Occupational therapist home loans: LMI waivers and income

Yes. Westpac and St George offer eligible occupational therapists loans up to 90% of the accepted property value without LMI, with at least $90k a year in qualifying professional income. You need 10% towards the price when the valuation matches it, plus buying costs. I'd start with how you work and how much cash you want to keep after buying, because hospital wages, a second job and private practice income can be assessed differently.

Our LMI waivers guide explains the broader options. Use the deposit calculator and LMI calculator to start your buying budget.

Say you're buying a $900k home with $120k saved, and the bank values it at the purchase price. Both loans below use a $90k deposit and start at $810k. Allow another $25k for buying costs. The standard loan's estimated LMI is about $17k, paid upfront.

Same $900k home, $90k deposit and $810k loan before LMI. The estimate is about $17k, using our LMI calculator on 11 September 2026. The premium varies by lender and property; buying costs are extra.

The standard loan needs about $132k for the deposit, LMI and assumed buying costs, leaving you about $12k short. With the waiver, the same purchase needs $115k. That leaves $5k for moving, unexpected bills and any gap in your OT income. I'd check that buffer before you commit.

A 20% deposit would need $180k plus the same $25k costs, so you'd be $85k short. Borrowing the extra $90k instead adds about $540 a month at an illustrative 6% over 30 years, with principal and interest repayments and no fees.

Replace the $25k allowance with your own duty, conveyancing, registration, inspections and lender fees. If you add LMI to a standard loan instead of paying it upfront, the debt and interest increase, and the total must stay within the lender's loan limit.

A lower valuation changes the answer. If the same home is valued at $880k, a 90% loan is $792k. You need $108k towards the price plus the assumed $25k costs. That leaves a $13k shortfall from your $120k savings, so I'd check the valuation before relying on the deposit figure.

Have your current Ahpra registration and evidence of your OT work ready. Your role must fit the lender's eligible profession list. An assistant role or student placement doesn't qualify for this OT waiver.

If your registration is limited, conditional or non-practising, I'd check it with the lender before you rely on the waiver. Ahpra's professions and registers include occupational therapy. Don't assume a lender that accepts physiotherapists also accepts OTs, or the other way around. I check the exact profession on the lender's list. Physiotherapists have a separate guide.

Westpac and St George require $90k combined gross income from eligible healthcare work. With $82k from OT work and a partner's $25k from an unrelated job, household income is $107k but qualifying income is only $82k. The partner's pay can still support repayments.

If you work for two employers, bring the records for both roles. If you also invoice private clients, keep that business income separate from your wages. The lender needs to understand the hours, history and costs behind each amount.

For private practice work, money invoiced to clients isn't automatically the income available for a mortgage. I'd look at business expenses and commitments, what you actually receive, and whether recent trading supports the income in your tax records. If your practice has completed 1 full financial year, Westpac or St George may be able to use that year's tax returns under its medical profession package.

If you invoice through your own business, our self employed home loan guide explains the income records to prepare.

Westpac and St George name occupational therapists for possible 100% treatment of eligible overtime and allowances. Bring a history of that extra pay rather than one busy pay period. St George excludes self employed applicants from this treatment and normally needs 6 months with the same employer; shorter histories can be referred. This affects how much you can borrow. Qualifying for the waiver doesn't mean all your extra pay will count.

If your salary is packaged, bring the breakdown of your cash pay, benefits and deductions, plus any novated lease. I'd check what the lender accepts rather than treat every packaged dollar as extra income. Tell us about probation, a move to contracting, reduced hours or upcoming leave so we can work out the income available for repayments.

Westpac and St George share the same banking group. The waiver allows up to $5m for one loan. The $7.5m group cap counts only secured loans above 80% of the property's value without LMI, across Westpac, St George, Bank of Melbourne and BankSA. I'd check which of your existing loans count before choosing a lender.

These are starting points. Property size, type, location and the value accepted by the lender can reduce the amount available. Tell us if you're refinancing, building, buying through a company or trust, or seeking interest only repayments so we can check that exact structure.

Not necessarily. A waived premium doesn't guarantee the lowest overall cost. I'd compare the rate, repayments, offset or redraw, annual fees and any refinancing or fixed rate break costs over the time you expect to keep the loan.

This separate scheme may let you buy with 5% plus costs and no LMI. You must be at least 18, an Australian citizen or permanent resident, and a first home buyer or someone who hasn't owned property or land in Australia in the last 10 years.

You must live in the home, meet the location's property price cap and use a participating lender's eligible principal and interest loan. There is no scheme income cap, but the lender still checks that you can afford the mortgage.

On the same $900k purchase and valuation, a 5% contribution is $45k and the loan is $855k. With $120k saved and the same assumed $25k costs, you'd have $50k left only if the participating lender accepts that savings buffer and lets you contribute the minimum. It may require you to put in more of your savings. That keeps $45k more cash than the 90% no LMI option but adds $45k to your debt. This only works if you, the loan and the property meet the scheme rules. Our 5% Deposit Scheme guide explains them.

If the $90k profession threshold is the issue, a general no LMI product may still fit. It has its own income and property requirements. Compare the general 90% no LMI options rather than assuming another profession's waiver applies to you.

A family guarantee may help with the deposit, but it puts the guarantor's property at risk for the amount guaranteed. I'd explain that obligation and the conditions for releasing the guarantee before anyone agrees to it.

Saving a larger deposit or paying LMI may also be worth comparing if the alternative loan has lower ongoing costs or better suits your circumstances.

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. Read how we review lenders.