How the speech pathologist LMI waiver works
As a qualified speech pathologist, you may be able to borrow up to 90% of the bank's property valuation without lenders mortgage insurance (LMI). You'll usually need about 10% plus buying costs, and at least $90k in qualifying annual income.
I'd check your qualification and income before you set a deposit target. Your partner's job can change which earnings count towards the waiver. Then we can compare the repayments and cash you need with other ways to buy.
- 01
Speech pathologist waiver
About 10% deposit plus buying costs. Westpac and St George list qualified speech pathologists, with at least $90k in qualifying annual income. Your professional evidence and loan need to meet their rules.
- 02
A general no LMI loan
ubank offers eligible home and investment purchases with about 10% plus buying costs. There is no speech pathology requirement. Repayments must cover principal and interest, and the bank still checks your income and property.
- 03
5% Deposit Scheme
From 5% plus buying costs for eligible buyers. You must live in the home, meet the citizenship or residency and ownership rules, and buy within the local price cap. This is a government guarantee.
For the broader options, see our LMI waivers guide. Our LMI calculator can give you an estimate when insurance applies; the lender confirms the actual premium.
What a 10% deposit looks like
On a $900k home with a $90k deposit, an eligible waiver could save you about $17k in LMI. You're borrowing $810k either way.
- About $17k LMI
Standard loan with LMI
About $107k upfront: $90k deposit + $17k LMI. Buying costs are extra.
- Save about $17k
With an eligible LMI waiver
$90k upfront for your deposit. Buying costs are extra.
This example assumes the bank values the home at $900k and you pay the estimated LMI upfront. Buying costs are extra. Adding LMI to an ordinary loan instead increases the balance and the interest you pay.
How much cash would a smaller deposit leave you?
Say you're buying for $900k with $230k saved. The comparison below allows $30k for buying costs. Replace that allowance with your own duty, legal costs, inspections and lender fees before setting a budget.
The table assumes the bank also values the property at $900k. Loan-to-value ratio (LVR) is the loan divided by that accepted value. An $810k loan is 90% LVR.
| Your position | 20% contribution | 10% contribution with a waiver |
|---|---|---|
| Starting savings | $230k | $230k |
| Purchase price | $900k | $900k |
| Your contribution | $180k | $90k |
| Loan balance | $720k | $810k |
| LMI premium | $0 when borrowing 80% of the accepted property value | $0 if the waiver is approved |
| Buying costs: assumed | $30k | $30k |
| Total cash needed | $210k | $120k |
| Cash remaining | $20k | $110k |
Illustration: a $900k purchase with $230k starting savings
Starting savings
- 20% contribution
- $230k
- 10% contribution with a waiver
- $230k
Purchase price
- 20% contribution
- $900k
- 10% contribution with a waiver
- $900k
Your contribution
- 20% contribution
- $180k
- 10% contribution with a waiver
- $90k
Loan balance
- 20% contribution
- $720k
- 10% contribution with a waiver
- $810k
LMI premium
- 20% contribution
- $0 when borrowing 80% of the accepted property value
- 10% contribution with a waiver
- $0 if the waiver is approved
Buying costs: assumed
- 20% contribution
- $30k
- 10% contribution with a waiver
- $30k
Total cash needed
- 20% contribution
- $210k
- 10% contribution with a waiver
- $120k
Cash remaining
- 20% contribution
- $20k
- 10% contribution with a waiver
- $110k
The 10% option leaves $90k more in your account and adds $90k to the loan. At an illustrative 6% over 30 years, that extra borrowing costs about $540 a month in principal and interest, before fees. I'd compare that repayment with the value of keeping the cash available. Both columns have $0 LMI.
If the lender values the property below $900k, the maximum loan can fall and you'll need more cash. I'd check that before you commit to the purchase.
Use our stamp duty calculator to start estimating Queensland buying costs, then confirm the amount for your property and eligibility.
Who qualifies, and whose income counts?
Your qualification matters
You need to be a qualified speech pathologist. If you're still studying or work as an allied health assistant, we'll need to look at other options.
The $90k income rule
At least $90k a year before tax needs to come from applicants working in eligible professions. Income from unrelated jobs can't make up that threshold.
Applying with your partner
Your partner can work in another field and help with the repayments. The waiver threshold still needs income from eligible professional work.
Have your current CPSP evidence ready
Have evidence of your Certified Practising Speech Pathologist (CPSP) status and your Speech Pathology Australia membership certificate ready. If you hold CPSP status as a non-member, we need to confirm which evidence the lender accepts. Speech pathologists don't register through Ahpra.
How your work affects the application
Employed by a hospital, school or clinic
Recent payslips and employment details are the starting point. If your role or hours have changed, we check what income the bank can use.
Casual, contract or mixed work
A consistent history helps explain what you earn. Don't assume every extra shift or contract payment will be counted in full.
Running your own practice
Tell us when your business was registered and send the completed tax returns. A medical profession concession may accept 1 full financial year's records; the income still needs to support your loan.
Salary plus private clients
We separate your wages from practice income and check the evidence for each. Practice turnover is not the same as the income available to repay your home loan.
If your practice has been registered for at least 1 full financial year, Westpac or St George may be able to use 1 year's completed tax returns under its medical profession package. I'd check the income available for your repayments before you commit to a property.
Westpac's published self employed policy also describes its general income methods. The medical profession concession is separate from the general 1 Year Assessment. An ABN that's simply 12 months old doesn't establish a completed financial year.
Our self employed home loan guide explains which business records to have ready.
Which lenders offer speech pathologist LMI waivers?
| Option | Deposit and income starting point | Main restriction |
|---|---|---|
| Westpac | About 10% plus costs; at least $90k qualifying annual income. | Qualified speech pathologist; maximum loan of 90% of the accepted property value. Standard income assessment and business history requirements apply. |
| St George | About 10% plus costs; at least $90k qualifying annual income. | Qualified speech pathologist; maximum loan of 90% of the accepted property value. Includes eligible self employed and casual applicants, and home or investment loans. |
| ubank: general no LMI option | About 10% plus costs for eligible purchases; no profession based income threshold. | Principal and interest repayments. $250 advance fee; Neat has no annual fee, Flex $250 a year. Income and property checks apply; refinancing has different limits. |
Speech pathologist waivers and a general loan without LMI
- Deposit and income starting point
- About 10% plus costs; at least $90k qualifying annual income.
- Main restriction
- Qualified speech pathologist; maximum loan of 90% of the accepted property value. Standard income assessment and business history requirements apply.
- Deposit and income starting point
- About 10% plus costs; at least $90k qualifying annual income.
- Main restriction
- Qualified speech pathologist; maximum loan of 90% of the accepted property value. Includes eligible self employed and casual applicants, and home or investment loans.
- Deposit and income starting point
- About 10% plus costs for eligible purchases; no profession based income threshold.
- Main restriction
- Principal and interest repayments. $250 advance fee; Neat has no annual fee, Flex $250 a year. Income and property checks apply; refinancing has different limits.
We checked the Westpac healthcare offer, St George profession offer and ubank no LMI offer on 11 September 2026.
The profession waivers have a $5m loan cap and a $7.5m combined limit for secured lending above 80% without LMI across Westpac, St George, Bank of Melbourne and BankSA. Existing loans that meet those conditions count towards the limit. I'd check which of yours count before setting a budget for a larger purchase.
I compare rates, fees and repayments alongside the waiver. A lower upfront cost doesn't tell you which loan will cost less over time.
What I'd check with each lender
What could change your options?
Interest only needs a separate check
Loans that remain interest only are excluded. An eligible interest only period needs to switch to principal and interest repayments later. I'd confirm that structure before you rely on the waiver.
Larger loans and existing group lending
Existing lending within the Westpac group can reduce the amount available under a new waiver. I'd check your current loan statements against the individual and combined limits shown above.
Refinancing, building or borrowing through an entity
Don't assume a purchase offer also covers refinancing, construction or a company or trust borrower. We check the exact purpose and borrower before quoting a deposit limit.
The property can change the answer
An apartment, a home in a regional area or an unusual property may need a bigger deposit or a different loan. Send us the address so we can check the property rules and valuation before you commit.
Could you buy with less than 10%?
If you're an eligible first home buyer or have not owned Australian property or land in the past 10 years, the Australian Government 5% Deposit Scheme may let you buy with a 5% deposit and no LMI. Eligible single parents or legal guardians may have a 2% option. This is separate from a profession waiver.
This pathway has no income cap. You must meet the citizenship or permanent residency rules, stay within the local price cap and buy a home to live in. The lender also checks the repayments and how much of your savings must go into the purchase.
A family guarantee loan or a general 90% no LMI option may also be worth comparing. A guarantee puts obligations on your family and can put their property at risk. The right comparison is the whole loan and the risks, not just the smallest deposit.
What to have ready
- Your speech pathology qualification, current CPSP evidence and SPA membership certificate if you're a member.
- Recent payslips and employment details, including the history of casual or contract work.
- Tax returns and business financials if you have practice income, plus details of business debts.
- Your partner's role and income, so we can separate the waiver test from what you can afford together.
- Savings and current loan statements, along with the property address, price and intended use.
From the first check to settlement
- 1. I'd start with your qualification, income, deposit and debts, then compare the suitable loans and likely repayments.
- 2. Once you choose an option, we prepare the application. The lender assesses it, and we explain any pre-approval conditions.
- 3. When you find a property, send us the contract details. The lender checks its valuation and lending rules; your solicitor handles the legal checks.
- 4. We work through the lender's outstanding requirements and confirm final approval. You complete the loan documents, arrange required insurance and have your contribution ready for settlement.
Common questions from speech pathologists
Experience and sources
How this guide was checked
We checked public lender offers, professional certification and government scheme rules on 11 September 2026, alongside detailed broker policy dated 8 September 2026. We check current application requirements before recommending a loan.
The LMI comparison uses a $900k home, $90k deposit and $810k loan. The separate cash comparison starts with $230k savings and allows $30k for buying costs. Repayments use an illustrative 6% over 30 years, with principal and interest and no fees.
Joshua has worked in mortgage broking since 2011 and holds Diploma and Certificate IV qualifications in finance and mortgage broking. Hunter Galloway Finance Pty Ltd is Credit Representative 476903, authorised under Australian Credit Licence 389328. See Joshua's experience, qualifications and published work.
Sources
- Westpac healthcare LMI waivers
- St George profession home loans
- Westpac broker policy and self employed restrictions
- Westpac self employed assessment options
- ubank: no LMI purchase and refinance options
- Speech Pathology Australia: regulation and CPSP certification (November 2025)
- Speech Pathology Australia: self-regulation and CPSP requirements
- Australian Government 5% Deposit Scheme
- How Hunter Galloway reviews lenders
- LMI calculator: $900k price, $90k deposit, $810k loan; $17,010 estimate checked 11 September 2026
- ubank home loan fees
Lender information and examples reviewed 11 September 2026. Eligibility, rates and fees can change.
How we are paid
The lender pays us commission, which we disclose before you proceed. Hunter Galloway is independently owned and must put your interests first. We compare relevant alternatives when a profession waiver doesn't fit your situation.
Check your speech pathology income and deposit
Start with your qualification evidence, an income breakdown and a rough buying budget. I'll check the waiver first, then compare the deposit and repayments with other suitable loans.
or call 1300 088 065
We assess your full financial situation before recommending a loan.