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Psychologist home loans — registration, deposit and LMI
For psychologists on a deposit under 20%. Every lender row verified on 2026-08-09.
Can a psychologist get an LMI waiver?
Yes, at one lender on the panel. Westpac Group waives lenders mortgage insurance for psychologists to 90% of the property value on principal and interest, under a policy Money Brain read on 2026-08-09. CBA and Bankwest exclude psychologists by name in their own documents. One of the eleven lenders read waives it.
Is a psychiatrist covered by this page?
No. A psychologist is registered with the Psychology Board of Australia; a psychiatrist is a medical specialist on the Medical Board of Australia register. The lender groups carrying a 95% entry are written for medical practitioners and specialists, which is the psychiatrist's row and not the psychologist's. Psychiatrists are covered on the Money Brain medical home loans page.
Which banks waive LMI for psychologists?
| Lender | Covers | Max LVR | Conditions |
|---|---|---|---|
| Westpac Group (Westpac - St George - Bank of Melbourne - BankSA) | Medico Group B (incl. REGISTERED NURSE, midwife, pharmacist, physio, psychologist, optometrist, vet + allied) | 90% P&I | min $90K combined gross from eligible qualification(s) Read 2026-08-09. |
| ANZ | No group names a psychologist | No waiver | No group in the policy names a psychologist. Read 2026-08-09. |
| CBA | Psychologists excluded by name | No waiver | MAV package required; P&I only; EXCLUDES physio, psych, NURSES; pharmacists need $100K gross Read 2026-08-09. |
| NAB | No group names a psychologist | No waiver | No group in the policy names a psychologist. Read 2026-08-09. |
| Bankwest | Psychologists excluded by name | No waiver | EXCLUDES physio, psych, nurses Read 2026-08-09. |
| Suncorp | No group names a psychologist | No waiver | No group in the policy names a psychologist. Read 2026-08-09. |
| Macquarie | No group names a psychologist | No waiver | Professional and medico waiver withdrawn. Read 2026-08-09. |
| ING | No group names a psychologist | No waiver | confirmed absence Read 2026-08-09. |
| AMP | No group names a psychologist | No waiver | confirmed absence Read 2026-08-09. |
| Teachers Mutual Bank group (Teachers Mutual - Firefighters Mutual - Health Professionals Bank - UniBank) | No group names a psychologist | No waiver | A teacher banking with Teachers Mutual still pays LMI above 80%. The name is a membership definition, not a waiver. The only no-LMI path is the government Home Guarantee Scheme. One ADI, four brands, Read 2026-08-09. |
| Bank First | No group names a psychologist | No waiver | No group in the policy names a psychologist. Read 2026-08-09. |
Every row verified on 2026-08-09
Eleven publish-ready rows. Undated marketing claims are not in this table.
Westpac Group waives lenders mortgage insurance for psychologists. 10 lenders do not, 2 of them excluding psychologists by name. Every row here was read from the lender's own policy document on 2026-08-09.
Find out which of these would say yes to you
One short call and you will know which lenders your registration meets.
What decides a psychologist's answer, lender by lender
Who a psychologist waiver is written for
A professional waiver is written for a psychologist holding current general registration with the Psychology Board of Australia and practising in Australia. A clinical, counselling or forensic endorsement is a notation on that same general registration rather than a separate category, and on the documents Money Brain read it does not create a higher tier.
Who is usually outside it
Provisional registration, non-practising registration and lapsed registration are not general registration, and a waiver written for a registered psychologist does not reach them. A counsellor or psychotherapist without Psychology Board registration is outside it as well: those titles are not protected in Australia, and membership of a counselling association is not registration.
A no by name is different from silence
A lender whose document names your profession in an exclusion has given a dated answer. A lender whose document simply does not list you has not. Money Brain publishes both, marked differently, because applying to the first is a wasted enquiry and the second is a question worth asking.
How much is LMI on a 10% deposit?
On one lender's published premium card, read on 2026-08-11, a 10% deposit is charged 2.10% of the loan between $300,000 and $600,000 — about $9,450 on a $450,000 loan. Above $600,000 the rate is 2.68%, or roughly $20,100 on a $750,000 loan. A waiver removes it entirely. Premiums vary between lenders; these figures are indicative.
What deposit do I actually need?
A psychologist using a waiver needs the lender's minimum deposit plus the purchase costs, because the waiver removes the mortgage insurance premium and nothing else. Stamp duty, legal fees, the building inspection and lender fees are still paid in cash, and those are the costs people underestimate when they budget.
How a psychologist's income is assessed, and what is not published
How you are paid is a separate test
A waiver decides whether lenders mortgage insurance is charged, not whether the income is accepted, and the two are assessed separately. A psychologist employed by a hospital, a health service, a school or a non-government organisation has the cleanest file: base salary, year-to-date figures and an employment letter. Whether regular overtime and allowances count in full is set per lender.
Private practice and contracting
A psychologist in private practice is assessed on the business rather than a payslip — tax returns, business activity statements, add-backs and the structure the practice trades under. Macquarie's professional list names psychologists registered with the Psychology Board of Australia, and cuts the income history required from two years to one at up to 80% of the property value, on Credit Guidelines version 14.0 dated 8 July 2026.
Applying to a lender that excludes you
A declined application is recorded on your credit file and makes the next one harder, which is why the checking happens before submission. For a psychologist the common version is applying to CBA and Bankwest, each of which excludes the profession by name.
Questions
Westpac Group, to 90% of the property value on principal and interest. Darren Parker, Credit Representative 501592, read each policy on 2026-08-09.
Sources and check dates
Every lender row carries the policy document it came from, each read on 2026-08-09. Premium figures come from one lender's published card, read 2026-08-11. Only publish-ready document-grade rows appear in the table.
Who wrote this page
Darren Parker, Credit Representative 501592, authorised under Australian Credit Licence 389328. Darren reads these lender policies himself and dates every row. If a lender's position has changed since the date shown, tell him.
Find out where you stand before you apply
Updated 13 September 2026