Do veterinarians receive waived LMI?

Any general questions you might have in regards to loans and finance.
RobinHD
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Joined: Wed Jan 23, 2019 6:42 pm

Do veterinarians receive waived LMI?

Postby RobinHD » Wed Jan 23, 2019 6:43 pm

Hello,

I’m a veterinarian currently living in Sydney with my wife and 3 kids. I’m in the process of transferring to another institution in Port Douglas sometime around November. The property I’m looking to purchase is currently priced at $2.5 million, and I want to nab it before it goes off the market. To get straight to the point, I want to know just how much lenders will allow me to borrow, and whether I have to pay any additional costs in the process.

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Otto Dargan
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Re: Do veterinarians receive waived LMI?

Postby Otto Dargan » Wed Jan 23, 2019 7:31 pm

Hi Robin,


Welcome to the forums.

Medical professionals can actually borrow up to 100% of the property value and avoid the cost of Lenders Mortgage Insurance (LMI).

LMI is by far the largest cost you will occur when it comes to property purchasing costs, which also includes stamp duty, government fees and legal costs like your solicitor.

Since veterinarians are considered a preferred medical professionals, some lenders can consider waiving the cost of mortgage insurance.

Apart from saving thousands with 100% no LMI, you save even more because you don't need a deposit.

Please call 1300 889 743 or fill in our free assessment form to find out for certain whether you qualify for a waived LMI home loan today.


Cheers
Otto Dargan
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P | 1300 889 743
Home Loan Experts

RobinHD
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Joined: Wed Jan 23, 2019 6:42 pm

Re: Do veterinarians receive waived LMI?

Postby RobinHD » Wed Jan 23, 2019 7:45 pm

Wow! That’s great news. Thanks for the information. I’m glad I mentioned my profession upfront. But why do some lenders waive LMI and others don't?

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Otto Dargan
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Re: Do veterinarians receive waived LMI?

Postby Otto Dargan » Wed Jan 23, 2019 7:56 pm

Hey Robin,

Lenders Mortgage Insurance (LMI) is an insurance that protects the lender in case the borrower can’t repay the loan and defaults.


Lucky for you, most lenders see doctors and vets as low-risk borrowers.

Available data shows that doctors have a lower chance of missing their mortgage repayments and have better employment prospects than other borrowers.

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

RobinHD
Posts: 4
Joined: Wed Jan 23, 2019 6:42 pm

Re: Do veterinarians receive waived LMI?

Postby RobinHD » Wed Jan 23, 2019 8:29 pm

Thanks! Is there any way that I can borrow more than the amount of the property value? Just wanted to explore if I had an option of covering my additional charges as well. Any suggestion would be greatly appreciated.

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Otto Dargan
Mortgage Specialist
Posts: 7162
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Do veterinarians receive waived LMI?

Postby Otto Dargan » Wed Jan 23, 2019 9:04 pm

Hello, Robin!


If you are looking to borrow more than 100% of the property value, we recommend that you apply for guarantor loan.

You also do not need to pay the LMI.

Call us on 1300 889 743 or complete our online enquiry form to discover if you qualify for a guarantor home loan!


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

RobinHD
Posts: 4
Joined: Wed Jan 23, 2019 6:42 pm

Re: Do veterinarians receive waived LMI?

Postby RobinHD » Wed Jan 23, 2019 9:12 pm

Nice! I’ll be contacting you as soon as I make a decision.

Thanks


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