Lenders Mortgage Insurance (LMI) is typically applicable when borrowing over 80%. However, as a lawyer, you can cashout up to 90% of the property value without paying LMI. The maximum amount you can access by refinancing is $209,500 (90% LVR).
Legal professionals such as lawyers, barristers and solicitors are eligible to receive special discounts and waived LMI on their home loans if they meet certain qualifying criteria such as:
- You must be earning a minimum of $120,000 - $150,000 per annum depending on your state or territory.
- Your loan amount must not exceed 90% of the property value to get the LMI waived.
- You must provide a current Practising Certificate for your state or territory.
- Some lenders will require you to be a member of recognised industry bodies/association.
- Your credit history, employment and asset position must be within standard bank policy.
We specialise in mortgages for lawyers.
Speak with one of our specialist mortgage brokers by giving us a call on 1300 889 743 or by filling in our free assessment form to find out if you qualify for a 90% waived LMI cash-out refinance.
Cheers,