Can a pharmacist get discount on the LMI?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Can a pharmacist get discount on the LMI?

Post by Otto Dargan »

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

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

Re: Can a pharmacist get discount on the LMI?

Post by Otto Dargan »

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

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