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Can I get a no LMI home loan?

Posted: Thu Jan 17, 2019 6:22 pm
by Trey
I’m a GP and have been looking at a few properties near Brisbane.
I heard that some banks will waive the cost of mortgage insurance for doctors. I'm not even sure what LMI is or what the benefit of a no LMI home loan is. Hoping you can shed some light.

Re: Can I get a no LMI home loan?

Posted: Thu Jan 17, 2019 6:42 pm
by Otto Dargan
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,

Re: Can I get a no LMI home loan?

Posted: Thu Jan 17, 2019 7:09 pm
by Trey
It seems my profession (male nurse) is not on the list. Does this mean I don't qualify for a waived LMI home loan?

Re: Can I get a no LMI home loan?

Posted: Thu Jan 17, 2019 7:17 pm
by Otto Dargan
Hi Trey,

That is certainly not the case. As long as you provide a strong case, nurses too can qualify for a no LMI home loan.

However, this is a special policy that's only available to strong applicants who:
  • Are borrowing up to 85% of the property value.
  • Have stable employment with a strong and consistent income.
  • Have a clean credit history.


Even if you do not meet these conditions, our specialist mortgage brokers know which insurers offer the cheapest LMI rates.
Call us on 1300 889 743 or fill in our free assessment form to see if you qualify.

Cheers,

Re: Can I get a no LMI home loan?

Posted: Thu Jan 17, 2019 7:35 pm
by Trey
Thanks for responding. I’ll get in touch with you guys soon.