Last Updated: 19th October, 2022
Podiatrists are eligible for exclusive mortgage discounts and Lenders Mortgage Insurance (LMI) waivers. Lenders will go above and beyond to work with you because the banks view you as a low-risk borrower with a high income.
How much can I borrow?
- You can borrow up to 95% of the property value without paying LMI.
- You can borrow up to 105% of the property value with a guarantor home loan.
- If you are borrowing 90% or less, You can maximise your borrowing capacity and be eligible for other discounts.
What Is Waived LMI?
LMI is usually paid when borrowing more than 80% of the property value. In the typical scenario, if the deposit you’ve saved is less than 20% of the property value, you will have to pay LMI. For example, assuming you are to purchase a property for $1,500,000 with a 5% deposit, you would normally pay about $71,664 in LMI, depending on where you buy the home and other factors. However, as a podiatrist, you can get a home loan with a 5% deposit and waive the LMI fees.How Do I Qualify For A 95% Home Loan With Waived LMI As A Podiatrist?
A lender on our panel is offering waived LMI on a 95% home loan for podiatrists. There is no minimum income requirement. To qualify for no LMI on a 95% home loan:- You must buy a residential property in a category 1 or 2 location.
- You must hold a university degree from Australia or overseas.
- You must be a citizen of Australia or a permanent resident who resides and works here.
- You must be employed as a podiatrist and not on probation.
- You must have PAYG income in the industry for at least the last three years; it doesn’t all have to be with the same employer, but you must be past your probation period.
- Minimum credit score required.
- If you are self-employed, you must have complete financial records for at least two years. Your ABN must be registered for at least two years, and you must provide evidence of reported profit each year.
- The maximum loan amount is $1 million.
How Do I Prove My Income?
To prove your income, you must have:- Experience working at least six months in your current job or 12 months in the same industry
- Two recent payslips showing Year-To-Date (YTD) earnings
Self-employed
If you are self-employed, you must send copies of your income tax returns, detailed financial statements from the previous year, and the assessment notice from the most recent financial year, which cannot be more than 18 months old at the time of application. If you’ve been self-employed for less than six months, then you should provide:- Declaration of financial status
- Three months of personal and business statements
- A self-employed contract, where applicable
Three Golden Tips From Our Brokers
- Guarantor loans are a great option if you want to borrow more than 95% with no LMI. With the security from the guarantor, you will have an easier time qualifying for the best interest rates with the banks. This also means you don’t need a deposit, and can buy as soon as you want.
- Speak to a mortgage broker several months before you get a loan. If we examine your circumstances a few months before you intend to buy, we can let you know if there are any issues, giving you enough time to make changes. This makes it easier for you to qualify with more lenders and secure the best offer.
- Get pre-approved. You can lose out on your dream property if you apply with a lender whose application process is slow. But, if you are pre-approved, you can act immediately after discovering the perfect house.
