Skip the LMI And Save Big!
If you borrow more than 80% of a property’s value, your lender charges LMI, which is a one-off cost that protects them and not you.
For a $1 million property at 90% LVR, that could mean $15,000 or more out of pocket.
But thanks to select lender offers, eligible borrowers can avoid LMI completely even with just a 5% or 10% deposit. That’s money saved for moving, renovating, or simply building a buffer.
Who Is Eligible?
Eligibility for Waived LMI depends on your profession, income, and overall application. But it’s not limited to doctors or specialists anymore.
You could qualify if you:
- Have strong employment and income.
- Are in a high-demand industry.
- Have a clean credit history.
- Are buying a residential home.
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They had a good understanding of different banks and their offering to doctors (e.g., 90% or 95% LVR without LMI, contractor requirements, etc.) They were able to negotiate a very competitive loan, which was complicated by factors such as maternity leave. Would highly recommend!
The whole team has been fantastic to work with throughout the entire process. Nothing was too much trouble for them and they did everything they could to find the best mortgage deals for us. Great follow-ups, accountability and clarifying of information. Will definitely use this team again and would highly recommend HLE to anyone.
My family and I would like to thank Home Loan Experts for assisting us in securing a home loan and realising our dream of purchasing our first home in Melbourne. They are very professional and gave sound advice throughout the journey. Thank you to the broker and their team.
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