Re: Can I get a no LMI home loan?
Posted: Thu Jan 17, 2019 6:42 pm
Hello Trey. Welcome to the forums.
Lenders Mortgage Insurance (LMI) is required if the home loan amount exceeds 80% of the property value or 80% LVR (Loan to Value Ratio).
However, certain professionals such as doctors, lawyers and accountants are eligible for waived LMI home loans. You can potentially save thousands by avoiding the cost of LMI.
For example, if you were to borrow 90% of the property value for a $1 million property, you could potentially pay over $23,000 in mortgage insurance.
To find out whether you qualify for a doctor home loan with waived LMI please check out the list of preferred medical professionals including dentists, veterinarians, chiropractors, optometrists and pharmacists.
To know for certain whether you can get a no LMI home loan, please call us on 1300 889 743 or complete our free assessment form to find out the full criteria.
Cheers,
Lenders Mortgage Insurance (LMI) is required if the home loan amount exceeds 80% of the property value or 80% LVR (Loan to Value Ratio).
However, certain professionals such as doctors, lawyers and accountants are eligible for waived LMI home loans. You can potentially save thousands by avoiding the cost of LMI.
For example, if you were to borrow 90% of the property value for a $1 million property, you could potentially pay over $23,000 in mortgage insurance.
To find out whether you qualify for a doctor home loan with waived LMI please check out the list of preferred medical professionals including dentists, veterinarians, chiropractors, optometrists and pharmacists.
To know for certain whether you can get a no LMI home loan, please call us on 1300 889 743 or complete our free assessment form to find out the full criteria.
Cheers,