No LMI Loan For Professionals

One of the hardest parts of securing a home loan is saving the 20% deposit required by Australian lenders. Fortunately, medical professionals, lawyers and accountants are eligible for an LMI waiver from the major banks and most smaller lenders, meaning that they can borrow up to 90% of the property value in metropolitan areas with no requirement to purchase Lenders’ Mortgage Insurance (LMI).

This is a great opportunity for these professionals to break into the home loan or property investment market and save tens of thousands of dollars on LMI costs.

The LMI fee pays for an insurance policy that covers the bank for losses they incur if the borrower cannot repay their mortgage.
Some lenders offer LMI waivers to borrowers who are employed within specific professions. As this offer is extremely lucrative, there are tight restrictions on the eligibility for the waiver. Generally, you must:

• Have clean credit history
• Be employed as a lawyer, accountant or “preferred medical professional”, such as a doctor in any specialty, dentist, physiotherapist, chiropractor or select others.
• Show a history of stable employment in your field
• Be a member of an industry association that is acceptable to the lender (for example, the AMA for medical professionals)

Get FREE Loan Assessment