First Home Buyer Grants, Schemes and LMI Waivers: What Pharmacists Can Do to Buy a Home

Your income as a pharmacist can vary between employed, locum and early-career roles, so lender choice matters when many offer professional waivers. The RBA raised the cash rate by 0.25 percentage points to 4.85% on 3 November, and the ABS reported annual inflation of 4.3% in the year to September. Grants, concessions and LMI options can reduce the cash and insurance you need upfront, and this guide covers what is available to pharmacists.

Key takeaways

• The 5% Deposit Scheme has no income caps, no place limits and no LMI, so it's the first thing to check.
• Every state and territory has a grant, a stamp duty concession or both, and most favour new homes.
• Several lenders waive or pay LMI for pharmacists, with most waivers going up to 90% LVR. Some lenders go higher for doctors and dentists.
• Waivers often have income tests or exclude self-employed pharmacists, so check each against your situation.
• You can often combine a grant, a concession and a super release, so check each one's conditions.

Federal help: deposit schemes and super

5% Deposit Scheme

The 5% Deposit Scheme lets eligible buyers purchase with a deposit as low as 5%, or 2% for single parents and legal guardians, with no LMI. The government backs part of the loan instead.

It has had no income caps and no limit on places since 1 October 2025. Treasury says property price caps rose at the same time.

First home buyers can use it, and so can people who haven't bought in the last 10 years. Single parents and guardians with a dependent can use the 2% stream even if they have owned before.

You apply through a Participating Lender as part of a home loan application, not directly. After pre-approval you have 90 days to find a home and sign a contract. Price caps vary by location, so check the price cap tool for your area.

You must live in the home as an owner-occupier, or the lender may require LMI or other costs.

Help to Buy

Help to Buy is a shared equity scheme, which means the government contributes up to 30% of an existing home's price, or up to 40% of a new home's, and you need a deposit of at least 2%. When you sell or buy out the government's share, it shares in any gain or loss in proportion to its contribution. Read more on the Help to Buy scheme page.

The income caps from 1 July 2026 to 30 June 2027 are:

• $103,000 for a single applicant
• $165,000 for single parents and joint applicants

Applicants must be Australian citizens aged 18 or over who don't own property in Australia or overseas, and must live in the home. It can't generally be combined with other government help for the purchase, such as another shared equity scheme or a state or territory loan. Stamp duty concessions and grants are still allowed.

First Home Super Saver Scheme

The First Home Super Saver Scheme lets you release voluntary super contributions of up to $15,000 a year, to a total of $50,000, for a first home. The ATO says non-concessional contributions release in full and concessional contributions release at 85%, both with associated earnings.

The assessable amount goes in your tax return with a 30% tax offset, so speak with an accountant about the tax effect for you. The ATO also says you must request a determination before ownership transfers, which is generally before settlement.

You must move in as soon as practicable and live there for at least 6 of the first 12 months, according to the ATO. Eligibility is individual, so each partner can use their own contributions for the same property.

As a pharmacist, check each lender's income test, AHPRA registration and employment type requirements against your situation, as they vary.

State and territory grants and stamp duty

Every state and territory offers something, the rules differ, and most grants are for new homes only. Grant amounts, price caps, duty thresholds and end dates change, so confirm the current details with your state or territory revenue office before relying on them.

Prior ownership rules matter more than most buyers expect. Several states exclude you if you or your partner have owned a home before, which can catch people who owned a share in a home before a separation.

Grants and concessions depend on the state where you buy, which may differ from where you work.

Five ways to avoid or reduce LMI

LMI (lenders mortgage insurance) usually applies when you borrow more than 80% of a property's value, which is an LVR (loan-to-value ratio) above 80%. It protects the lender, not you, and at 20% equity it generally doesn't apply.

1. Use the 5% Deposit Scheme, which removes LMI on a deposit as low as 5%, subject to price caps and a Participating Lender.
2. Qualify for a profession LMI waiver, where LMI would normally apply but isn't charged because of your job (most go up to 90% LVR).
3. Choose lender-paid LMI, where the loan is still insured but the lender pays the premium.
4. Pick a no-LMI product, which some lenders offer to any borrower at up to 85% or 90% LVR.
5. Save a larger deposit.

A waiver saves the LMI cost, but compare the rate, fees and features too. Risk fees, lender-paid LMI and different pricing can sometimes cost more over time than paying LMI. Lender criteria change often, and all lending is subject to credit approval.

Can pharmacists avoid paying LMI?

Some lenders waive LMI for pharmacists, which means LMI would normally apply but isn't charged because of your job. Others offer lender-paid LMI, where the loan is still insured but the lender pays the premium, which is reflected in the pricing. These are examples available at the time of writing, and a lender missing from this list may still have an option, as not every lender has been reviewed. You can also read more on LMI waivers for pharmacists.

Lenders that waive LMI for pharmacists

• Westpac, St.George, Bank of Melbourne and BankSA: up to 90% LVR for pharmacists earning at least $90,000, with lending up to $5m. It can't be used with the lender's fast assessment method.
• CBA and NAB: both offer LMI waiver options for pharmacists, but income, loan size and LVR limits vary, so confirm the current policy with the lender.
• Bankwest and Auswide: may offer options for pharmacists, but conditions vary. Auswide's policy document predates recent policy changes, so confirm it still applies.
• People First Bank: up to 90% LVR.

Lender-paid LMI

• Granite: up to 90% LVR for degree-qualified medical and allied health professionals buying an established home. Confirm with the lender whether pharmacists are included.

Lenders that don't offer it to pharmacists

ANZ lists pharmacists as ineligible and says it can't consider exceptions.

How to compare them

• Eligibility differs, so check each lender's income, registration, work history and employment conditions against your situation.
• Some waivers exclude self-employed borrowers, so check this if you own or co-own a pharmacy. Our page on self employed loans for pharmacists explains more.
• A waiver saves the LMI cost, but compare the rate, fees and features too, and weigh it against the 5% Deposit Scheme on total cost.

Lender criteria change often, and a broker can check which options you qualify for. All lending is subject to credit approval.

How to combine the options

You can often layer a federal scheme, a state concession and a super release, but each step has its own conditions. Work through them in this order:

1. Check federal eligibility first: the 5% Deposit Scheme and Help to Buy suit different buyers, and Help to Buy can't generally be used alongside other government help for the purchase.
2. Add your state or territory support: the grant, the stamp duty concession and whether the home needs to be new.
3. Start a super release early: contributions are made in advance and an ATO determination is needed before settlement.
4. Match your situation to an LMI option and compare it against the 5% Deposit Scheme on total cost, not just on LMI.
5. Check prior ownership and residency rules: most programs require you to live in the home, often for 6 to 12 months, and several exclude people who have owned before.

Price caps and income caps decide more outcomes than the headline amounts, so confirm them for the exact property and your income before you sign a contract. Rules, caps and dates change and apply on the contract date.

Small steps taken early can give you more options later. Book an appointment at a time that suits you using Book an appointment, and bring recent payslips, your AHPRA registration details and your savings records.

This article is general information only and doesn't consider your personal circumstances. Grants, concessions and lender policies change, and all lending, including any LMI waiver, is subject to lender criteria and credit approval. Speak with your accountant about tax.

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