How Much Can I Borrow?
As an audiologist, you can borrow up to 90% of the property value without paying Lenders Mortgage Insurance (LMI). If you borrow more than 90%, then LMI is usually applicable.
However, if you have a guarantor, you can borrow more than 100% of the property value without paying LMI.
95% No LMI Home Loans
lender on our panel is offering waived LMI on a 95% home loan for audiologists.
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 an audiologist 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.
What is LMI?
LMI is an acronym for Lenders Mortgage Insurance. It is insurance you pay to the lender. It protects the lender, not you.
LMI is usually applicable when you borrow more than 80% of the property value; however, as an audiologist, you do not need to pay LMI when you borrow up to 90% of the property value.
- You can buy a home with a 10% deposit
- You save thousands of dollars in LMI fees
- Waived LMI is possible only for certain professions that lenders deem low risk
Am I Eligible For An LMI Waiver?
To be eligible for waived LMI as an audiologist, you must:
- Be working as an audiologist
- Apply for a loan to purchase or refinance an owner-occupied property or investment property
- Have a loan of no more than $5 million
- Have a minimum gross income of $90,000 a year.
- Be an Australian citizen or approved permanent resident.
- First and last name
- Member number
- Location
- Proof of a minimum of six months’ experience in current occupation
- Two current payslips showing Year-To-Date (YTD) earnings
- Independent verification with the employer
- Verification of YTD figure through a summary statement from ATO
Please note that while you do not currently require Australian Health Practitioner Regulation Authority (AHPRA) registration, your occupation will be verified through the Audiology Australia website. We will require your:
How Much LMI Will I Save?
The table shows how much in LMI you save under different property prices.
| Property Price | How Much Are You Borrowing? | LMI Saved | |
|---|---|---|---|
| $700,000 | $630,000 | 90% | $15,674 |
| $800,000 | $720,000 | 90% | $17,913 |
| $900,000 | $810,000 | 90% | $20,152 |
| $1 million | $900,000 | 90% | $22,392 |
(The figures above are the results from our LMI calculator. It assumes you’re buying a property that will be used as a primary residence in NSW)
How Do I Prove My Income?
Since there is a minimum income requirement, you will need to provide the following documents:
Get A Home Loan With Waived LMI
Our mortgage brokers can help audiologists save on a home loan with waived LMI.
Call us on 1300 889 743 or enquire online to see if you qualify.
