Can a geologist get waived LMI mortgage?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Can a geologist get waived LMI mortgage?

Post by Otto Dargan »

Hi saibo and welcome to the forum.

Geologists are considered for waived LMI loans. Please note that they must be a member of the Fellowship of the Australian Institute of Geoscientists (FAIG).

Lenders usually consider a loan to be risky if the loan to value ratio (LVR) is higher than 80% of the property value. However, select professionals may be getting their Lenders Mortgage Insurance (LMI) waived even when they are borrowing up to 90% LVR.

Some of the lenders that we work with may offer you LMI waivers if you meet the following criteria:
  • You earn more than $150,000 annually.
  • You are not borrowing more than 90% of the property value.
  • You should be a member of an accepted industry association.
  • You have to meet all standard lending criteria.
Please feel free to check out our website for more information.

Our specialist mortgage brokers can be reached on 1300 889 743 or simply fill in our online assessment form.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Can a geologist get waived LMI mortgage?

Post by Otto Dargan »

Hi saibo,

One of the other ways through which you may be able to avoid paying LMI is by getting a guarantor loan. A guarantor loan is a type of loan where a property of your guarantors, usually that of your parents or close family members, is used as security against the property you are buying. The lenders consider your loan to be low risk and you may not need to pay any LMI as they have extra security for your loan.

If you do not have a guarantor, you may still be eligible for an LMI waiver. The following conditions have to be met for this:
  • You are borrowing no more than 85% of the property value.
  • You have a perfect credit history.
  • You are buying a property, although refinances to buy a property may be accepted.
To know more about this, you could contact one of our mortgage brokers on 300 889 743 or complete our free assessment form.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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