% | Most lenders cap profession-package investor waivers at 80% LVR. A small number extend the owner-occupied 90% waiver to investor purchases for top-tier occupations. |
Occupation-level pages covering the lenders that write each profession's waiver, the rate landscape inside each package, and the file-shape gotchas worth knowing before lodging.
Where the panel is widest and where rate compression is strongest. Standard 90% LVR waiver across almost every lender that writes profession packages. Some lenders accept new graduates with a signed employment contract.
Read the nurses brief →Same LMI waiver as nurses, with two file-shape quirks worth knowing: contract teachers vs permanent, and the casual / relief teacher case where employment patterns affect serviceability before the waiver is even on the table.
Read the teachers brief →The narrowest, most lucrative waiver tier. Most lenders that run a 95% no-LMI tier limit it to medical doctors and specialists. Some specialist medical lenders extend to 100% LVR for established consultants. Locum and registrar income treatment is the file-shape variable.
Read the doctors brief →Same top-tier waiver as medical practitioners — but the harder question is practice-ownership self-employed income. Specialist dental/medical lenders treat associate and practice income materially more favourably than mainstream. Borrowing capacity gap of $300k-$500k between treatments.
Read the dentists brief →Universal 90% waiver. The bigger lender-choice swing is penalty rate, shift loading and overtime treatment — police- friendly lenders count these at 100%, mainstream lenders shade to 80%. Same gross income, $80k-$150k difference in borrowing capacity.
Read the police brief →Standard waiver across most lenders. Senior partners and equity-tier professionals may qualify for the 95% top tier on a small number of lenders. Tax-optimised return shapes can interact with serviceability — file-shape routing matters. Brief coming soon — Week 6.
The LMI break-even calculator models the actual dollar trade-off between a profession-package rate and a vanilla 90% loan with LMI capitalised. On a $760k loan the answer is usually break- even between years 6 and 9 depending on the rate differential. Run your scenario before choosing the lender.
Run the LMI break-even → Check borrowing capacity →Three common file-shape pitfalls that turn a profession-package win into a no-better-than-vanilla outcome. Each is preventable on the broker side before lodging.
What is a profession-based home loan?
A standard home loan with LMI waived above 80% LVR — typically to 90% for most recognised professions, 95% for the top tier (medical doctors, specialists). The waiver is offered because the named professions have measurably lower default rates.
Which professions qualify?
Each lender publishes its own list. Standard 90% LVR tier across most majors covers nurses, teachers, doctors, dentists, accountants, lawyers, police, paramedics, firefighters, ADF members, vets, and most allied health. Top 95% LVR tier is typically medical doctors and specialists only.
Is the profession package always better than paying LMI?
Not always. Run the rate gap against the LMI saving over your actual hold period — for a 5-year hold almost any package wins; for a 25-year hold a 25bp rate gap eats the waiver inside 8 years. Use the calculator linked above to model your scenario.
Do I need to be in the role for a minimum period?
Most lenders require 6–12 months continuous employment in the eligible profession. A small number accept new graduates with a signed employment contract (relevant for nurses and teachers fresh from training).
Can profession packages be used for investment?
Yes — though most lenders cap profession-waiver investor loans at 80% LVR rather than the 90% owner-occupied tier. A small number extend the full 90% waiver to investor for top-tier professions. SMSF LRBA loans typically don't access the waiver.