ANZ is waiving lenders mortgage insurance for specific professions

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ANZ has become the latest lender to offer a lender's mortgage insurance (LMI) exemption to eligible home loan borrowers, with doctors, accountants and lawyers among a list of professionals who could benefit from the waiver. 

Generally a necessity for buyers taking out a home loan with a deposit below 20%, lenders mortgage insurance is an additional cost required by most lenders to safeguard themselves against the risk of a borrower defaulting on their mortgage. 

As a result, ANZ’s LMI waiver could potentially reduce the costs required of eligible borrowers by thousands or even tens of thousands of dollars. 

ANZ currently has the following professions listed as being eligible for a waiver, though there are a number of additional conditions applicants will need to meet including a maximum loan-to-value ratio (LVR) threshold:

ProfessionMaximum LVR
Medical practitioners, specialists and dentistsUp to 95%
AccountantsUp to 90%
Legal professionalsUp to 90%
ChiropractorsUp to 90%
OptometristsUp to 90%
PhysiotherapistsUp to 90%
VeterinariansUp to 90%

The major bank is not alone in offering LMI reductions though. 

Earlier this week digital bank 86 400 announced the introduction of a new 85% LVR tier on a number of loans, each of which can be taken out without any lenders mortgage insurance requirement. 

And while it’s not a waiver, Gateway Bank launched a monthly LMI option back in April whereby premiums aren’t capitalised into the loan. Instead, they are made as a separate payment which the bank says can be a more cost effective option for borrowers who pay down their loan quickly. 

As for ANZ’s LMI waiver, eligible borrowers will need to specifically apply for the exemption when lodging a home loan application with ANZ.

RELATED: Multiple lenders are offering $3,000 cashback to refinance your home loan

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Last updated 15 January 2025 Important disclosures and comparison rate warning*
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Your loan-to-value ratio (LVR): 90%

Loan amount and LVR will affect interest rates.

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    Offset Variable Home Loan

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  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $4,174
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.99 % p.a.
    Fixed 2 years
    Comparison rate
    6.21 % p.a.
    Initial monthly repayment
    $4,312
    Go to site

    Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.

  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $4,335
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • >80% LVR
    Interest rate
    6.29 % p.a.
    Variable
    Comparison rate
    6.32 % p.a.
    Initial monthly repayment
    $4,452
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Offset Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR 80-95%
    Interest rate
    6.39 % p.a.
    Variable
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $4,499
    Go to site

    100% offset account so you can save on interest and reduce the amount you pay on your home loan. Free redraw. 100% offset account. Only 5% deposit required. No ongoing monthly loan maintenance fees to pay. Tiered interest rates so you can benefit from a lower rate when you borrow less.

  • Basic Variable Home Loan

    • Owner Occupier
    • LVR >80%
    Interest rate
    6.89 % p.a.
    Variable
    Comparison rate
    6.92 % p.a.
    Initial monthly repayment
    $4,737
    Go to site

    Competitive interest rate. No ongoing monthly loan maintenance fees. Buy your home with as little as a 5% deposit. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

  • Offset Variable Home Loan

    • Principal & Interest
    • LVR >80%
    Interest rate
    7.74 % p.a.
    Variable
    Comparison rate
    7.77 % p.a.
    Initial monthly repayment
    $5,153
    Go to site

    Competitive interest rate. 100% offset account so your savings can reduce the amount of interest you pay on your home loan. No ongoing monthly fees. Buy your home with as little as a 5% deposit. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

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** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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