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The big four bank is now waiving lenders mortgage insurance for lawyers and accountants and expanded the offer to more medical professionals.
National Australia Bank (NAB) has moved to waive the cost of lenders mortgage insurance (LMI) for more professionals, as it rolls out LMI waivers on home loans for lawyers, financial professionals, and more medical professionals.
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The waiver – which enables certain professionals to access a home loan with just a 10 per cent deposit (90 per cent loan-to-value ratio) without paying LMI – is subject to eligibility criteria dependent on profession, loan type, and loan-to-valuation (LVR) ratio thresholds.
For example, lawyers who qualify for the LMI waiver must be practising barristers, solicitors, or other lawyers holding a current certificate with an acceptable state body (for example, the Bar Association, Legal Practice Board, or Law Society).
Finance professionals included in the expanded LMI waivers cover accountants, actuaries, and financial analysts who are practising and are current, registered members of an eligible professional institute (for example, a chartered accountant, certified public accountant, or member of the Institute of Public Accountants).
NAB has also expanded LMI waivers to more medical professionals, including chiropractors, pharmacists, vets, and optometrists, among others.
The new LMI policy waiver is effective immediately (and was applicable for loans submitted from 26 February).
It marks the latest tailoring from the major bank, following its move to roll out multiple offset accounts.
Speaking to The Adviser about the change, NAB’s executive, broker distribution, Adam Brown, said: “At NAB, we’re making it easier for more Australians to buy a home. By expanding our LMI waiver program to include more industry professionals and medical practitioners – many of whom are self-employed – we’re giving more people greater financial flexibility and access to homeownership.
“This builds on our recent changes to support self-employed customers and the introduction of multi-offsets, reflecting our commitment to listening to brokers. Expanding LMI waivers is the next step in improving our offering.”
Brokers have welcomed the move, with Cullen Haynes, a broker specialising in home loans for legal professionals at Legal Home Loans, saying it was “huge news”: “Traditionally, the 90 per cent no LMI [product] has only been available with four banks in particular: CBA, ANZ, Westpac and St. George, all under different criteria. But at the very least, with one of them, you need a practising certificate if you’re a solicitor.
“Now, we have another feather in our cap because this particular bank is willing to waive the need to pay LMI up to 90 per cent with just the qualifying criteria.
“After many years of haranguing them and saying that they need to put this in place. The NAB has come out with this product, which is so exciting. It’s such a game-changer to give clients more choice out there.”
LMI policies are regularly reviewed by the banks, with Westpac having recently removed the LMI waiver for sports and entertainment sector on Valentine’s Day (14 February 2025), for example.
However, ANZ has historically been very popular with the broker channel for its LMI waivers for professionals with a lower deposit, including lawyers, accountants, and medical professionals.
All four major banks now have LMI waivers for professionals.
You can find out more about the expanded LMI policy and multiple offset offerings during the NAB session at The Adviser’s Better Business Summit 2025, run in partnership with NAB.
The Better Business Summit 2025 will be held in the following locations:
- Thursday, 6 March, at Pan Pacific, Perth.
- Thursday, 20 March, at Brisbane Convention & Exhibition Centre, Brisbane.
- Friday, 28 March, at InterContinental, Adelaide.
- Thursday, 3 April, at Hyatt Regency Sydney, Sydney.
Learn more about the speakers, view the full agenda, and make sure to secure your tickets now.
For more information about the Better Business Summit 2025, click here.
[Related: NAB launches multiple mortgage offsets amid growing demand]
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