How much can I borrow?

As psychologists, you qualify for waived LMI if you’re borrowing up to 85% of the property value.

For most borrowers, Lenders Mortgage Insurance (LMI) is applicable borrowing more than 80% of the property value.

As a psychologist, if you’ve saved a 15% deposit, then you do not have to pay LMI.

What is waived LMI?

When you’re borrowing more than 80% of the property value, you have to pay what is known as Lenders Mortgage Insurance.

However, there are banks and lenders who offer LMI waiver for professionals.

As a psychologist, you don’t have to pay LMI even if you’re borrowing up to 85% of the property value.

The benefits of waived LMI are:

  • You save thousands of dollars in LMI fees.
  • You can buy your property sooner with a 15% deposit.

What benefits are available to psychologists?

  • LMI waiver for psychologists if borrowing up to 85% of the property value.
  • Flexible repayment options
  • 100% offset account
  • Competitive interest rates

Psychologists vs psychiatrists – why do lenders have a different approach?

For most lenders, psychiatrists are medical doctors, so they qualify for a 100% waived LMI home loan.

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