ANZ is waiving lenders mortgage insurance for specific professions

professional-man-and-woman-chatting

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

Shopping around for home loans in order to purchase your first property? Make life easy by heading over to our dedicated first home loan comparison table where you’ll be able to compare loans from a range of lenders on everything from fees, features, interest rates and more.

Last updated 8 May 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $4,215
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $4,220
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $4,174
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.81 % p.a.
    Initial monthly repayment
    $4,197
    Go to site
    • $0 application fee to pay
    • Additional repayments up to $20,000/year
    • Apply in as little as 15 minutes
  • Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $4,215
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes
  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $4,220
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Home Loan

    • Owner occupier
    • Principal & Interest
    • 10-20% deposit
    • Redraw available
    Interest rate
    6.13 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $4,377
    Go to site
    • Offset and non-offset options for flexible payments
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)
  • Home Loan with Offset

    • Owner occupier
    • Principal & Interest
    • 10-20% deposit
    • Offset available
    • Redraw available
    Interest rate
    6.34 % p.a.
    Variable
    Comparison rate
    6.35 % p.a.
    Initial monthly repayment
    $4,475
    Go to site
    • Offset and non-offset options for flexible payments
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)
  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10-20% deposit
    • Redraw available
    Interest rate
    6.64 % p.a.
    Variable
    Comparison rate
    6.67 % p.a.
    Initial monthly repayment
    $4,617
    Go to site
  • Offset Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10-20% deposit
    • Offset available
    • Redraw available
    Interest rate
    7.49 % p.a.
    Variable
    Comparison rate
    7.52 % p.a.
    Initial monthly repayment
    $5,029
    Go to site
Showing 8 results from 414 home loans. Use the filters to see more

Want free expert advice on your home loan?

Whether you're looking to purchase a new home or refinance your existing loan, our friends at Aussie can help! Aussie advice is completely free of charge. PLUS you could win a share of $320K simply by booking an appointment.

Learn more

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.