ANZ is waiving lenders mortgage insurance for specific professions

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:
Profession | Maximum LVR |
Medical practitioners, specialists and dentists | Up to 95% |
Accountants | Up to 90% |
Legal professionals | Up to 90% |
Chiropractors | Up to 90% |
Optometrists | Up to 90% |
Physiotherapists | Up to 90% |
Veterinarians | Up 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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Compare first home loans - last updated 3 December 2023
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Mozo experts choice awards won:
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Variable Home Loan 90
Principal and Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment6.04% p.a. variable6.06% p.a.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. Advertised rates include Nov RBA rate increase. T&Cs apply.
CompareCompareVariable Home Loan 90
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. Advertised rates include Nov RBA rate increase. T&Cs apply.
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- 6.06% p.a.
- interest rate
- 6.04% p.a. variable
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- 6.06% p.a.
- upfront fees
- $530
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
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- Principal & Interest
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- Owner Occupier
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- Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the loans.com.au Variable Home Loan 90
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Mozo experts choice awards won:
- First Home Buyer Loan - 2023
First Home Buyer Loan Special
Owner Occupier, Principal & Interest
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Initial monthly repayment6.64% p.a. variable6.67% p.a.A low variable rate loan for home buyers. No establishment or ongoing fees to pay. 100% offset account included. Allows for unlimited repayments, redraws and flexible repayment options.
CompareCompareFirst Home Buyer Loan Special
A low variable rate loan for home buyers. No establishment or ongoing fees to pay. 100% offset account included. Allows for unlimited repayments, redraws and flexible repayment options.
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- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
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- Offset account
- yes
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- 95.00%
- minimum borrowing amount
- -
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- $5,000,000
- type of mortgage
- Variable
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- Principal & Interest
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Read our Mozo Review to learn more about the G&C Mutual Bank First Home Buyer Loan Special
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Basic Home Loan Special Offer
Owner Occupier, Principal & Interest, LVR 80-95%
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Initial monthly repayment6.69% p.a. variable6.70% p.a.CompareCompareBasic Home Loan Special Offer
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- 6.70% p.a.
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- Extra repayments
- Yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $2,000,000
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- Variable
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- Principal & Interest
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- Weekly, Fortnightly, Monthly
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- Receive $2,000 refinance cashback, min loan size of $250,000 and LVR less than or equal to 80% (excludes refinances from Westpac Group), apply by 30 November 2023 and settle by 31 March 2023.
Read our Mozo Review to learn more about the St.George Basic Home Loan Special Offer
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FHBG Special Offer Classic Home Loan
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Initial monthly repayment6.24% p.a. variable6.26% p.a.CompareCompareFHBG Special Offer Classic Home Loan
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Read our Mozo Review to learn more about the QBANK FHBG Special Offer Classic Home Loan
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Basic Variable Home Loan
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Initial monthly repayment5.94% p.a. variable5.99% p.a.CompareCompareBasic Variable Home Loan
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- $50,000
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- $1,000,000
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- Variable
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Read our Mozo Review to learn more about the Community First Bank Basic Variable Home Loan
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First Home Buyer Variable Home Loan
Advantage Plus, Owner Occupier, Interest Only, LVR >90%
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Initial monthly repayment6.24% p.a. variable6.87% p.a.CompareCompareFirst Home Buyer Variable Home Loan
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- yes - free up to $10,000 p.a.
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- $150,000
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Read our Mozo Review to learn more about the Unity Bank First Home Buyer Variable Home Loan
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** 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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