There's no magic waiver for agents. There is a right way to read your commission.
Let's be straight: unlike doctors or lawyers, real estate agents don't get a special LMI waiver. Your real hurdle is income. Commission moves around, so lenders read it cautiously — and here's the part that matters, they don't all read it the same way. One lender uses your lowest year; another uses your average; a few will use your most recent (usually your best) year. Same payslips, very different borrowing power. That gap is the whole game.
Same income. Five lenders. Five different numbers.
Because commission fluctuates, most lenders want around two years in the role before they'll count 100% of it — then they pick a rule for which figure to use. Watch what happens to one agent's assessable income depending on which rule the lender applies.
Illustrative agent · base retainer $50,000 + commission · older year total $85,000 · most recent year total $135,000
On this example the assessable figure swings ~$50k to ~$135k — for exactly the same agent. That spread, not a waiver, is where a broker earns their keep.
Figures are an illustrative example only, not a quote, a lender promise, or an offer of credit. Which rule applies depends on the individual lender's current policy, your role type (employed vs self-employed), your documents, and your full circumstances. Most lenders look for around two years in the role to use 100% of commission; retainer-plus-commission and pure-commission structures are treated differently.
Three things that move an agent's application.
Two years, or not?
To count 100% of commission, most lenders want roughly two years in the role. Shorter history usually means they lean on your base retainer, or discount the commission — so the length of your track record changes which lenders are realistic.
Retainer vs pure commission
A stable base retainer plus commission reads very differently to income that's 100% commission. Some lenders weight a fixed base more generously; others average the total. The structure of your pay changes who says yes, and at what figure.
Employed or principal?
An employed agent on PAYG payslips is straightforward. A principal or agency owner is assessed as self-employed — two years' tax returns and NOAs — where legitimate add-backs and low-doc pathways come into play.
A big workforce lenders still treat as "non-standard".
Real estate is a large, well-established industry — yet commission pay keeps it in the "variable income" basket, which is precisely why lender choice matters.
Sources: Jobs and Skills Australia — Rental, Hiring and Real Estate Services industry profile (sector figure, 2024; the narrower "real estate sales agents" occupation is not separately captured). Commission-income assessment norms per Home Loan Experts / RateCity (2026). Panel counts and lender policies change without notice.
No waiver to sell you. Just the right lender, matched to your income.
Plenty of profession pages promise a shortcut. For real estate agents, that would be misleading — there isn't a standard LMI waiver, and LMI still applies above 80% LVR the way it does for anyone else. Pretending otherwise helps no one.
What we can genuinely do is real work: pick lenders that read your commission on your most recent (stronger) year rather than your lowest, structure base-plus-commission correctly, use your two-year history well, and reach for low-doc and legitimate add-backs if you're a principal. Under our best-interests duty, our job is to find the lender whose policy actually fits you — not to bend your numbers to fit a lender.
Under ASIC Regulatory Guide 273 (Best Interests Duty, in force since 1 January 2021) a mortgage broker must act in your best interests. Any income examples on this page are illustrative and not an offer, quote, or guarantee of approval. General information only — not personal credit, tax or financial advice.
Four common situations — each financed a little differently.
Employed agent, base + commission
PAYG payslips plus commission statements. With around two years in the role, many lenders will count the full commission — the question is which rule (average vs most recent) they use, and that's where we compare.
Pure-commission agent
No base retainer means lenders scrutinise consistency harder. History and a sensible read of your two years become decisive — some lenders handle 100%-commission income far more comfortably than others.
Principal / agency owner
Assessed as self-employed: two years' personal and business tax returns, NOAs and BAS, with income taken as the latest year, a two-year average, or the lower year. Legitimate add-backs can lift the assessed figure.
Newer ABN or short history
Recently gone out on your own, or under two years in the role? Low-doc pathways using an accountant's letter or BAS can help where full returns aren't yet available — at the lenders that offer them.
Real estate agent home loans, answered straight.
Do real estate agents get a special LMI waiver?
No. Unlike some medical, legal and accounting professionals, real estate agents don't have a standard profession-based LMI waiver. Above 80% LVR you'll generally pay lenders mortgage insurance like any other borrower. The genuine advantage a broker offers agents isn't a waiver — it's matching you to the lender that reads your commission income most favourably.
Can I get a home loan on commission-based income?
Yes. Many lenders accept commission income, but they treat it cautiously because it varies. Typically they want around two years in the role to count 100% of your commission, then use your two-year average, your most recent year, or your lowest year as the serviceable figure. Which rule applies depends on the lender — and that choice can change your borrowing power significantly.
Why does the lender I choose matter so much?
Because lenders don't read commission the same way. On the same income, one lender might assess your lowest year while another uses your most recent, stronger year — a difference that can run to tens of thousands in assessable income. Comparing across our 50-lender panel is about finding the policy that fits your situation honestly.
I'm an agency principal — how is my income assessed?
As self-employed. You'll usually provide two years' personal and business tax returns, Notices of Assessment and BAS, with income taken as the latest year, a two-year average, or the lower year. Legitimate add-backs (such as depreciation) can lift the assessed figure, and low-doc options exist for newer ABNs.
What if I've been an agent for less than two years?
It's harder but not a dead end. With a shorter history, lenders often lean on your base retainer or discount the commission, and fewer lenders will count it fully. We focus on the lenders most comfortable with limited history and, where it fits, low-doc pathways.
What documents will I need?
For employed agents: recent payslips, commission statements, and typically two years' tax returns or income evidence, plus ID and bank statements. For principals: two years' business and personal tax returns, NOAs and BAS. We'll confirm the exact list for your situation and your shortlisted lenders.
Let's read your commission the way the right lender would.
Tell us how your income is structured — retainer, commission, or your own agency — and we'll compare which lenders assess it most favourably. No credit check to start.
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