Macquarie Bank Waives LMI For Medical Professionals
Lenders Mortgage Insurance (LMI) is something you usually must pay when borrowing with a Loan-To-Value Ratio (LVR) of more than 80%. So if you have a deposit of less than 20%, you generally need to pay LMI.
However, there are lenders that waive LMI if you are working as a doctor, accountant or lawyer.
One such lender, for doctors, is Macquarie Bank.
Macquarie Bank specialises in helping healthcare professionals with their personal and business banking. The bank focuses on helping medical professionals grow their businesses.
Macquarie Bank also provides finance for doctors and medical specialists looking to buy a home, invest in property or build a medical practice.
How Do Macquarie’s No-LMI Home Loans Compare?
Macquarie Bank typically allows medical professionals to borrow up to 90% with no LMI.
- Can go up tp 100% waived LMI for self-employed doctors
- Accepts rental income for servicing
- Free valuations for properties worth up to $5 million
- Business banking available for medico loans
- Upfront fees are applicable, but there are no ongoing annual fees
- Provides business loans to help build your practice
- Can self-insure for up to 95% LVR
- All temporary visas are accepted if your spouse is an Australian or New Zealand citizen
Why Does Macquarie Not Provide LMI For Other Professionals?
The reason why Macquarie pulled out of offering no-LMI offers to other professionals was due to the risk-weighting of its loan book.
In other words, there is an inherent risk in not charging LMI to someone when they borrow more than 80% of the property value. Therefore to prevent Macquarie Bank from an exposure to a large amount of default risk, the bank made the decision to approve no-LMI loans only for doctors.
We have lenders on our panel that provide no-LMI loans and Home Loan Experts mortgage brokers know which ones can help you. Call us on 1300 889 743 or enquire online for more information.
What Are The Eligibility Requirements For An LMI Waiver?
- Your profession must be on the accepted list of medical professionals. This includes general practitioners, medical specialists, surgeons and some others. Self-employed doctors are accepted.
- You must be in active employment for at least two years.
- Your profession must be on the AHPRA (Australian Health Practitioner Regulation Agency) list.
- There is no income requirement.
Home Loan Experts brokers can help you find out if you are eligible.
How To Get 100% Waived LMI With Macquarie
You can get up to 100% waived with Macquarie, if your application is strong enough.
A 100% waived LMI home loan is structured as such:
- Of the total amount, 90% is a normal loan with a 30-year term.
- The remaining 10% is a specialist cashflow loan with a higher interest rate and a shorter term of up to 10 years.
Contact the mortgage brokers at Home Loan Experts to see if you qualify for 100% waived LMI with Macquarie Bank. Call us on 1300 889 743 or enquire online today.