The best way to avoid paying Lenders Mortgage Insurance is to have a big deposit so you can reduce your loan to value ratio (LVR) to below 80% of the property value.
However, since a nurse is considered a low-risk profession by some lenders, you might qualify for 85% with no LMI, if you meet the following requirements:
- You cannot borrow more than 85% LVR.
- The maximum loan size is $1.5 million.
- Your credit file does not have any adverse listings.
- You have a steady income.
- You have stable employment.
- The property you are buying is owner-occupied.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a nurse home loan.
Cheers,