Waived LMI with only 15% deposit?

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gabby
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Joined: Wed Jul 06, 2016 2:36 pm

Waived LMI with only 15% deposit?

Post by gabby »

Hi, I've collected a 15% deposit for a house that I've been planning to buy but I've found that the LMI premium that I'll have to pay is a bit too steep. I'd rather save a 20% deposit but I feel like I'll lose out on the house by then. Any way to get waived LMI with only 15% deposit?

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Otto Dargan
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Location: Sydney, Australia
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Re: Waived LMI with only 15% deposit?

Post by Otto Dargan »

Hello gabby. Welcome to the forums.

You may be able to take out a 15% deposit home loan and get waived LMI even if it's typically only offered to particular professionals.

In order to qualify for waived LMI, you can't be borrowing more than $1.5 million, you must have a clean credit file and all other aspects of your situation including your income and asset position must be strong.

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

gabby
Posts: 5
Joined: Wed Jul 06, 2016 2:36 pm

Re: Waived LMI with only 15% deposit?

Post by gabby »

Hello Otto. I'm actually a barrister so it's good to find on your webpage that I can qualify for waived LMI. Is it necessary that I be a member of the Australian Bar Association, because that's what a bud told me?

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Waived LMI with only 15% deposit?

Post by Otto Dargan »

Hi @@,

Yes, barristers can qualify for waived LMI as well as some interest rate discounts.

Lenders will require you to be a member of an industry association but aside from the Australian Bar Association it can also be:
  • Queensland Law Society
  • Law Society of NSW
  • Law Society of South Australia
  • Law Institute of Victoria
  • Law Society of Australia
  • Australian Insurance Law Association
  • Australian Labour Law Association
  • Australian Corporate Lawyers Association
  • The Commercial Law Association of Australia
If you're a member of an industry body other than the ones in the above list, lenders may assess it on a case by case basis.

You can check out our website to learn more or call us on 1300 889 743 to discuss things directly with one of our waived LMI specialists. You can also enquire online for a free assessment.

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

gabby
Posts: 5
Joined: Wed Jul 06, 2016 2:36 pm

Re: Waived LMI with only 15% deposit?

Post by gabby »

Thanks. I'm actually a member of the Australian Corporate Lawyers Association so it seems I'm alright. I will call tomorrow to discuss a few things. Cheers and good day.

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