Can a pharmacist get discount on the LMI?

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Baidhya
Posts: 9
Joined: Tue May 29, 2018 2:43 pm

Can a pharmacist get discount on the LMI?

Postby Baidhya » Wed Jun 13, 2018 2:09 pm

Hi Home Loan Experts.

I’m a locum pharmacist at San hospital in Sydney and I've been working here for last two years. I earn about 62,000 a year. I’m thinking to buy a property in the range of $450,000 in Fortitude Valley, Queensland.

I guess this means I have a high chance of qualifying for an LMI discount as a pharmacist. Can you confirm this? Thanks for your help!

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Otto Dargan
Mortgage Specialist
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Location: Sydney, Australia
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Re: Can a pharmacist get discount on the LMI?

Postby Otto Dargan » Wed Jun 13, 2018 3:26 pm

Hi Baidhya. Welcome to the forums.

Yes, some lenders allow locum pharmacists a discount in Lenders Mortgage Insurance (LMI) as they’re considered low-risk borrowers. Keep in mind that a lot of lenders such as ANZ and CBA specifically exclude pharmacists but we have other lenders who still offer waived LMI for pharmacists.

Also, you need to fulfil the below criteria to obtain a discount in LMI:
  • Your home loan must not exceed 90% of the purchase price.
  • You must be a member of the Australian Pharmacy Council or other acceptable medical association.
  • You should be fully qualified and be working full time.
  • Your application must meet regular bank policy.
It may also be possible for pharmacists and other medical professionals to invest in multiple investment properties and get huge discounts in LMIeven if you use smaller deposits.

Please go to our website for more information. If you want to speak with one of our pharmacist loan specialists, then you can call us on our overseas number 1300 889 743 or fill our freeonline assessment form.

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

Baidhya
Posts: 9
Joined: Tue May 29, 2018 2:43 pm

Re: Can a pharmacist get discount on the LMI?

Postby Baidhya » Wed Jun 13, 2018 5:31 pm

Wow, sounds great! May I know any other criteria so I could proceed with this planned property purchase?

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Otto Dargan
Mortgage Specialist
Posts: 7021
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Can a pharmacist get discount on the LMI?

Postby Otto Dargan » Wed Jun 13, 2018 8:41 pm

Hi Baidhya,

Apart from you being a member of the Australian Pharmacy Council, the discount that you may receive will depend on the following:
  • The size of your deposit.
  • The number of properties that you plan to buy.
  • The complexity of your situation, e.g. trusts, self-managed superannuation funds and company structures.
  • If you and your partner have an unusual case that is outside bank policy.
There are currently three lenders that are offering excellent home loan discounts for pharmacists.

We are experts in lending to pharmaceutical professionals and know which lenders offer incredible home loan deals including discounted interest rates and waived lenders mortgage insurance. Please enquire online or call us on 1300 889 743 and check if you qualify or not.

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

Baidhya
Posts: 9
Joined: Tue May 29, 2018 2:43 pm

Re: Can a pharmacist get discount on the LMI?

Postby Baidhya » Wed Jun 13, 2018 10:27 pm

Thanks for the prompt replies, Otto. I will contact you guys in a few days to see if I can get my home loan approved by the end of next month.


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