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