Key Takeaways
Some lenders waive Lenders Mortgage Insurance (LMI) for eligible accountants borrowing up to around 90% of the property value, which may save thousands of dollars on a 10% deposit.
Eligibility usually depends on full membership of CA ANZ, CPA Australia or, with some lenders, the IPA, plus a current accounting role.
Minimum income rules vary widely, with some lenders asking for a six-figure income and others setting none.
Partners and practice owners are usually assessed as self-employed and may need two years of tax returns and financials.
You check other people's numbers for a living, so paying thousands in Lenders Mortgage Insurance (LMI) on a 10% deposit can be hard to swallow. The good news is that lenders often see accountants as low-risk borrowers, and some home loans for accountants waive that premium altogether. The catch is that each lender defines 'accountant' in its own way.
Working out which definition you meet is usually the first job, and a mortgage broker for accountants can compare each lender's rules side by side before you apply.
Why Lenders Favour Accountants
It comes down to risk. Secure jobs and incomes that tend to rise over time make accountants less likely to miss repayments.
To win that business, some lenders offer qualified accountants a professional package, often built around an LMI waiver. Doctors, lawyers and engineers can access similar LMI waivers for professionals with many lenders.
What Lenders May Offer
Most accountant packages are built from a few common features. Offers change often, and what each one is worth depends on your deposit, income and lender:
LMI Waivers
LMI normally applies when you borrow more than 80% of a property's value. Some lenders waive it for eligible accountants up to a loan-to-value ratio (LVR) of around 90%, which could keep thousands of dollars in your pocket on a typical purchase.
Rate Discounts
Some lenders add a sharper rate or package discount for professionals. Still, the lender with the waiver isn't always the cheapest once rates and fees are added up.
Higher LVRs
A few lenders may consider borrowing above 90% for strong applicants, usually with tighter loan size limits.
Which Accountants Qualify
Most lenders look for full membership of a recognised accounting body plus a current accounting role, so a degree on its own is generally not enough:
Chartered Accountants Australia and New Zealand (CA ANZ) and CPA Australia full members are widely accepted
Institute of Public Accountants (IPA) members are accepted by some lenders but not others
Auditors, actuaries and chief financial officers may qualify, depending on the lender
Students, provisional members and retired accountants usually do not qualify
Some lenders also set a minimum income, often a six-figure amount, while others focus only on membership and whether you can afford the repayments. These criteria vary between lenders and change over time, so treat this list as a general guide.
Salaried Versus Self-Employed Accountants
Whether you draw a salary or run your own practice changes the paperwork a lender asks for and how your income is counted:
Salaried Accountants
If you work for a firm or business, lenders usually need recent payslips and an employment letter. Bonuses and overtime may count, though lenders often count only part of them.
Partners and Practice Owners
Partners and sole practitioners are generally treated as self-employed, so lenders usually ask for two years of tax returns and financials. Some lenders accept a partner income letter for partners in larger firms, while others exclude self-employed applicants from the waiver altogether.
Comparing the Waiver With Other Options
A waiver is a big upfront saving, but it's only one part of the loan. The rate, fees and features such as an offset account shape what you pay over the life of the loan.
If you're a first home buyer, there's another way to skip LMI. The Australian Government 5% Deposit Scheme, administered by Housing Australia, lets eligible buyers avoid LMI with a 5% deposit, and it has had no income caps since 1 October 2025, though property price caps apply by location. In our experience, many Albury-Wodonga accountants already have solid deposits, so the choice often comes down to rate and features.
What the Waiver Could Save on a Thurgoona Home
Let's say Daniel is a first home buyer and CPA Australia member at an Albury accounting firm, earning $115,000. He has saved $60,000 and wants to buy a $550,000 home in Thurgoona.
With a 10% deposit of $55,000, Daniel would normally pay LMI on a $495,000 loan. A lender with an accountant waiver takes that cost off the table. And because the price sits under the $800,000 full exemption threshold of the NSW First Home Buyers Assistance Scheme, he may pay no transfer duty either, leaving his remaining $5,000 for legal and moving costs. If a second lender offers a slightly lower rate but no waiver, we would compare the total cost of both over the first few years to see which comes out ahead.
This example is a guide only. Actual savings depend on the lender, the property and your full financial position.
Frequently Asked Questions (FAQs)
Does my partner need to be an accountant too?
Usually not. In many cases only one applicant needs to meet the lender's definition of an eligible accountant, though some lenders require that person to hold at least an equal share of the property.
Your partner's income may still count toward whether you can afford the loan, but it generally does not count toward a professional income threshold.
Can I use the waiver for an investment property?
It depends on the lender. Some professional LMI waivers apply to both owner-occupied and investment purchases, while others are limited to owner-occupiers or come with different loan limits. Investment loans may also carry a different interest rate.
If you're planning an investment purchase, it's worth asking an investment loan broker to check the lender's policy before you apply, so the waiver isn't lost at the approval stage.
Do I keep the waiver if I refinance?
It depends on where you refinance. Repricing with your current lender does not usually trigger LMI, while moving to a new lender generally means meeting that lender's waiver criteria or paying LMI if your loan is still above 80% of the property value.
It's worth checking this before you switch, so a lower rate isn't cancelled out by a new premium.
Bottom Line
A good first step is to gather proof of full membership from your accounting body, along with recent payslips or, if you run a practice, two years of tax returns. Lenders use these to confirm you meet their definition of an eligible accountant, so having them ready can help things move faster.
If you're an accountant buying on the Border, the team at Loan Street Finance can talk you through which lenders' waivers suit your circumstances.
This article is general information only and does not take into account your objectives, financial situation or needs. You may wish to speak with a qualified professional before acting on it.