Last Updated: 14th October, 2022

How Much Can I Borrow?

As an audiologist, you can borrow up to 90% of the property value without paying Lenders Mortgage Insurance (LMI). If you borrow more than 90%, then LMI is usually applicable. However, if you have a guarantor, you can borrow more than 100% of the property value without paying LMI.

95% No LMI Home Loans

A lender on our panel is offering waived LMI on a 95% home loan for audiologists. There is no minimum income requirement. To qualify for no LMI on a 95% home loan:
  • You must buy a residential property. (Only Category 1 and 2 locations accepted)
  • You must hold a university degree from Australia or overseas.
  • You must be an Australian citizen or permanent resident living and working in Australia.
  • You must be employed as an audiologist and not on probation.
  • You have PAYG income in the industry for at least the last three years; doesn’t all have to be with the same employer but you must be past your probation period.
  • Minimum credit score required.
  • You need a minimum of 2 years’ tax returns and full financials if self-employed. ABN must be registered for at least two years and you must provide evidence of reported profit each year.
  • The maximum loan amount is $1 million.

What is LMI?

LMI is an acronym for Lenders Mortgage Insurance. It is insurance you pay to the lender. It protects the lender, not you. LMI is usually applicable when you borrow more than 80% of the property value; however, as an audiologist, you do not need to pay LMI when you borrow up to 90% of the property value.
  • You can buy a home with a 10% deposit
  • You save thousands of dollars in LMI fees
  • Waived LMI is possible only for certain professions that lenders deem low risk

Am I Eligible For An LMI Waiver?

To be eligible for waived LMI as an audiologist, you must: