Yes, general practitioners are eligible for waived LMI loans up to 90% of the property value.
Please note that some lenders have brought in restrictions for properties located in a unit development comprising more than 10 units/apartments. However, it varies between lenders and our select few lenders will do high rise apartments in most areas, even for discounted LMI loans.
If you’re buying an apartment in one of these locations then you’re likely to have some lenders decline your request for waived LMI. Below are the suburbs in New South Wales (NSW) from the Genworth where they have such restrictions.
- 2000, 2006, 2008, 2017, 2019, 2077,
- 2112 - 2114,
- 2138,
- 2141 - 2142,
- 2144, 2148, 2150, 2154, 2170, 2193, 2200, 2205 and
- 2216
Genworth will consider any LMI proposal under standard LMI product, up to 95% LVR, where the security property is located in any postcode in Australia that is not included in the Genworth Security Location Guide.
Doctor home loans with waived LMI and other interest rate discounts is available for up to 90% of the property value. However, please note that LVR and loan amount restrictions may apply.
Please enquire online or call us on 1300 889 743 and check whether the location that you want to buy falls under the restricted area or not.
Cheers,