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Securing a home loan just became more affordable, thanks to ANZ’s new low-risk Lenders Mortgage Insurance (LMI) waiver. This policy lets eligible borrowers access a no LMI home loan with a deposit as low as 5%. Whether you’re purchasing a new home or refinancing, this waiver can save you thousands and make high-value properties more accessible in eligible locations across Australia.
At Unconditional Finance, we help clients take advantage of game-changing opportunities like this. Our team will guide you through ANZ’s policy and streamline the loan application process, so you can focus on finding the perfect property.
Here’s everything you need to know about this policy, including its benefits and eligibility requirements.
Traditionally, LMI is required when a borrower’s deposit is less than 20% of the property value. This insurance protects the lender but adds a significant cost for borrowers. Fortunately, ANZ’s policy allows eligible low-risk individuals to avoid paying LMI, enabling them to save thousands of dollars upfront.
With this waiver, you can borrow up to 95% of a property’s value, provided you meet specific criteria.
ANZ’s LMI Waiver opens new doors for homebuyers and refinancers alike. Here’s how this policy could work for you:
An LMI exemption can save you tens of thousands of dollars, freeing up more of your budget for your property or other financial goals. For instance, for a property valued at $800,000, avoiding LMI might save you up to around $34,000. You can redirect these savings to other essentials like furnishing or renovating your home, funding offset accounts, or even building your emergency fund.
Since the waiver allows you to secure loans with as little as a 5% deposit instead of the typical 20%, you can enter the property market sooner. This is especially advantageous in high-demand suburbs where property prices continue to rise.
The policy supports loan amounts ranging from $2 million to $7.6 million, depending on the property’s location. This feature is ideal for professionals seeking homes in Australia’s premium suburbs or those looking to refinance and unlock equity for future investments.
The policy supports both owner-occupier and investment loans, offering options for principal-and-interest or interest-only repayment terms – subject to eligibility and specific lender criteria.
If you’re refinancing, this waiver can help you access equity in your property without paying for LMI. This is particularly useful if you want to upsize, consolidate debt, or reinvest while maintaining liquidity for other financial goals.
Whether you’re buying your first home, upsizing, or leveraging equity to build wealth, ANZ’s Lenders Mortgage Insurance waiver policy offers benefits for specific groups:
If you’re a doctor, dentist, or other medical professional, you can borrow up to 95% of the property value without LMI. For other medical professionals, including optometrists, physiotherapists, and radiographers, the LMI waiver may apply with up to 90% LVR.
Accountants, including auditors and actuaries, and legal professionals such as lawyers, solicitors, and judges, can borrow up to 90% without incurring LMI costs.
ANZ’s policy recognises the financial reliability associated with these professions and provides a streamlined path to homeownership or refinancing.
For a first home buyer, an LMI waiver helps overcome the challenges of high entry costs in desirable areas. By lowering deposit requirements and waiving LMI, the policy makes purchasing a property in high-value suburbs more attainable.
If you’re moving to a larger home, this waiver eases the transition by reducing the deposit needed and eliminating LMI. It’s especially helpful for families who wish to upgrade without needing a bridging loan, enabling a smoother process when changing homes.
Property investors can use this policy to enhance their portfolios without tying up additional funds in LMI. Refinancers benefit by accessing their property’s equity more affordably, providing financial flexibility for reinvestment or debt restructuring.
If you’re running your own businesses or prefer to keep your savings intact, this policy allows you to maintain liquidity while securing competitive loan terms. It’s an excellent option for borrowers who need to balance cash flow with property financing.
To take advantage of this opportunity and secure a no LMI home loan, you must meet specific eligibility criteria regarding your profession, financial standing, and the property you’re purchasing:
Eligible professionals must meet certain qualifications and provide supporting documentation. Here are the key requirements for each profession:
You must be classified as a low-risk borrower, as determined by ANZ’s advanced analytics and credit assessments. This includes maintaining a strong credit history with no missed payments or negative marks and demonstrating sufficient uncommitted monthly income to manage repayments comfortably.
The property you’re purchasing must be a standard residential home, such as a house, townhouse, or duplex. Commercial properties and vacant land do not qualify. Additionally, the property must be located within ANZ’s list of 145 eligible suburbs, often in high-value locations like Rose Bay in Sydney or Toorak in Melbourne.
This waiver is tailored for straightforward property purchases or refinancing standard residential homes. Also, individual borrowers must take out loans, and certain types of loans are not eligible under this policy – these include:
Your loan must be at least $2 million to qualify for the Lenders Mortgage Insurance exemption. This minimum ensures that the waiver is targeted at high-value properties and borrowers with strong financial capacity. Depending on the suburb, the maximum loan amount ranges between $4.75 million and $7.6 million, offering flexibility for premium purchases.
At Unconditional Finance, we understand that navigating policies like ANZ’s Low-Risk LMI Waiver can be complex, but we’re here to make it simple. Our team of mortgage brokers specialises in breaking down the details, assessing your unique situation, and guiding you through the eligibility process step by step. Whether you’re a first home buyer LMI waiver candidate or a professional seeking to secure a 90 LVR no LMI loan, we provide expert advice tailored to your needs. With our support, you can confidently secure the best loan options – bringing your dream property closer than ever while easing the burden of initial costs.
There are a number of benefits to using your medical profession when applying for a home loan:
As doctors have more lenient eligibility requirements when it comes to applying for home loans, the approval process can often be faster than that of traditional loans. This is especially beneficial if you need to buy quickly or are buying in a competitive market.
Most lenders also typically allow doctors to borrow more than people employed in other professions. This is because medical professionals are considered to be high-income earners with the ability to repay larger loan amounts.
Most lenders typically offer more interest rate discounts on doctor home loans than they do for traditional loans. This is because medical professionals are considered a low-risk group with a stable income and good job security. Lower interest rates can save you thousands of dollars over the lifetime of your loan.
In some cases, home loans for doctors may not have any ongoing fees (such as annual or account-keeping fees). This can save you hundreds, if not thousands, of dollars over the lifetime of the loan.
Other additional features that you may be offered as a part of your home loan could include offset accounts or redraw facilities, which can help you to save on interest and manage cash flow.
As doctors have more lenient eligibility requirements when it comes to applying for home loans, the approval process can often be faster than that of traditional loans. This is especially beneficial if you need to buy quickly or are buying in a competitive market.
Most lenders also typically allow doctors to borrow more than people employed in other professions. This is because medical professionals are considered to be high-income earners with the ability to repay larger loan amounts.
Most lenders typically offer more interest rate discounts on doctor home loans than they do for traditional loans. This is because medical professionals are considered a low-risk group with a stable income and good job security. Lower interest rates can save you thousands of dollars over the lifetime of your loan.
In some cases, home loans for doctors may not have any ongoing fees (such as annual or account-keeping fees). This can save you hundreds, if not thousands, of dollars over the lifetime of the loan.
Other additional features that you may be offered as a part of your home loan could include offset accounts or redraw facilities, which can help you to save on interest and manage cash flow.
ANZ’s Low-Risk LMI Waiver Policy allows eligible borrowers to secure a home loan with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). This waiver is available for loans up to 95% of the property’s value for certain professionals and properties in approved locations. The policy is designed to help reduce upfront costs, making high-value properties more accessible.
You may qualify if you are a low-risk borrower, such as a doctor, accountant, or lawyer, and meet ANZ’s eligibility criteria. This includes having a strong credit history, sufficient uncommitted income, providing proof of membership with recognised industry bodies, and purchasing or refinancing a property in one of 145 approved suburbs. Eligibility also requires your property to meet specific criteria, such as being a standard residential home.
The policy applies to standard residential properties, including houses, townhouses, and duplexes, located in eligible high-value suburbs. Properties like vacant land, commercial buildings, and those held in trusts are excluded. It’s important to verify that your property type and location align with ANZ’s guidelines.
The minimum loan amount to qualify for the LMI waiver is $2 million. Depending on the property location, the maximum loan amount ranges from $4.75 million to $7.6 million. This policy is particularly beneficial for those purchasing or refinancing high-value properties.
Yes, self-employed borrowers can benefit if they meet the policy’s eligibility criteria. You’ll need to demonstrate strong financial stability, a clean credit history, and sufficient income to comfortably manage repayments. The waiver is ideal for self-employed professionals looking to maintain cash flow while avoiding LMI costs.
Yes, the waiver does not apply to construction loans, loans for vacant land, or loans involving guarantors or trusts. It is designed specifically for individual borrowers purchasing or refinancing standard residential properties. Make sure your loan purpose aligns with ANZ’s policy guidelines to take advantage of this benefit.
We dedicate ourselves to working efficiently to save our clients both time and money. Additionally, we’re pleased to arrange meetings at times that suit your schedule.
We help our clients save money by offering expert guidance and customised mortgage solutions. By negotiating competitive interest rates and identifying cost-saving opportunities, we ensure our clients get the best possible deals.
Over our 25+ years as mortgage brokers, we have helped countless individuals and families reach their financial goals.
Whilst home loans are usually used to purchase somewhere to live, we understand that situations can quickly change when dealing with the medical profession. A doctor may be living in a capital city, for example, but decide to work in a rural location for a period of time. The property they bought as an owner-occupier could suddenly become an investment property six months down the line.
The team at Unconditional Finance can help doctors and other medical professionals to find a home loan that suits their particular situation.
While it might seem simple for medical professionals to secure a home loan, the additional benefits offered make this process more complex. The team at Unconditional Finance has many years of experience in home loans for doctors; we take the time to understand your unique situation and needs and then find a loan to suit you. Whether you need to meet with us after hours, at your workplace or even at your home, we are committed to making the application process as convenient as possible.
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