How much can I borrow?
As a sonographer, you can borrow up to 85% of the property value without paying Lenders Mortgage Insurance (LMI).
If you borrow more than 85% of the property value, you might have to pay LMI.
You can borrow up to 105% of the property value with a guarantor home loan.
What is waived LMI?
Lenders Mortgage Insurance (LMI) is usually paid when you’re borrowing more than 80% of the property value.
If the deposit you’ve saved is less than 20% of the property value, you will have to pay LMI.
However, as a sonographer, the LMI is waived if you have saved a 15% deposit.
The benefits of waived LMI are:
- You save thousands of dollars by not paying any LMI.
- You can buy your property with a 15% deposit.
- Waived LMI is only available to certain professionals that are considered low-risk by banks and lenders.
How to qualify for waived LMI as a sonographer?
You must fulfil the following criteria to be eligible for LMI waiver:
- You must be employed and working in Australia.
- The loan can be to purchase or refinance an owner-occupied property or investment property
- The maximum loan amount is $2 million
- You can only buy properties located in Category 1 or Category 2 locations
- Your registration must be verified on the Australian Practitioner Regulations Agency (AHPRA) website.
- There is no income requirement; however, you must be able to verify your income and financials.
Sonographer vs radiographer
While there are differences in their work and the equipment they use, banks and lenders will waive Lenders Mortgage Insurance for both radiographers and sonographers if you’re borrowing up to 85% of the property value.
Since radiographers and sonographers work closely together with medical professionals, lenders waive LMI since their jobs are secure.
Radiologists vs Radiographers: How do lenders approach them?
Radiologists qualify for waived LMI if they’re borrowing up to 100% of the property value.
However, radiographers only get waived LMI for up to 85% of the property value.
| Radiologist | Radiographer |
|---|---|
| A radiologist is a medical doctor. | A radiographer is a healthcare professional. |
| A radiologist has specialisation in interpreting medical imaging to diagnose patients. | A radiographer operates imaging equipment and scanning devices and cannot diagnose patients |
| A radiologist completes 5 years of specialist training after qualifying as a doctor. | A radiographer usually has a university degree in medical imaging. |
| The registration for a radiologist is on the list of accepted registrations for medical doctors. | The registration for a radiographer is not on the list of accepted registrations for medical doctors. |
How do I prove my income?
Even though there is no minimum income requirement, you have to prove your income and provide:
- Minimum of 6 months experience in current occupation OR 12 months in the same industry
- 2 current payslips showing Year To Date (YTD)
- Independent verification with the employer
- YTD figure must be verified
If this requirement is not met, you can provide a 3 months bank statement and a copy of your current employment contract.
What if I’m self-employed?
Self-employed sonographers might also qualify for LMI waiver if they fulfil the requirements mentioned above and can provide:
- Declaration of financial status
- 6 months most recent ATO lodged BAS
- A self-employed contract where applicable
- 12 mths ABN registration
- Most recent tax returns (both individual and company)
- Notice of Assessments
If you’ve been self-employed for less than 6 months, then you should provide:
- Declaration of financial status
- 3 months of personal and business statements
- A self-employed contract where applicable
What if I don’t qualify for waived LMI?
There are other low deposit home loan options available if you don’t qualify for LMI waiver.
Please note that with these options, LMI is applicable; however, there are ways to reduce your LMI premium.
If you have to borrow more than 100% of the property value and avoid paying LMI, then a guarantor home loan is your best option.
Get a home loan with waived LMI
Our mortgage brokers can help sonographers and radiographers get a home loan with waived LMI.
Call us on 1300 889 743 or enquire online to see if you qualify.
