Home Loans for Tech Workers: LMI Waivers and Eligibility

If you're a direct employee of one of 9 eligible technology companies, you may be able to borrow up to 89.99% without LMI. That means 10.01% towards the price when the bank's valuation matches it, plus buying costs. You need at least 6 months of continuous full-time or part-time employment.

I'd start with the employer on your payslip, then separate your salary, bonuses and shares. Working at a company's office through an agency can give you a different answer, and a large pay package doesn't mean the bank will count all of it.

This guide is part of our LMI Waivers hub. Our LMI guide explains the insurance, and the deposit calculator and LMI calculator can help with an initial budget.

Say you're buying a $1.2m home with $280k in savings. Assume the bank values it at $1.2m and buying costs are $30k. Those costs are an example, not a quote; stamp duty, concessions and other charges depend on where and what you buy.

The comparison shows your contribution, loan and cash left after costs. The no-LMI rows assume you and the property qualify. The standard 90% loan needs an actual LMI quote before we can calculate its final cost.

The 89.99% waiver needs $120 more than a 10% contribution. Compared with the 80% loan, it leaves $119,880 more cash and adds $119,880 to your mortgage. I'd compare the repayments and the buffer you want to keep before choosing.

Against a standard 90% loan, the waiver saves the quoted LMI premium, while the loan amount is $120 lower. If you add LMI to the standard loan instead of paying it upfront, your debt increases and you pay interest on the premium. The lender's maximum loan still applies.

If the confirmed waiver tier is 84.99%, the same home needs $180,120 towards the price and a $1,019,880 loan. After the assumed $30k costs, you would have $69,880 left from your $280k savings.

Allow for stamp duty after any concessions, transfer and mortgage registration, conveyancing, building and pest inspections, and lender or settlement fees. Keep a cash buffer too. Grants and duty concessions have separate rules, so I'd check them before counting that money in your budget.

The employer list used for this guide names Adobe, Alphabet, Amazon, Apple, Atlassian, Meta, Microsoft, Salesforce and Xero. The waiver requires direct full-time or part-time PAYG employment with at least 6 months of continuous service.

I'd match the legal entity on your contract or payslip to the lender's current list. A Google or AWS brand name alone isn't enough. This is an employer test: an IT job title, technology qualification or professional membership does not replace it, and the category does not set a professional-registration requirement.

There is no separate minimum salary in the employer-waiver criteria used for this guide. You still need enough accepted income to cover your living costs, other debts and the proposed repayments. Passing the employer test doesn't establish how much you can borrow.

Steve was a full-time Senior Software Engineer earning $145,000 a year. He had saved a $90,000 deposit for a $900,000 Brisbane home, with additional money set aside for stamp duty and transfer costs.

He had only been with his current employer for 4 months, which raised concerns with one lender. With a deposit below 20%, he also faced an estimated LMI cost of $22,000–$28,000 under a standard lending option.

We looked at Steve’s employment history across his previous and current tech roles. By presenting that continuous industry experience, we found a lender that accepted his recent job change and approved his application under its IT professional LMI waiver.

Steve secured an $810,000 loan at 90% LVR with $0 LMI, allowing him to buy with his 10% deposit.

His experience shows why it helps to check your options after changing jobs. Your previous employment, current role and the lender’s requirements can all affect what’s available.

Your base salary, bonuses and shares can lead to very different borrowing figures. I'd check each part separately before setting a price range. You may meet the employer test but need a smaller loan if the lender excludes income you were counting on.

A vested share is one you own; it still isn't cash in your deposit account. I'd separate shares you own, awards that have not vested and money already received from a sale. If you plan to sell, allow for sale timing, any restrictions and tax or transaction costs.

For borrowing capacity, the lender decides which bonuses, commissions and share income it accepts. A dividend policy doesn't tell us how it assesses restricted stock units. We can compare suitable lenders using the same pay records rather than assuming your total remuneration is usable income.

An agency may deduct tax and give you a PAYG payslip while remaining your legal employer. Under the employer waiver conditions, working on a project for Microsoft or Google does not make that agency arrangement eligible.

You can still explore other home loans. Provide your current contract, remaining term, renewal history and previous work. If you invoice through your own business, include the business structure and available tax and financial records. See our contractor-income home-loan guide for the broader assessment.

I'd compare the employer waiver with a general no-LMI loan and the government scheme. The employer waiver uses the legal employer and employment tests above. The other options have different deposit, income and property rules, so the lowest deposit won't always produce the most suitable loan.

I'd ask for the rate and application, valuation, settlement, account, offset and package fees on each suitable product. For a refinance, add discharge costs and any fixed-rate break cost on the existing loan. Then we can compare the repayments, features you'll use and cash needed to switch.

You don't have to work for a listed company to explore a low-deposit home loan. A general no-LMI purchase loan may still fit, subject to its income and property rules. Our 90% no-LMI guide explains the broader options.

The Australian Government 5% Deposit Scheme is available through participating lenders to eligible Australian citizens and permanent residents aged 18 or over. It covers eligible first-home buyers and people who have not owned property or land in Australia in the past 10 years. It currently has no income cap.

You must live in the home, stay within the local property-price cap and meet the lender’s requirements, including principal-and-interest repayments. A minimum 5% deposit does not cover buying costs. Check the official eligibility rules and the participating lender list; do not assume a specialist lender waiver application also qualifies for the scheme.

Using the same $1.2m price, $280k savings and $30k assumed costs, a 5% deposit would be $60k and the loan $1.14m. You would have $190k left: $60,120 more cash, but also $60,120 more debt, than the 89.99% waiver. This only works if the property's location allows a $1.2m purchase under the scheme and the lender accepts a 5% deposit. A lower local price cap rules out this example.

A family guarantee may help reduce or avoid LMI, but the guarantor takes on a financial obligation. I'd check the guarantee amount and how it could be released, and the guarantor should get independent advice. This employer waiver cannot be combined with a family guarantee.

A larger deposit can reduce repayments and broaden the lender shortlist. A standard loan with LMI may also suit your employment or property better. We can compare the whole cost before you decide to keep saving or proceed.

For a joint application, include both applicants’ income and commitments. If you plan to sell shares for the deposit, explain the timing and allow for any tax or sale costs rather than treating their current market value as cash already available.

Lenders pay us upfront and ongoing commissions when we arrange eligible loans. The initial assessment is free. If we charge a fee for helping with your application, we'll explain it before you proceed. Lender and other third-party costs may still apply. How we review lenders explains our approach.