Home Loans for Pharmacists: LMI Waivers by Lender

Four lender groups waive LMI for pharmacists, up to 90% LVR at the lenders that publish a limit. ANZ is the notable exception: it waives LMI for most health professionals but lists pharmacists as ineligible.

In short

For a home loan with no LMI, the Westpac group, CommBank, NAB and Auswide Bank name pharmacists.
The Westpac group and Auswide Bank publish a 90% limit. CommBank and NAB publish none.
The Westpac group needs $90,000 a year. The others publish no income rule.
ANZ lists pharmacists as ineligible, and BOQ Specialist does not name them.

Which lenders waive LMI?

For pharmacists the question is less how high you can go and more which banks will say yes. Four groups name you; two lenders that waive LMI for other health professions do not.

Published LMI waiver policies, checked 29 September 2026
Lender	Status	Max LVR	Conditions	Investment loans
Westpac, St.George, Bank of Melbourne, BankSA	Waiver	90%	$90,000 minimum income, casual income counted over 52 weeks. Self-employed pharmacists included at St.George, Bank of Melbourne and BankSA.	Yes, with a 10% deposit
CommBank	Waiver	Not published	Pharmacists named in the health package. No income or loan limit published on CommBank pages.	Yes, under the health package
NAB	Waiver	Not published	Pharmacist named. Current AHPRA registration.	Not stated
Auswide Bank	No LMI required	90%	Pharmacists named among its medical professionals.	Yes
ANZ	Excluded	Not applicable	Lists pharmacists as ineligible.	Not applicable
BOQ Specialist	Not named	Not applicable	Its client groups are doctors, dentists, vets and accountants.	Not applicable

Lenders' own published policies, checked 29 September 2026. A policy is not an approval: each lender assesses your application and can change or withdraw an offer.

How much LMI does a waiver save?

A waiver removes the whole premium. At 90% LVR, published lender figures put the LMI you would otherwise pay at about:

Home price	Loan at 90%	Typical LMI	Published range
$600,000	$540,000	$10,800	$8,100 to $14,200
$800,000	$720,000	$14,400	$10,700 to $19,000
$1,000,000	$900,000	$18,000	$13,400 to $23,700

NSW, where there is no duty on LMI. Other states add 9% to 11% to the premium. Built from LMI figures Australian lenders publish.

Estimate the LMI for your own loan

How lenders assess a pharmacist's income

The Westpac group is the only lender with a published income test for pharmacists: $90,000 a year, which can include casual income averaged over 52 weeks. Pharmacists are also on its list for counting 100% of overtime and allowances as income. St.George applies that once you have 6 months of income evidence with the same employer, not to self-employed pharmacists, and says the waiver and the overtime policy can both apply to one application. APRA's guidance to banks says prudent practice is to discount most non-salary income, such as overtime and bonuses, by at least 20%, so counting it in full lifts your assessed income.

If you own or run a pharmacy, St.George, Bank of Melbourne and BankSA say the 90% waiver includes self-employed professionals. Westpac says that waiver cannot be combined with its Fast Track assessment, so you are assessed under its 1-year or 2-year methods, which ask for business and personal tax returns (personal only for sole traders) and the latest notice of assessment. The business must have traded for at least 2 full financial years.

If you work casual shifts, CommBank, which names pharmacists in its health package, asks casual employees for 6 months of bank statements unless the pay goes into a CommBank account. If you work in a public or not-for-profit hospital, the ATO caps the FBT exemption on packaged benefits at $17,000 of grossed-up value a year, and Westpac says it may count amounts you salary sacrifice as income available for repayments.

Registration rules

NAB asks for current AHPRA registration. CommBank and Auswide Bank name pharmacists but publish no detailed criteria, so ask them what they need before you apply.

What if you are not eligible?

If your bank is ANZ or you earn under $90,000, ubank charges no LMI up to 90% for any occupation on owner-occupied and investment principal and interest purchases. First home buyers can also look at the 5% Deposit Scheme, which needs a 5% deposit within its price caps.

Compare every route in how to avoid LMI, or see all professions in LMI waiver rules.

Frequently asked questions

Does ANZ waive LMI for pharmacists?

No. ANZ lists pharmacists among the professions that are not eligible for its LMI waiver, even though it waives LMI for doctors, dentists, optometrists, physiotherapists, chiropractors and vets.

What income do pharmacists need for the waiver?

The Westpac group asks for at least $90,000 a year, with casual income counted over 52 weeks. CommBank, NAB and Auswide Bank do not publish an income rule on their own pages.

Can pharmacy owners get the LMI waiver?

Yes, at the Westpac group. St.George, Bank of Melbourne and BankSA say the 90% waiver includes self-employed professionals earning at least $90,000 a year. Westpac says this waiver cannot be combined with its Fast Track assessment, so a pharmacy owner is assessed under its 1-year or 2-year methods, which use business and personal tax returns.

What is the highest LVR a pharmacist can get without LMI?

The published maximum is 90%, at the Westpac group and Auswide Bank. CommBank and NAB do not publish an LVR for pharmacists.

Does BOQ Specialist lend to pharmacists without LMI?

BOQ Specialist names doctors, dentists, vets and accountants as its client groups. Pharmacists are not on that list, so do not count on its no-LMI offer.

Sources

Each source was checked on 29 September 2026.

Researched and maintained by

Andrew Wortman

PhD in Financial Studies, 5 years in finance

Every figure on this page comes from a lender, insurer, government or regulator source listed above. Read our editorial policy.

Published: 29 September 2026