Psychologist home loans: LMI waivers and deposits

Yes. Eligible psychologists may borrow up to 90% without LMI through Westpac or St George, with a $90k minimum income requirement. You still need about 10% towards the price plus buying costs.

I'd check how you earn that income before comparing lenders. A hospital salary, contract work and private practice profit can lead to different borrowing amounts, even when the annual figures look similar.

Loan to value ratio (LVR) means the loan as a percentage of the value accepted by the bank. See our LMI Waivers guide for the wider profession and low deposit options.

Our deposit calculator and LMI calculator can help with initial planning.

For this illustration, use a $900k established Queensland home, the same bank valuation and $200k in savings. Allow $35k in buying costs: $26,350 transfer duty with the eligible home concession, plus an illustrative $8,650 for other costs.

This assumes you meet the home concession rules, with no foreign buyer surcharge or other exemption. Actual fees and concessions vary. The same savings and costs apply to each option below.

You're borrowing $810k in both options below. The waiver removes the estimated LMI premium.

The estimated $17,010 premium, dated 11 September 2026, uses our LMI calculator for a $900k home and $90k deposit, rounded to about $17k. The comparison assumes LMI is paid upfront; premiums vary by lender. Adding LMI to the loan increases the balance and interest.

With $200k saved and $35k allowed for buying costs, the waiver leaves $75k after buying. Paying the estimated premium upfront leaves about $58k.

A 20% deposit needs $215k including these costs, which is $15k more than the available savings. A 10% deposit adds $90k to the loan compared with 20%.

At an illustrative 6% over 30 years with principal and interest repayments, an extra $90k costs about $540 a month. That excludes fees and assumes no offset balance or extra repayments.

At 90%, an $880k bank valuation supports a $792k loan. On a $900k contract, you need $108k towards the price, or $18k extra. After the same $35k costs, your $200k savings leave $57k.

A psychologist and a psychiatrist are different professions for lending purposes. A psychiatrist is a medical practitioner; being registered as a psychologist doesn't give you the same lender list or 95% limit.

Have your Ahpra record and evidence of current work as a psychologist ready. The lender assesses your income and property as well as the profession.

The $90k threshold needs to come from eligible professional income. Your partner’s unrelated salary or rental income may help the household afford repayments without meeting this test.

If you both work in qualifying professions, we’ll check whether the lender can combine your eligible incomes. If you run a practice, show your business expenses as well as billings so the bank can see what income is available for repayments.

An employed psychologist can start with payslips and the employment contract. A contractor or practice owner may need tax returns, financial statements and the contract explaining their work. The same annual billings can produce a different accepted income depending on expenses and business structure.

If you split your week between employment and private work, show the income and expenses separately. I'd check the records you have before choosing a lender.

If part of your earnings comes from overtime or allowances, I'd check the actual income policy. The separate Westpac and St George lists offering 100% treatment don't name psychologists.

Our self employed home loan guide explains the common document options. If you borrow through a company or trust, have the ownership and guarantee structure checked too. Get legal and tax advice before choosing a structure simply to suit a home loan.

The rate, fees and income assessment can change which option is better for you. Westpac and St George have related policies, but their products and pricing can differ; existing group lending can also affect the room available.

ANZ lists psychologists as ineligible for its professional waiver. NAB's public list names psychiatrists but doesn't name psychologists.

CBA and Bankwest's professional waivers exclude psychologists under the policy checked on 8 September. Their standard loans may still be worth comparing; we check the current criteria before an application.

Read the 5% Deposit Scheme guide and guarantor home loan guide. The government scheme has no current income cap for eligible first home buyers and returning buyers, but it still has property price limits and lending approval requirements.

A home loan pre-approval can help set a budget. The bank still needs to accept the property and confirm any changes to your position before final approval.

We explain the recommended options, any fees and lender commission before you proceed. You choose the lender. Our lender review method explains how we compare the available options.