What are my options with waived LMI home loans?

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Hector
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Joined: Mon Mar 18, 2019 12:04 pm

What are my options with waived LMI home loans?

Postby Hector » Mon Mar 18, 2019 12:05 pm

Hi, I’ve been in working as a mine surveyor for the last decade and I'm looking to grow my investment portfolio.
I approached NAB for a 90% waived LMI loan but they aren’t offering it anymore.
I would like to know what are my options in regards to no LMI loans?

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Otto Dargan
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Re: What are my options with waived LMI home loans?

Postby Otto Dargan » Mon Mar 18, 2019 1:12 pm

Hello Hector. Welcome to the forums.

Waived Lenders Mortgage Insurance (LMI) home loans for mining engineers disappeared from the financial market in May 2017 due to concerns with the stability and job prospects of the sector as a whole.

LMI can be quite costly; around $19,000 for a $900,000 property at 90% Loan to Value Ratio (LVR).

Luckily, some lenders have come back and are offering home loan discounts and waived LMI for mine surveyors and other select engineering professionals, namely, quantity surveyors and geologists.

No LMI loans for mine surveyors are only offered by a few lenders, each with their own strict income requirements.
Generally speaking, your minimum income should be at least $120,000 per annum in WA, SA, NT and TAS and $150,000 per annum in NSW, ACT, VIC and QLD to qualify.

Luckily this can include your rental income (both existing and proposed rental income for the property you plan to purchase).

Give us a call on 1300 889 743 and speak with one of our experienced mortgage brokers or fill in our free assessment form to find out if you qualify for discounted interest rates or a no LMI home loan.

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

Hector
Posts: 4
Joined: Mon Mar 18, 2019 12:04 pm

Re: What are my options with waived LMI home loans?

Postby Hector » Mon Mar 18, 2019 2:19 pm

You mentioned discounts. I can only infer that you’re talking about interest rate discounts.
So, how large are the interest rate discounts available to me?

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Otto Dargan
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Re: What are my options with waived LMI home loans?

Postby Otto Dargan » Mon Mar 18, 2019 3:56 pm

Hi Hector,

Yes, that’s right. The size of the discount that we can get you will depend on your industry association membership, your income and how much you’re looking to borrow.

The interest rates currently listed on our website are already discounted. We can get even better discounts for you because you’re a mine surveyor.

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

Hector
Posts: 4
Joined: Mon Mar 18, 2019 12:04 pm

Re: What are my options with waived LMI home loans?

Postby Hector » Mon Mar 18, 2019 6:06 pm

Final question before I let you go, will mortgage exposure limit how much I can borrow?

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: What are my options with waived LMI home loans?

Postby Otto Dargan » Mon Mar 18, 2019 7:20 pm

Hi Hector,

The total debt and existing loan facilities you have with one bank is known as your ‘exposure’. It can be the key determiner in you getting approved for a mortgage with a particular lender.

Generally speaking, mine surveyors are eligible for higher mortgage exposure limits when purchasing multiple investment properties. Different lenders have different policies regarding this. Some of our lenders are willing to accept up to $10 million in exposure.

Give us a call on 1300 889 743 or fill in our free assessment form to find out how much you can borrow.

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

Hector
Posts: 4
Joined: Mon Mar 18, 2019 12:04 pm

Re: What are my options with waived LMI home loans?

Postby Hector » Tue Mar 19, 2019 11:33 am

I’ve filled up your online enquiry form. Let’s talk specifics on Monday anytime after 3 pm is okay.


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