Can a surgeon get a 100% no LMI home loan?

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 surgeon get a 100% no LMI home loan?

Post by Otto Dargan »

Hi McCartney and welcome to the forum.

Yes, you heard it right. One of the lenders on our panel provide doctors with 100% waived LMI home loans however it’s simple for properties below $1 million. Anything above that will be on a case by case basis.

Lenders usually easily approve loan applications from doctors and other medical practitioners. That is because the doctors have one of the lowest default rates than many other professionals and are highly profitable clients for the lenders. Medical professionals may be eligible for interest rate discounts and a discounted Lenders Mortgage Insurance (LMI) depending on the lender.

You can still borrow the following with other major lenders as well:
  • Borrow up to 90% of the property value without paying any LMI.
  • Borrow up to 105% of the property value if your parents can guarantee your loan.
Also, bear in mind that you must be a member of a relevant industry organisation such as the Australian Medical Association (AMA) or Gastroenterological Society of Australia.

Please enquire online or call one of our mortgage brokers on 1300 889 743 to find out which lenders can help you.

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 surgeon get a 100% no LMI home loan?

Post by Otto Dargan »

Hi McCartney,

90% Loan to Value Ratio (LVR) is their sweet spot and they prefer it at 90% rather than loan amount above than that. They want to ensure anything over 90% has a separate loan account with a shorter term (8 yrs approx) and higher rate.

For example, for a loan of $1.3m loan at 100% LVR = $1,170,000 at a lower rate for 30 yrs and $130,000 at a higher rate for 8 years.

Also, note that some lenders can go up to $4.5 mil for doctors and medical professionals. And you may still receive a reduced interest rate if you have a strong employment history and substantial savings!

Speak to one of our doctor home loan specialists on 1300 889 743 or by filling in our online enquiry form and we’ll help you present a strong case with a lender.

Please enquire online or call us on 1300 889 743 to speak to a mortgage broker who specialises in finding home loans for people who are on probation.

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

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