Do you qualify for an LMI Waiver?
To qualify for a Lenders Mortgage Insurance (LMI) Waiver with one of our lenders, a nurse or a midwife must meet minimum income threshold requirements of $90,000 per annum.
Here’s a list of positions that qualify:
- Registered Nurse
- Midwife
- Nurse Educator and Researcher
- Nurse Manager
- Enrolled Nurse
- Nursing Support and Personal Care Worker
Midwives qualify for an LMI waiver if their annual income is over $90,000. Lenders do not differentiate between nurses and midwives while assessing a loan.
We know lenders that will accept 100% of your overtime.
Am I Eligible?
To qualify for a waived LMI, you must:
- Be a registered nurse (not a student)
- Be an Australian citizen or permanent resident
- Exceptions might be available for those on 482 visa if purchasing an owner-occupied property
- Have a stable income that meets lender requirements
- Have at least 10% deposit plus additional savings to cover stamp duty and other application costs
Student visa holders may not qualify as lenders require permanent residency or citizenship to qualify for an LMI waiver.
Speak to our experts, and we’ll assess your situation.
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Can You Get A Home Loan While On Probation?
Although it may be a bit difficult, you can get a home loan even if you’re on probation.
You may be able to borrow up to 95% of the property value as long as you meet all other standard bank lending criteria. This includes having a clean credit history.
Since lenders prefer clients with stable employment, some may be more conservative in their lending criteria.
It’s recommended that you apply for a home loan only if you’re certain that your employment is stable.
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Buying a first home is stressful but I’m so glad I decided to go with home loan experts. Excellent service at every step, they organised a LMI free loan due to me being a registered nurse and they were able to secure us an excellent interest rate. Thanks again for the excellent service, if we buy again we will most certainly be back.
I found Home Loan Experts on a whim, googling “broker for nurses” one night, not having any expectations. As a first home owner, the process was undoubtedly challenging from start to finish. With the prompt rate of response, fierce advocacy, and kindness of the staff I was able to navigate the home ownership process.
I recently had the pleasure of working with a mortgage broker and their team from Home Loan Experts during the process of securing a loan for our mortgage application. From start to finish, the experience was nothing short of outstanding. Thank you for making our mortgage journey a positive one!
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