Veterinarian Home Loans: LMI Waivers and Deposit Options

Yes. Eligible veterinarians can buy a home with 5% or 10% deposit plus buying costs and avoid LMI. NAB offers up to 95% for an eligible home you'll live in. ANZ, Westpac and St George have 90% options. Your registration, income, property and loan purpose still need to fit.

I'd start with how you work and what you want to buy. A salaried vet, an ABN locum and a clinic owner may need different income records. Keeping more cash for moving or your practice can be useful, but a smaller deposit also means a larger mortgage.

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. This comparison assumes the bank values it at $900k, buying costs are $25k and LMI on the standard 90% loan is $17k, paid upfront. These are planning assumptions; your actual costs and LMI premium will depend on the property, location and lender.

The 95% waiver below is NAB's eligible owner-occupied option with principal-and-interest repayments. It is not its investment or construction limit.

The 90% waiver avoids the $17k premium used in this example and leaves $5k after buying. The 95% waiver leaves $50k, but adds $45k to the mortgage. I'd compare the repayments and the cash you want to keep before choosing between them.

Compared with a 20% deposit, putting down 5% uses $135k less cash towards the price and adds $135k to the debt. If you add LMI to an ordinary loan instead of paying it upfront, you also pay interest on the premium and must stay within the lender's loan limit.

The $25k cost allowance needs replacing with your own budget for stamp duty after concessions, conveyancing, transfer and mortgage registration, inspections and lender fees. Keep some cash for moving and unexpected bills too.

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 $25k costs, leaving a $13k shortfall from $120k savings. At 95%, if eligible, the loan is $836k and the total cash needed is $89k, leaving $31k.

CBA's standard 89.99% offer means a 10.01% contribution. On the same $900k price and valuation, that is $90,090 towards the price and an $809,910 loan. With the same $25k cost allowance, you'd have $4,910 left from $120k.

For an eligible investment purchase, CBA's 94.99% Medico Plus+ offer means a 5.01% contribution: $45,090 towards the price and an $854,910 loan. It would leave $49,910 after the same assumed costs. This higher limit has separate debt, postcode and valuation conditions and does not apply to buying your own home.

Provide current registration with the veterinary board for the state or territory where you practise. Veterinary registration is separate from Ahpra registration. The Australasian Veterinary Boards Council explains the registration system and overseas qualification pathways.

A veterinary nurse, student or practice manager should not assume they qualify under the veterinarian category. Tell the lender about any restrictions on registration, a return to practice or qualifications obtained overseas. A recognised qualification and a current registration are different pieces of evidence.

ANZ has no fixed minimum income for its veterinarian waiver. Westpac and St George require $90k a year from eligible professional income. NAB requires your primary income to come from eligible professional work.

If your veterinary earnings are below $90k, I'd compare lenders without that fixed threshold. You still need enough income to cover living costs, existing commitments and the proposed repayments.

Your partner's salary may help with repayments, but I'd check it separately from the lender's professional-income test. ANZ also requires the eligible vet to own the largest or joint largest share. With 2 owners, that means at least 50%; with 3 owners holding 40%, 40% and 20%, the vet must be one of the 40% owners.

Tell us about a company or trust before applying. The borrower, registered professional and property ownership need to meet the chosen lender's rules.

I'd separate your regular salary, extra shifts and business earnings before estimating what you can borrow. The lender's treatment of those amounts can change your budget even when you qualify for an LMI waiver.

A locum can be an employee or self-employed. If you receive payslips, I'd check your contracts, work history and any gaps between placements. If you invoice through an ABN, we'd look at the business records and income left after expenses.

For a clinic owner, turnover alone doesn't show what is available for mortgage repayments. I'd review tax returns, financial statements, business debts and any salary or drawings together, so the same income isn't counted twice.

Buying a practice as well as a home adds another commitment. Send us the proposed practice finance and guarantees, along with any planned change in hours or income. Our self-employed home loan guide explains the records we can compare.

Westpac and St George name veterinarians for possible assessment of 100% of overtime and allowances. If emergency shifts or weekend work make up a useful part of your pay, I'd check the history before relying on the full amount.

St George excludes self-employed applicants from this treatment and normally requires at least 6 months of evidence with the same employer; shorter histories can be referred. This can help borrowing capacity. It is a separate assessment from qualifying for the waiver.

I'd narrow the options by deposit, income and property first, then compare the rate, fees and repayments. These are different offers, so an advertised maximum won't apply to every vet or every purchase.

P&I means principal and interest: repayments cover interest and reduce the loan balance. With interest-only repayments, the balance stays unchanged during that period and repayments can rise when it ends.

Ask for pricing on the product you would actually receive: interest rate, annual or package fee, offset costs, application and valuation charges, and any settlement costs. For a refinance, include discharge and fixed-rate break costs. A waived premium can still come with a more expensive loan over the time you keep it.

The Australian Government 5% Deposit Scheme is separate from a veterinary waiver. Eligible buyers can buy with a minimum 5% deposit plus costs and no LMI through a participating lender. You must be an Australian citizen or permanent resident aged 18 or older, buying your first home or have not owned Australian property or land in the past 10 years.

There is no income cap. You must live in the home, meet the location's property-price cap and qualify for the lender's principal-and-interest loan. The minimum deposit does not cover buying costs, and the lender may require more.

I'd compare general 90% no-LMI options as well. They can suit someone whose veterinary registration or professional-income test doesn't fit a particular bank, while ordinary affordability and property checks still apply.

A family guarantee may reduce or avoid LMI, but the guarantor's property is at risk if you cannot repay. We'd explain the amount and release plan, and the guarantor should get independent legal advice. Saving a larger deposit or paying LMI on another suitable loan can also be worth comparing.

A home loan pre-approval can help you set a budget. Tell us about a new locum contract, practice purchase or change in income before settlement so the lender can assess the current position.

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.