As medical professionals, pathologists qualify as low-risk borrowers. Doctor home loans usually come with many benefits, such as lower interest rates and waived LMI.
What Is LMI?
Lenders Mortgage Insurance (LMI) is an insurance policy for the banks in case the borrower cannot repay their mortgage. Generally, banks will include an LMI premium if the borrower requests a mortgage with a Loan-To-Value Ratio (LVR) over 80%.
95% No LMI Home Loans
A lender on our panel is offering waived LMI on a 95% home loan for pathologists.
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 a pathologist 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.
How Much Money Can I Save With Waived LMI?
The amount you save through waived LMI increases with the size of your home loan. For example, if you borrowed 100% of the property value (100% LVR), you would save the following amounts:
| Property Value | Loan Amount | Loan-To-Value Ratio (LVR) | Deposit Amount | LMI Premium Saved (excluding stamp duty) |
|---|---|---|---|---|
| $550,000 | $550,000 | 100% | $0 | $9,752 |
| $1,050,000 | $1,050,000 | 100% | $0 | $24,750 |
| $1,550,000 | $1,550,000 | 100% | $0 | $39,436 |
| $2,050,000 | $2,050,000 | 100% | $0 | $52,582 |
Our expert mortgage brokers know which lenders will waive LMI for you. Contact us at 1300 889 743 or fill in our online assessment form and we will help you find the perfect home loan.
Eligibility For Waived LMI
To qualify for waived LMI as a pathologist, you must be:
- A member of the Royal College of Pathologists of Australasia (RCPA)
- A practising pathologist, intern or resident
working in Australia
*Interns and residents are generally eligible for waived LMI, along with other medical professionals.
Does My Partner Need To Be A Medical Professional To Apply For A Loan With Me?
No. As long as one of you is a medical professional and meets the requirements mentioned above, you can qualify for waived LMI and other discounts if applying for a loan together.
Build A Property Portfolio
Since pathologists qualify for discounts and waived LMI, you can use this to your advantage in building a property portfolio. Click here to learn more about building a property portfolio.
Looking For A Doctor Home Loan?
Contact our specialist mortgage brokers at 1300 889 743 or fill in our online assessment form and we will help you find the perfect doctor home loan.