When borrowing over $1 million, Lenders Mortgage Insurance (LMI)
premiums go through the roof. More importantly, finding an LMI provider that will insure your mortgage becomes harder which means it’s even tougher to get approved.
For example, for a purchase of property worth between $1,050,000 - $1,550,000, you can save anywhere between $24,750 - $39,436 in LMI with a 100% waived LMI loan.
For medical professionals, we can often negotiate interest rate discounts which are normally expressed as a percentage below the Bank Standard Variable Rate (BSV). Normally with a standard professional package, you can get a discount of up to 1.0% below the BSV without any negotiation.
By negotiating with the bank our brokers can often obtain the following interest rates:
- Loans over $250,000: 1.40% below the BSV (Special offer).
- Loans over $500,000: 1.45% below the BSV (Special offer).
- Loans over $1,000,000: 1.50% below the BSV.
- Loans over $2,500,000: Discounts are negotiated on a case by case basis.
The exact discount that you can receive will depend on your profession, the amount that you are borrowing and the current funding environment. There are many factors to consider when putting in a pricing request and lenders change their special pricing levels on a weekly basis
Speak with one of our specialist mortgage brokers by giving us a call on 1300 889 743
or by filling in our free assessment form
to find out if you qualify for a 100% no LMI doctor home loan and interest rate discounts.