Do I qualify for a waived LMI home loan?

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Bodhi
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Joined: Tue Feb 05, 2019 12:02 pm

Do I qualify for a waived LMI home loan?

Postby Bodhi » Tue Feb 05, 2019 12:05 pm

Hi, I’m a practising orthodontist in Voyager Point, NSW looking to buy some property here. I'm on a pretty good income and I have about a $100,000 deposit for the property, which is about $980,000. Do lenders offer special discounts for low-risk borrowers? I also don't have a lot of time to apply for a home loan so how can I get this done quickly?

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Otto Dargan
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Re: Do I qualify for a waived LMI home loan?

Postby Otto Dargan » Tue Feb 05, 2019 1:26 pm

Hello Bodhi. Welcome to the forums.

Dentists and other dental practitioners including orthodontists are eligible to borrow up to 100% with waived Lenders Mortgage Insurance (LMI).

You typically need to be a member of either the Australian Dental Association (ADA) or the Australian Dental Council (ADC). However, other industry association may be accepted.

Without knowing your entire financial situation, you do certainly sound like a low-risk borrower and you may qualify for negotiated interest rate discounts.

Having a deposit of that size means that you're borrowing around 90% of the property value and this will help your case.

With an experienced mortgage broker speaking with the right lender, you'll also have a good chance at getting some fees and charged waived as well.
Talk to our specialist mortgage brokers by calling 1300 889 743 or fill in our free online assessment form to find out if you qualify for a waived LMI dentist home loan.

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

Bodhi
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Joined: Tue Feb 05, 2019 12:02 pm

Re: Do I qualify for a waived LMI home loan?

Postby Bodhi » Tue Feb 05, 2019 3:44 pm

That sounds great. Now that you mention this, I'm looking to buy a couple of investment properties as well. Can I get a home loan to buy multiple properties in one go?

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Otto Dargan
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Re: Do I qualify for a waived LMI home loan?

Postby Otto Dargan » Tue Feb 05, 2019 7:27 pm

Hi Bodhi,

Many dentists use waived LMI loans to buy several properties and build their portfolios.

The reason is that you're not having to pay mortgage insurance up front which you're keeping your cash flow free flowing.

Medical professionals with strong incomes also qualify for higher loan limits, typically up to $4.5 million, and higher mortgage exposure limits.

Mortgage exposure limits often stop your investment plans in their tracks.

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

Bodhi
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Joined: Tue Feb 05, 2019 12:02 pm

Re: Do I qualify for a waived LMI home loan?

Postby Bodhi » Tue Feb 05, 2019 10:48 pm

What are the discounted rates available to me? How much of a discount can I reasonably expect to get?

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Otto Dargan
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Posts: 7162
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Do I qualify for a waived LMI home loan?

Postby Otto Dargan » Wed Feb 06, 2019 3:33 pm

Hi Bodhi,

The size of the discount that we can get you will depend on:
  • Whether you’re a member of the Australian Dental Association (ADA).
  • Your salary.
  • Rent income.
  • The amount you’re borrowing.


To find out the lowest interest rates available for you, give us a call on 1300 889 743 or fill in our free assessment form so one of our mortgage brokers can get in touch with you.

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


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