Registered nurses and midwives can borrow up to 90% of a property’s value without paying Lenders Mortgage Insurance. On a $700,000 purchase with a 10% deposit, that is roughly $26,740 you never pay.
But the waiver is not automatic, it is not offered by every major bank, and at most lenders it depends on clearing a $90,000 income threshold — which is where the detail matters far more than the headline.
The Waiver Belongs to the Lender, Not the Profession
Here is the fact that surprises most nurses: NAB’s published eligible profession list does not include registered nurses or midwives. It names eighteen medical occupations — anaesthetists, chiropractors, dental practitioners, general practitioners, optometrists, pharmacists, physiotherapists, psychiatrists, surgeons and veterinary practitioners among them. Nursing and midwifery are not on it.
Meanwhile Westpac, St George, Bank of Melbourne and BankSA all cover registered nurses and midwives at 90% LVR, and People First Bank covers them at 90% LVR with no LMI on loans up to $1.2 million.
Same nurse. Same payslip. Same deposit. Two lenders say yes, one says no.
The question to ask: not “do nurses get an LMI waiver?” but which lenders waive it for nurses, and which of those you actually qualify with.
What the Waiver Is Actually Worth
LMI protects the lender, not you, if you borrow more than 80% of a property’s value and later default. It is a one-off premium, paid at settlement or added to the loan, and it climbs steeply as your deposit shrinks.
| Purchase price | 10% deposit (90% LVR) | 5% deposit (95% LVR) |
|---|---|---|
| $700,000 | $26,740 | $30,797 |
| $800,000 | $31,900 | $35,554 |
Indicative only, based on Westpac's LMI calculator as at August 2026. Every lender and insurer calculates LMI differently.
That is not a discount on your interest rate. It is a cost that never appears at all.
Which Lenders Waive LMI for Nurses
The published position at each major lender, as at September 2026:
| Lender | Nurses covered? | Max LVR | Minimum income |
|---|---|---|---|
| Westpac | ✓ Registered nurses and midwives | 90% | $90,000 |
| St George, Bank of Melbourne, BankSA | ✓ Registered nurses and midwives | 90% | $90,000 |
| People First Bank | ✓ Registered nurses, paramedics, sworn police | 90% | Applies, not published |
| Commonwealth Bank | Piloted; criteria not published | Not published | Not published |
| NAB | ✗ Nurses absent from the published list | — | — |
People First Bank
The most generous published policy for nurses right now. No LMI to 90% LVR, loans to $1.2 million, covering investment purchases as well as owner-occupier. In a joint application only one applicant needs to be an essential worker, so a nurse buying with a partner in an unrelated job still opens the door.
Westpac Group
Westpac, St George, Bank of Melbourne and BankSA run the same medico policy. Registered nurses and midwives sit in the 90% LVR band with a $90,000 minimum income. Cannot be combined with Fast Track.
Commonwealth Bank
Publishes nothing. It piloted an expansion covering nurses, paramedics, police officers and firefighters, limited to owner-occupier purchases and refinances on principal and interest repayments. CBA’s position is that all loans are assessed case by case.
NAB
Eighteen medical professions on the published list, and nursing is not among them — despite physiotherapists, pharmacists, optometrists and veterinary practitioners all qualifying. A strong nursing application can still be declined here on occupation alone.
We will check your profession, pay point and assessed income against every lender on our panel — before you lodge anything.
The $90,000 Question, and Why It Is Closer Than It Looks
Westpac’s nursing band requires $90,000 a year. That number sits awkwardly against the Victorian public sector pay scale.
| Pay point | Approximate annual base | Clears $90,000 on base alone? |
|---|---|---|
| Year 1 (graduate) | $84,500 | ✗ No |
| Year 2 | $86,900 | ✗ No |
| Year 3 | $89,600 | ✗ Short by about $400 |
| Year 4 | $92,600 | ✓ Yes |
| Year 5 | $95,800 | ✓ Yes |
| Year 6 | $99,100 | ✓ Yes |
| Year 7 | $102,700 | ✓ Yes |
| Year 8 | $107,900 | ✓ Yes |
Registered Nurse Grade 2, Victorian public sector. Base rates in force from 11 May 2026 under the Nurses and Midwives (Victorian Public Sector) (Single Interest Employers) Enterprise Agreement 2024–2028. Figures rounded.
A Grade 2 Year 3 nurse is roughly four hundred dollars short of the threshold on base salary. Year 4 clears it comfortably. These rates already include this year’s increase, which took effect on 11 May 2026; the next uplift for Grade 2 classifications falls in 2027 under the same agreement, which runs to April 2028.
If you are sitting in the first three pay points, that looks like a closed door. It usually isn’t — because base salary is not what the lender assesses.
Your Overtime and Allowances Count, in Full
This is the part that decides most nursing applications, and it is barely mentioned on the pages currently ranking for this question.
Westpac assesses 100% of overtime and allowances as income for eligible healthcare and emergency services workers. Not 50%, not 80%. All of it. Casual income is calculated over 52 weeks rather than being discounted as unreliable.
For a shift-working nurse that is rarely a small adjustment. Night shift, weekend penalties, on-call and higher duties allowances routinely add five figures to an assessable income. A Grade 2 Year 2 nurse on roughly $86,900 base who picks up regular overtime is frequently assessed well above $90,000.
Do not rule yourself out on base salary. Pull twelve months of payslips before you decide you don’t qualify. The number that matters is the assessed figure, not the one on your employment contract.
$90,000
Minimum income, most nursing bands
100%
Of overtime and allowances assessed
$26,740
Typical saving, $700k at 90% LVR
Public Sector or Private Makes a Real Difference
Most Victorian public hospital nurses are covered by the enterprise agreement above. Nurses working in the private sector, in aged care, or through agencies may be covered by the Nurses Award 2020 instead, where minimum rates are substantially lower — an award Registered Nurse Level 1 starts around $63,400 a year.
If you are award-covered rather than EBA-covered, the $90,000 threshold is a longer reach on base pay, and overtime, agency loading and penalty rates carry more of the weight. Lenders that apply no minimum income, or assess income differently, become more important to your shortlist.
Midwives, Allied Health and Other Frontline Roles
The Westpac Group 90% band is broader than nursing. It also covers audiologists, chiropractors, midwives, occupational therapists, optometrists, osteopaths, pharmacists, physiotherapists, podiatrists, psychologists, radiographers, sonographers, speech pathologists and veterinary practitioners — all at 90% LVR with the same $90,000 minimum.
Above that sits a separate band with no minimum income at all: dentists, general practitioners, medical specialists, and hospital-employed doctors from intern through to staff specialist, at up to 95% LVR. Paramedics and sworn police officers are covered by People First Bank’s Essential Services Package, and were included in CBA’s pilot.
What to Have Ready Before You Apply
Bring the evidence, not just the job title.
Your AHPRA registration
Current registration is what lenders verify as proof of profession. Have your registration number and status ready before you start.
Twelve months of payslips, not three
The point is to evidence overtime, penalty rates and allowances as a consistent pattern, which is what allows them to be assessed in full rather than discounted.
Your employment status in writing
Permanent full-time, permanent part-time, casual or agency changes how income is assessed. Casual and agency nurses are not excluded, but the assessment method differs.
A lender shortlist before you apply anywhere
Applying to a bank that does not cover nursing leaves a credit enquiry on your file and tells you nothing useful. Confirm which lenders waive LMI for nurses, at what LVR, before an application is lodged.
The Bottom Line
An LMI waiver is worth around $26,740 to a nurse buying at $700,000 with a 10% deposit, and registered nurses and midwives are covered at 90% LVR by Westpac, St George, Bank of Melbourne, BankSA and People First Bank. NAB does not list nursing at all. Most policies require $90,000 a year, which the Victorian public sector scale does not reach on base salary until Grade 2 Year 4 — but overtime and allowances are assessed in full for healthcare workers, and that is usually what closes the gap. The question is not whether nurses qualify. It is which lender, on what assessed income, this month.
Frequently Asked Questions
The questions we get asked most often by nurses and healthcare workers.
Are nurses exempt from LMI?
Not automatically. Several lenders waive LMI for registered nurses at up to 90% LVR, including Westpac, St George, Bank of Melbourne, BankSA and People First Bank. Others, including NAB, do not name nurses on their published eligible profession list at all. It depends entirely on the lender.
Do nurses get cheaper mortgages?
The waiver removes the LMI premium, not the interest rate. Some lenders also offer package discounts to professional borrowers, but those are separate from the waiver and vary by lender and loan size.
Which banks waive LMI for nurses?
Westpac, St George, Bank of Melbourne and BankSA cover registered nurses and midwives at 90% LVR with a $90,000 minimum income. People First Bank covers registered nurses at 90% LVR with no LMI on loans up to $1.2 million, including investment purchases. Commonwealth Bank has piloted coverage but publishes no criteria. NAB does not list nurses.
Can nurses qualify for Westpac's LMI waiver?
Yes. Registered nurses and midwives sit in Westpac’s 90% LVR band, which requires a minimum income of $90,000 a year. Westpac assesses 100% of overtime and allowances for eligible healthcare workers, and calculates casual income over 52 weeks.
Does overtime count toward the $90,000 threshold?
At Westpac, yes — 100% of overtime and allowances is assessed as income for eligible healthcare and emergency services workers. This is often what lifts a nurse on one of the lower pay points above the threshold, so it is worth having twelve months of payslips ready.
Send us your registration details, your pay point and twelve months of payslips. We will tell you which lenders waive LMI for nurses in your situation — before you apply anywhere.
⚠️ General Information Disclaimer: This article contains general information only and does not constitute credit assistance or a recommendation. Your individual objectives, financial situation and needs have not been considered. Lender LMI waiver policies, eligibility criteria and income thresholds change without notice and vary between lenders — the details above are current as at the date of publication and should be confirmed before you rely on them. Pay rates cited are Victorian public sector base rates and will differ under other agreements and awards. Speak with a Credit Hub broker before making a decision. Credit Hub Australia holds an Australian Credit Licence 472959.
