Which Banks Waive LMI for Accountants? Full 2026 Lender Comparison

If you’re an accountant looking to buy property without a 20% deposit, there’s a strong chance you can avoid Lenders Mortgage Insurance (LMI) entirely. Multiple Australian banks recognise accounting as a qualifying profession for LMI waivers — but the eligibility criteria, maximum LVR, income thresholds, and professional membership requirements vary significantly between lenders.

Choosing the wrong bank could mean paying $10,000 to $40,000+ in LMI that you didn’t need to pay. This guide compares every major lender that offers LMI waivers for accountants, so you can identify which bank gives you the best deal for your specific situation.

Why Banks Waive LMI for Accountants

Banks view accountants as lower-risk borrowers. The reasoning is straightforward: accountants typically have stable, high-income careers with strong employment prospects. Their professional qualifications take years to earn, their skills are transferable across industries, and their default rates on home loans are historically lower than average.

This reduced risk means lenders are willing to extend higher LVR loans — up to 85% or 90% LVR — without requiring the additional protection that LMI provides. The waiver is not a discount on LMI; the lender simply doesn’t charge it at all.

For a detailed overview of the accountant LMI waiver and how it works, see our dedicated guide. This article focuses specifically on which banks offer it and how they compare.

Which Banks Waive LMI for Accountants?

The following major Australian lenders currently offer LMI waivers for accounting professionals. Note that policies change — we update this guide regularly, but it’s always worth confirming current terms with a broker.

Commonwealth Bank (CBA)

CBA offers LMI waivers for accountants through its professional banking packages. CBA is one of the more generous big four lenders for accounting professionals.

Eligibility at CBA:

Must be a qualified CPA, CA, or equivalent
Membership with CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), or the Institute of Public Accountants (IPA)
Minimum individual income of $150,000 per annum
Maximum LVR: 90% for eligible accountants
Available for owner-occupied and investment properties
Principal and interest or interest-only repayments accepted

CBA’s strength for accountants lies in its relatively high LVR cap and willingness to consider both salaried and self-employed accountants, provided the income and membership criteria are met.

National Australia Bank (NAB)

NAB has a well-established professional package that includes accountants. NAB’s offering is competitive, particularly for higher-income accountants.

Eligibility at NAB:

Qualified CPA, CA, or Fellow CPA
Current membership with CPA Australia or CA ANZ
Minimum individual income of $150,000 per annum
Maximum LVR: 90% for qualifying accountants
Available for owner-occupied and investment properties (investment may have a lower LVR cap)
Eligible roles include partners, directors, CFOs, and senior employed accountants

NAB tends to be flexible with self-employed accounting professionals and practice owners, making it a strong option for accountants who run their own firms.

ANZ

ANZ offers LMI waivers for accountants, though its criteria can be slightly more conservative than CBA or NAB in certain areas.

Eligibility at ANZ:

Must hold CPA or CA qualification
Active membership with CPA Australia or CA ANZ
Minimum income requirements apply (typically $150,000+)
Maximum LVR: 85–90% depending on the specific role and loan amount
Owner-occupied properties preferred; investment property policies vary
Salaried and self-employed accountants considered

ANZ’s LVR cap for accountants can vary depending on the loan size and property type, so it’s important to confirm the specific terms for your scenario.

Westpac

Westpac includes accountants in its professional banking packages, though its approach has historically been slightly more selective.

Eligibility at Westpac:

CPA or CA qualification required
Current professional membership mandatory
Minimum income threshold of $150,000 per annum
Maximum LVR: 85–90% (varies by loan scenario)
Owner-occupied focus; investment property waivers may have additional conditions
Both employed and self-employed accountants eligible

Westpac’s key consideration for accountants is that its LVR cap and conditions can depend on the specific loan amount. Higher loan amounts may attract a lower maximum LVR.

Macquarie Bank

Macquarie has emerged as a competitive option for professional borrowers, including accountants. As a non-big-four lender, Macquarie often offers more flexible criteria.

Eligibility at Macquarie:

CPA, CA, or equivalent professional designation
Active membership with a recognised accounting body
Income thresholds typically around $150,000+
Maximum LVR: up to 90% for qualifying accountants
Owner-occupied and investment properties
Competitive interest rates for professional packages

Macquarie’s advantage is that it sometimes offers LMI waivers at slightly more competitive interest rates compared to the big four. It’s worth comparing the total cost of the loan, not just the LMI waiver.

Other Lenders

Beyond the five lenders above, several smaller banks, credit unions, and non-bank lenders also offer LMI waivers for accountants. These include:

Bank of Melbourne / BankSA / St.George (Westpac subsidiaries — similar criteria to Westpac)
ING — offers professional packages with LMI waivers for select professions
Bendigo Bank — limited professional packages available
Various other lenders accessible through mortgage brokers

A mortgage broker who specialises in professional lending can identify the full range of options, including lenders that don’t publicly advertise their professional packages.

Bank-by-Bank Comparison Table

Feature	CBA	NAB	ANZ	Westpac	Macquarie
Max LVR	90%	90%	85–90%	85–90%	90%
Min Income	$150K	$150K	$150K	$150K	$150K
CPA Eligible	Yes	Yes	Yes	Yes	Yes
CA Eligible	Yes	Yes	Yes	Yes	Yes
IPA Eligible	Yes	Case-by-case	Limited	Limited	Case-by-case
Owner-Occupied	Yes	Yes	Yes	Yes	Yes
Investment	Yes	Yes (lower LVR)	Varies	Conditions apply	Yes
Self-Employed	Yes	Yes	Yes	Yes	Yes
Practice Owners	Yes	Yes	Yes	Yes	Yes

Note: These are indicative guidelines. Exact terms depend on your specific circumstances, loan amount, and current lender policy.

Professional Membership Requirements

Every lender that waives LMI for accountants requires proof of professional membership with a recognised Australian accounting body. The three main bodies are:

CPA Australia

CPA (Certified Practising Accountant) is Australia’s largest professional accounting body. CPA members are recognised by all major lenders for LMI waiver purposes. You must hold full CPA status — associate members typically do not qualify.

Chartered Accountants Australia and New Zealand (CA ANZ)

CA (Chartered Accountant) designation is equally well-recognised across all lenders. Like CPA, you generally need full chartered status rather than provisional or student membership.

Institute of Public Accountants (IPA)

IPA members, including Fellows (FIPA) and Members (MIPA), are accepted by some lenders but not all. CBA and NAB are generally more accommodating of IPA membership; ANZ and Westpac may be more selective. If you hold IPA membership only, it’s worth confirming eligibility with your chosen lender before proceeding.

Which Accounting Roles Qualify?

LMI waivers for accountants cover a broader range of roles than many borrowers expect. While specific lender policies vary, the following roles typically qualify:

Certified Practising Accountant (CPA) — employed or self-employed
Chartered Accountant (CA) — employed or self-employed
Financial Controller — with CPA or CA qualification
Chief Financial Officer (CFO) — with CPA or CA qualification
Auditor — registered with ASIC and holding CPA/CA
Tax Agent — registered with the Tax Practitioners Board and holding CPA/CA
Accounting Firm Partner / Director — with active CPA/CA membership
Management Accountant — with CPA or CA designation
Forensic Accountant — with CPA or CA designation

The common thread is the professional designation. Your job title matters less than your qualifications and membership status. A CFO who holds a CPA will qualify; a CFO without any professional accounting designation typically won’t.

Partner vs Employee Accountants: Key Differences

How lenders assess your application can differ based on whether you’re an employed accountant or a partner/director in a practice.

Employed Accountants

Employed accountants have the most straightforward path. Lenders assess your income based on your salary and any guaranteed bonuses. Documentation is simple: payslips, employment contract, and professional membership certificate.

Self-Employed / Practice Owners

Partners and directors in accounting firms face slightly more scrutiny. Lenders typically require:

Two years of tax returns and financial statements for the practice
Evidence of your share of partnership/trust distributions
Proof that the practice is profitable and your income is sustainable
Your individual income must still meet the minimum threshold

The good news is that banks are generally comfortable with accounting firm structures because they understand the business model. Self-employed accountants rarely face the same level of difficulty as self-employed borrowers in other industries.

Contracting Accountants

Accountants working on contract arrangements (common in the Big Four and mid-tier firms) can also qualify, though lenders may treat the income differently. A minimum contract term and evidence of ongoing engagement is usually required.

Income Thresholds Explained

The $150,000 minimum income threshold is standard across most lenders, but there are nuances:

Individual vs household: Most lenders assess the qualifying accountant’s individual income, not household income. Your partner’s income helps with serviceability but doesn’t count towards the LMI waiver threshold.
Base salary vs total package: Some lenders include guaranteed bonuses and regular overtime; others look at base salary only. Confirm which figure your lender uses.
Part-time accountants: If you work part-time, your pro-rata income must still meet the threshold. A full-time CPA earning $180,000 who moves to four days per week ($144,000) may fall below the threshold at some lenders.
Recently qualified: Some lenders require you to have held your CPA/CA designation for a minimum period (typically 12 months). Newly qualified accountants should check this.

If your income is close to $150,000, some lenders may have flexibility. A broker can help identify which lenders are most accommodating.

How Much Can Accountants Save With an LMI Waiver?

The savings from an LMI waiver depend on your LVR and loan amount. Here’s what accountants typically save by using a professional waiver instead of paying LMI:

Property Price	Deposit	LVR	LMI Without Waiver	You Save
$600,000	$60,000 (10%)	90%	~$10,400	~$10,400
$750,000	$75,000 (10%)	90%	~$14,000	~$14,000
$800,000	$120,000 (15%)	85%	~$6,800	~$6,800
$1,000,000	$100,000 (10%)	90%	~$20,000	~$20,000
$1,200,000	$120,000 (10%)	90%	~$25,000	~$25,000

Use our LMI calculator to estimate the exact saving for your property price and deposit.

How to Choose the Right Bank

The best bank for your accountant LMI waiver depends on several factors beyond just the waiver itself:

1. Your LVR Requirement

If you have a 15% deposit (85% LVR), all five major lenders will accommodate you. If you need 90% LVR, focus on CBA, NAB, and Macquarie, which consistently offer 90% LVR for accountants.

2. Property Type

Buying an investment property? CBA and NAB are generally more flexible for investment property LMI waivers. Westpac and ANZ may impose additional conditions or lower LVR caps for investment loans.

3. Interest Rate

The LMI waiver is one factor, but interest rate matters more over the life of the loan. A lender that waives LMI but charges a 0.20% higher rate will cost you more in total over 30 years. Compare total loan cost, not just the LMI saving.

4. Loan Features

Consider offset accounts, redraw facilities, extra repayment flexibility, and split loan options. Professional packages at some banks include additional benefits like fee waivers or rate discounts.

5. Self-Employment Complexity

If you’re a partner in an accounting firm with a complex income structure, choose a lender with experience assessing self-employed professionals. NAB and CBA tend to have more sophisticated income assessment models for practice owners.

Application Process: Step by Step

Confirm your eligibility — Check your LMI waiver eligibility in 60 seconds with no credit check.
Gather documentation — Professional membership certificate, income evidence (payslips or tax returns), and identification.
Compare lenders — Work with a broker to compare rates, fees, and terms across multiple lenders.
Submit your application — Your broker will submit the application to your chosen lender, noting the professional LMI waiver.
Provide evidence — The lender will verify your professional membership and income during the assessment.
Receive approval — Once approved, the LMI waiver is confirmed and no premium is charged.

The process is no more complex than a standard home loan application. The only additional step is providing proof of your professional membership.

Common Mistakes Accountants Make

Applying Directly Without Comparing

Many accountants go straight to their existing bank. This is understandable — you have a relationship there — but it often means missing a better deal. Another lender might offer a higher LVR, lower rate, or more flexible terms for your profession.

Not Checking Membership Status

Your CPA or CA membership must be current and active at the time of application. Lapsed memberships, even if recently lapsed, will disqualify you from the waiver. Renew before applying.

Assuming All Accounting Roles Qualify

A bookkeeper, accounts payable clerk, or finance graduate without a CPA/CA designation will not qualify. The waiver is linked to the professional designation, not the industry you work in.

Ignoring the Total Loan Cost

An LMI waiver saves you money upfront, but the total cost of the loan over 25–30 years matters more. Compare interest rates, ongoing fees, and features alongside the LMI waiver.

Frequently Asked Questions

Do all banks waive LMI for accountants?

No. Only certain lenders offer LMI waivers for accounting professionals, and eligibility varies. The major banks that consistently offer waivers for accountants include CBA, NAB, ANZ, Westpac, and Macquarie. Smaller lenders and non-bank lenders may also offer waivers. See the full list of professions and lenders.

Can a CPA get an LMI waiver at CBA?

Yes. CBA recognises CPA Australia members for its professional LMI waiver, allowing eligible CPAs to borrow up to 90% LVR without paying LMI, subject to income thresholds and other lending criteria.

Do I need to be a full CPA or CA, or does provisional membership count?

Most lenders require full membership (CPA, CA, FIPA, or MIPA). Provisional, associate, or student membership typically does not qualify. Confirm with your lender or broker.

Can I get an LMI waiver if I’m a self-employed accountant?

Yes. Self-employed accountants, including practice partners and directors, can qualify for LMI waivers. You’ll need to provide additional income documentation (tax returns and financial statements), but the waiver itself applies the same way.

What if my income is just under $150,000?

Some lenders have slight flexibility around the income threshold, particularly if your income is expected to increase shortly (for example, a pending promotion or salary review). A broker can advise which lenders may accommodate this.

Can I use the LMI waiver for an investment property?

Yes, with certain lenders. CBA and NAB generally allow accountant LMI waivers on investment properties, though the maximum LVR may be lower (typically 85% for investment vs 90% for owner-occupied). Other lenders may restrict the waiver to owner-occupied purchases only.

Is the accountant LMI waiver available for refinancing?

Yes. If you’re refinancing from another lender and your LVR is above 80%, the LMI waiver can apply to the refinance. This is particularly valuable if you originally paid LMI and are now switching lenders — you won’t be charged LMI again.

How does the accountant LMI waiver compare to other professions?

Accountants have strong LMI waiver options, though medical professionals (particularly doctors) often have access to even higher LVR caps (up to 95% with some lenders). Accountants are generally on par with lawyers and engineers in terms of LMI waiver generosity. See our full professional comparison.

Next Steps

The accountant LMI waiver can save you $5,000 to $25,000+ depending on your property price and deposit. But the right lender for your waiver depends on your income, deposit, property type, and personal circumstances.

Check your eligibility — confirm you qualify in 60 seconds, no credit check
Read the full accountant LMI waiver guide — detailed eligibility criteria and requirements
Estimate your LMI saving — see exactly how much you’ll save
Browse the full professional list — compare accountant waivers with other professions