If you’re saving for a home and working as an optometrist, I’d check the waiver options before setting yourself a 20% deposit target. Some lenders can consider a loan with around 5% saved and no lenders mortgage insurance (LMI). Others need closer to 10%.
I start with your registration, income and the property you want. The lender offering the smallest deposit won’t always give you the best overall loan. We’ll compare the repayments and cash you’d have left after buying too.
How much deposit could you need?
On a $900k home, a 20% deposit is $180k. With an eligible 95% loan, the deposit falls to $45k before buying costs. Here’s how the main options compare.
- $180k
20% deposit
$720k loan before fees. A standard loan usually avoids LMI at this level.
- $90k
10% deposit
$810k loan before fees. An eligible profession waiver removes LMI.
- $45k
5% deposit
$855k loan before fees. Selected optometrist offers can reach this level.
The 5% option needs $135k less towards the purchase price than a 20% deposit, and means borrowing $135k more. You’re funding that part of the purchase through a larger loan. Any LMI saving is separate. Buying costs are extra, and a lower bank valuation can increase the cash you need.
Some offers stop just below 90% or 95%, so you’ll need a little more than the rounded deposit shown here. I’ve put those exact limits below.
What could you save on LMI?
Take a $1m purchase with a $900k loan and a $100k deposit. A standard loan could add around $24k in LMI. If you qualify for a waiver at the same loan amount, that premium is removed.
- About $24k
Standard loan
On top of your deposit and buying costs, whether you pay it upfront or add it to the loan.
- About $24k saved
With an eligible waiver
The same purchase and loan amount, with the LMI charge removed.
The $24k is a rounded premium estimate. Lender, insurer and property details can change the amount. Use our LMI calculator to try your own purchase price and loan amount. We’ll compare the actual loan costs before you choose.
Which lenders offer optometrist waivers?
| Lender | Deposit before costs | What I’d check first |
|---|---|---|
| NAB | From 5% for a home to live in | You need an AHPRA registration type the lender accepts, and optometry must be your main source of income. No minimum income for the waiver. Investment and construction loans are limited to 90%. |
| CommBank | Just over 10%, or just over 5% through Medico Plus | Optometrists are on the medical list. There’s no minimum income for the waiver. Medico Plus has extra debt, property and approval conditions. |
| ANZ | From 10% | Optometrists are in the 90% group. No minimum income requirement for the waiver. AHPRA registration and loan limits apply. |
| Westpac | From 10% | At least $90k in eligible professional income. You can’t combine this waiver with Fast Track income assessment. |
| Bankwest | Just over 10%, or just over 15% for the higher loan tier | No minimum income for the waiver. The loan amount, repayments and property determine the tier. |
Optometrist deposit options
- Deposit before costs
- From 5% for a home to live in
- What I’d check first
- You need an AHPRA registration type the lender accepts, and optometry must be your main source of income. No minimum income for the waiver. Investment and construction loans are limited to 90%.
- Deposit before costs
- Just over 10%, or just over 5% through Medico Plus
- What I’d check first
- Optometrists are on the medical list. There’s no minimum income for the waiver. Medico Plus has extra debt, property and approval conditions.
- Deposit before costs
- From 10%
- What I’d check first
- Optometrists are in the 90% group. No minimum income requirement for the waiver. AHPRA registration and loan limits apply.
- Deposit before costs
- From 10%
- What I’d check first
- At least $90k in eligible professional income. You can’t combine this waiver with Fast Track income assessment.
- Deposit before costs
- Just over 10%, or just over 15% for the higher loan tier
- What I’d check first
- No minimum income for the waiver. The loan amount, repayments and property determine the tier.
A waiver with no minimum income still requires enough income to repay the loan. There may also be other professional offers worth comparing, depending on your circumstances.
Find out which deposit option fits your purchase
What if you own a practice or have only recently started?
If you own a practice, I’d compare how each lender uses your income alongside its waiver. A lender may accept your profession but ask for business figures that don’t suit where your practice is up to. Our self-employed home loan guide explains the main ways banks assess business income.
A shorter document list can also come with a trade-off. The Westpac 90% allied health waiver can’t be used with its Fast Track method. We’d need to compare another income assessment method or another lender.
If you’ve recently qualified, changed jobs or taken a break, send us your registration type and employment details. General, provisional and limited registration are treated differently across lenders. I’d check the actual register entry before telling you to wait or ruling an option out. Our home loan job requirements guide covers the employment side.
What could change your options?
The home you choose
An apartment, postcode restriction or lower bank valuation can reduce the loan available. Send us the listing before you commit.
Building or buying an investment
The maximum you can borrow changes with the loan purpose. Tell us whether you’re building, refinancing or buying an investment.
NAB excludes these borrowers from its waiver. Other lenders have their own ownership rules, so check before finalising the names on the contract.
Your repayments
A smaller deposit means a larger loan. I’d compare repayments, fees and the cash left after settlement before choosing the highest borrowing limit.
Other help with a smaller deposit
The Australian Government 5% Deposit Scheme is worth comparing if you’re buying a home to live in. Eligible first home buyers can buy with a deposit from 5% and eligible single parents or legal guardians from 2%, without LMI. There are no income caps, but buyer rules, property price caps and the lender’s loan assessment still apply.
A profession waiver can also be useful when you don’t fit the scheme, including some investment purchases. I’d compare both against the home you want and the repayments you can manage.
A family member’s property can help cover the deposit shortfall. The guarantor takes on financial risk, so everyone needs to understand the arrangement.
Some loans avoid LMI without a profession waiver. Compare the rate, fees, property rules and deposit with your optometrist options.
Your questions answered
Experience and sources
Sources and policy checks
We checked this guide against our lender policy records and the public sources below on 17 September 2026. Before you apply, we check the current offer against your registration, income and property.
Sources
- NAB professional LMI waivers
- ANZ optometrist LMI waiver fact sheet
- Westpac LMI waiver policies
- AHPRA practitioner register
- CommBank and Bankwest professional credit policies, held by Hunter Galloway
- Australian Government 5% Deposit Scheme
Let’s check your options
Send us your registration details, income and the property you’re considering. We’ll compare the deposit, LMI cost and repayments before you apply.
or call 1300 088 065
Your options depend on your circumstances and lender approval.
This guide provides general information. Your loan options depend on your circumstances and the lender’s assessment. We explain the costs and any commission before you proceed. Read how we review lenders for more about our approach.