95% No LMI Home Loan

Is 95% waived LMI available?

• You cannot borrow 95% of the property value and avoid the cost of Lenders Mortgage Insurance (LMI).

• 90% waived LMI home loans are available to doctors and select professionals.

Do I qualify?

We expect 95% no LMI home loans to soon be available to select medical professionals including:

• General Practitioners (GPs).
• Surgeons.
• Dentists.
• Optometrists.
• Veterinarians.
• Pharmacists.
• Physiotherapists.
• Psychiatrists.
• Medicos that are members of a relevant industry association such as the Australian Medical Association (AMA).

We expect the following criteria will also apply:

• Borrow up to a maximum of $4.5 million to quickly grow your property portfolio or to buy a luxury property.
• Get access to heavily discounted interest rates not available to the general public.

Discover if you’re eligible to save thousands with a 95% waived LMI home loan.

Please call us on 1300 889 743 or complete our free assessment form today.

Other professionals are eligible for 90% waived LMI

95% no LMI home loans are just around the bend but what if you’re a high income professional who isn’t a medico?

Select lenders consider the following professionals as low-risk borrowers and are willing to offer significant interest rate discounts and, in most cases, 90% no LMI home loans*:

• Lawyers.
• Accountants.
• Geologists.
• Mine surveyors.
• Quantity surveyors.
• Entertainment professionals.
• Professional athletes.

*Note: Certain income requirements apply and bank lending policies change infrequently so it’s best to call us to find out if you qualify for mortgage insurance discoutns.

What if I’m not a doctor or an eligible professional?

There are a few ways to avoid the cost of mortgage insurance or at least reduce your LMI premium:

• Use a guarantor and borrow 105%: A guarantor allows you to borrow up to 100% of the property value, another 5% to cover the property purchase costs, and avoid LMI. No deposit, no problem.
• Borrow less than 80% of the property value: If you keep your borrowing limit to 80% Loan to Value Ratio (LVR), you don’t need to pay LMI at all!
• Reduce your LVR: The higher your LVR, the higher your LMI rate – just $1 over 90% or over 95% can make a big difference to the premium you’re liable to pay.
• Reduce your loan amount: Home loans between $300,000-$500,000 have moderate LMI while borrowing more than $500,000 puts you in a high LMI premium bracket.
• Genuine savings makes a difference: Banks prefer borrowers that have saved their deposit and are willing to offer LMI rates that are 25-30% cheaper than a borrower with no genuine savings.
• Compare LMI insurers, not just lenders: Different lenders and insurers apply different LMI rates so check out our comparison of LMI providers if you’re looking to borrow over 90% LVR.

What is LMI?

Lenders Mortgage Insurance applies to high-risk home loans which typically refers to loans that are for more than 80% of the property value.

For borrowers who can’t prove their income through traditional means, such as a doctor running their own medical practice, a low doc loan may be needed and it’s where LMI kicks in at 60% LVR or higher.

Mortgage insurance is a way for banks to protect themselves if you default on your home loan. It doesn’t protect you as the borrower!

On top of that, it can get really costly.

For example, if you were to borrow 95% on a $1,000,000 property, you could be paying more than $43,000.

Then again, by choosing the right lender, you could reduce your premium to less than $39,000.

That’s still several thousands of dollars! Try the LMI calculator to see for yourself.

Grow your property portfolio quickly and securely

One of the biggest hurdles that high income professionals deal with is the ability to grow their real estate portfolios rapidly.

Mortgage exposure limits can prevent you from borrowing the amount you need because lenders have a set appetite for how much they will lend to any one borrower.

The solution is to spread your risk but most brokers don’t know how to do this!

Having a solid mortgage strategy for future growth is just as important as selecting high yielding properties in emerging suburbs.

Assisting high net worth property investors is our specialty because we understand what you’re trying to achieve.

We can even help you with asset protection because we’re experienced in trust, company and SMSF loans.

Discover you’re eligible for 95% no LMI

Call us on 1300 889 743 or complete our online enquiry form to speak with one of our experts in waived LMI home loans.