Last Updated: 3rd August, 2017

Special LMI Offer For Professionals

Published by Otto Dargan on July 1, 2014

One of our lenders has announced a special discount on Lenders Mortgage Insurance (LMI) for certain professionals who are applying for a home loan.

Although this is a limited time offer, it is likely that the lender will extend the offer if it is successful.

Which professions are eligible?

  • Account / Finance Professionals: Accountants, Finance Managers, Auditors and Actuaries.
  • Health Professionals: Optometrists, Pharmacists, Vets, Chiropractors and Physiotherapists
  • Legal Professionals: Lawyers, Barristers and Solicitors.
  • Engineering Professionals: Architect, Civil Engineer and Mining/Manufacturing/Construction Engineers.
  • IT Professionals: Computer Programmers, Software Engineers and Software Architects.
  • Executives and Senior Managers: If working in one of the above industries.

Not everybody qualifies for a home loan with no LMI so please discuss your situation with one of our mortgage brokers. The full eligibility criteria are listed below.

What is the discount?

With this special offer you can receive a 10% discount on your LMI premium.

Is this the best deal available?

Not necessarily!

If you are an accountant, doctor, optometrist, dentist, pharmacist, vet, lawyer or mining engineer, you may qualify for a no LMI home loan. That’s better than a 10% discount any day!

Other professionals may qualify for a special interest rate discount that has a better long term benefit than a reduced LMI premium.

Architects and IT professionals have never been offered an LMI discount by our banks before so the 10% discount on offer may be more suitable for them depending on the amount that they are borrowing.

Call us on 1300 889 743 or complete our free assessment form to find out what discounts you are eligible for.

What other eligibility criteria apply?

Your home loan with this lender must not exceed $1.5 million in total. You can use this discount to buy a home, refinance your current loan or buy an investment property.

You can borrow up to 90% of the property value (90% LVR) and capitalise the LMI premium on top of the loan.

The security property must be within particular metropolitan locations. Please ask our mortgage brokers for specific postcodes restrictions.

Your pre-tax income must be over $100,000 p.a. including your wage, self employed income and rent income.

The loan must be in your name or the name of you and your spouse. Loans in the names of companies and trusts are not eligible.

You must have completed the minimum education requirement for the industry that you are in e.g. a university degree / other qualification.

Apply for a home loan

Which mortgage discount is the best for your situation?

Call us on 1300 889 743 or complete our free assessment form and our mortgage brokers will compare your options for you.