Can accountants and finance professionals get an LMI waiver?

Lenders Mortgage Insurance waivers extend, with some lenders, to qualified accounting and finance professionals. If you hold a relevant qualification, it is worth knowing whether a waiver might be available. Here is how these policies generally work and what to check.

Why these professionals may qualify

Some lenders treat qualified accounting and finance professionals as lower risk, reflecting stable income and strong financial literacy across the group. Where they do, they may waive the Lenders Mortgage Insurance premium a borrower with the same deposit would normally pay.

Which roles may be eligible

The roles a lender treats as eligible vary, but commonly include qualified accountants such as CPAs and chartered accountants, and sometimes actuaries and certain other finance professionals. Eligibility usually hinges on holding a recognised professional qualification or membership, and lenders differ on which they accept.

How far the waiver may go

Where offered, an accounting or finance waiver may allow borrowing at a higher loan to value ratio than standard without the premium, in some cases up to around 90 per cent. Whether it applies, and the exact maximum, depends on the lender, so it is a policy some lenders offer rather than a guarantee.

Conditions still apply

A waiver removes the premium, not the assessment. You still need to show you can service the loan, and lenders may attach conditions such as evidence of your qualification or membership, minimum income, or loan size limits. It is a feature within a normal loan.

Not every lender offers it

These waivers are not universal, and lenders differ in the qualifications they accept and the terms they set. The same professional could be offered a waiver by one lender and not another, which is why the choice of lender matters.

Compare the full package

A waiver is a genuine saving, but the best loan is the one that suits you overall. It is worth weighing the rate, fees and features alongside the waiver, rather than choosing a loan purely because it offers one.

Confirm whether you qualify

Because eligibility and terms vary between lenders, the useful step is to confirm whether your qualification qualifies and with which lenders. A broker who works with professional borrowers can check this for you, usually at no cost to you. This is general information, not advice.