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The big four bank has revealed the expansion of waiving lenders mortgage insurance to include accountants in a “game-changing” move.
Accountants now captured in LMI waiver expansion: NAB
06 March 2025
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7 minute read
National Australia Bank (NAB) has moved to waive the cost of lenders mortgage insurance for more professionals, including accountants, lawyers and medical professionals.
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As reported by The Adviser, the waiver enables certain professionals to access a home loan with just a 10 per cent deposit (90 per cent loan-to-value ratio) without paying LMI; however, it was subject to eligibility criteria dependent on profession, loan type, and loan-to-value thresholds.
Finance professionals included in the expanded LMI waivers were set to cover accountants, actuaries, and financial analysts currently practising and a registered member of an eligible professional institute.
Adam Brown, executive for broker distribution at NAB, told The Adviser that by expanding the LMI waiver program to include more industry professionals, it was giving more people greater financial flexibility and access to home ownership.
“This builds on our recent changes to support self-employed customers and the introduction of multi-offsets, reflecting our commitment to listening to brokers,” Brown said.
“Expanding LMI waivers is the next step in improving our offering.”
NAB said the LMI policy waiver was effective immediately and was applicable for loans submitted from 26 February 2025.
Cullen Haynes, director of sales at Accounting Home Loans (AML), said AML was thrilled to see NAB introduce this policy as it had long advocated for MLI waivers across all major lenders for accounting professionals.
“Given its strong position in the market, this lender is already a preferred choice for many of our clients. Now, with the addition of a professional LMI waiver, it’s a game changer,” Haynes said.
“Not only does this expand options for customers, but it also has the potential to save them a significant amount in fees when securing a home loan. This is especially important for first home buyers as it will widen their potential to get into the property market sooner.’
With NAB having joined the pool of lenders offering this option to accountants, competition between lenders could lead to greater opportunities for accounting professionals to obtain finance, Haynes added.
AML said that based on the areas it specialised in, it was across what professional products and policies were available in the market to the advantage of accountants, which the NAB LMI waiver expansion is now added to.
“For accounting professionals, you will need to be a current, registered member of an eligible professional institute to qualify,” Haynes said.
“If you’re thinking of seeking a home loan or refinancing, make sure you speak to our experts.”
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