Can I get a no LMI home loan?

Any general questions you might have in regards to loans and finance.
Trey
Posts: 3
Joined: Thu Jan 17, 2019 6:19 pm

Can I get a no LMI home loan?

Postby Trey » Thu Jan 17, 2019 6:22 pm

I’m a GP and have been looking at a few properties near Brisbane.
I heard that some banks will waive the cost of mortgage insurance for doctors. I'm not even sure what LMI is or what the benefit of a no LMI home loan is. Hoping you can shed some light.

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Otto Dargan
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Re: Can I get a no LMI home loan?

Postby Otto Dargan » Thu Jan 17, 2019 6:42 pm

Hello Trey. Welcome to the forums.

Lenders Mortgage Insurance (LMI) is required if the home loan amount exceeds 80% of the property value or 80% LVR (Loan to Value Ratio).
However, certain professionals such as doctors, lawyers and accountants are eligible for waived LMI home loans. You can potentially save thousands by avoiding the cost of LMI.
For example, if you were to borrow 90% of the property value for a $1 million property, you could potentially pay over $23,000 in mortgage insurance.

To find out whether you qualify for a doctor home loan with waived LMI please check out the list of preferred medical professionals including dentists, veterinarians, chiropractors, optometrists and pharmacists.


To know for certain whether you can get a no LMI home loan, please call us on 1300 889 743 or complete our free assessment form to find out the full criteria.

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

Trey
Posts: 3
Joined: Thu Jan 17, 2019 6:19 pm

Re: Can I get a no LMI home loan?

Postby Trey » Thu Jan 17, 2019 7:09 pm

It seems my profession (male nurse) is not on the list. Does this mean I don't qualify for a waived LMI home loan?

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Otto Dargan
Mortgage Specialist
Posts: 7728
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Can I get a no LMI home loan?

Postby Otto Dargan » Thu Jan 17, 2019 7:17 pm

Hi Trey,

That is certainly not the case. As long as you provide a strong case, nurses too can qualify for a no LMI home loan.

However, this is a special policy that's only available to strong applicants who:
  • Are borrowing up to 85% of the property value.
  • Have stable employment with a strong and consistent income.
  • Have a clean credit history.

Even if you do not meet these conditions, our specialist mortgage brokers know which insurers offer the cheapest LMI rates.
Call us on 1300 889 743 or fill in our free assessment form to see if you qualify.

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

Trey
Posts: 3
Joined: Thu Jan 17, 2019 6:19 pm

Re: Can I get a no LMI home loan?

Postby Trey » Thu Jan 17, 2019 7:35 pm

Thanks for responding. I’ll get in touch with you guys soon.


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