Speech pathologists can save a fortune with negotiated home loan rates and fee waivers just by applying with the right lender. You can begin your home loan journey with our support and the exceptional customer care you’ll receive from our professional brokers.
How much can I borrow?
As a speech pathologist, you can borrow up to 95% of the property value without paying Lenders Mortgage Insurance (LMI).
- If you borrow more than 95% of the property value, you might have to pay LMI.
- You can borrow up to 105% of the property value with a guarantor home loan.
95% No LMI Home Loans
A lender on our panel is offering waived LMI on a 95% home loan for speech 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 speech 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.
What Is Waived LMI?
LMI is usually paid when borrowing more than 80% of the property value. This means that, in the typical scenario, if the deposit you’ve saved is less than 20% of the property value, you will have to pay LMI.
As an example, assuming that you are to purchase a property for $1,000,000, with a 10% deposit, you would normally pay $22,392 in LMI. However, as a speech pathologist, you can get a home loan with a 10% deposit and get the LMI fees waived.
How Do I Qualify For A 90% Home Loan With Waived LMI As A Speech Pathologist?
You must fulfill the following requirements to be eligible for an LMI waiver:
- You must be an Australian citizen or permanent resident.
- You need to earn a minimum of $90,000 a year.
- Your loan must typically be for $5 million or less (although some lenders may offer you more).
- Your Loan-To-Value Ratio must be 90% or less (borrowing more is sometimes possible if you pay LMI).
- You do not currently require registration with AHPRA to be eligible, but you must be registered as a “certified practising speech pathologist” (CPSP) with Speech Pathology Australia. This qualification can be verified from a membership certificate.
If you cannot meet the requirements above, you can apply for other waived LMI offers for loans with an LVR lower than 90%. The eligibility requirements will differ slightly according to the waived LMI deal and the lender with whom you’re applying. You can also look into using a guarantor, as you can borrow more than 100% without LMI on a guarantor loan.
How Do I Prove My Income?
To prove your income, you must have:
- A minimum of six months’ experience in your current occupation OR 12 months in the same industry
- Two recent payslips showing Year-To-Date (YTD) earnings
- Verification of YTD earnings
If these requirements are not met, you can provide a three-month bank statement and a copy of your current employment contract.
Self-employed
If you’re self-employed, you need to submit copies of your personal income tax returns, complete financial statements for the past year, and the most recent financial year’s assessment notice, which must be no older than 18 months at the date of application.
If you’ve been self-employed for less than six months, then you should provide:
- Declaration of financial status
- Three months of personal and business statements
- A self-employed contract, where applicable
Get A Home Loan With Waived LMI
We are experts in lending to medical professionals. We know which lenders offer the best deals for speech pathologists, with significantly reduced interest rates and fee waivers.
Call us on 1300 889 743 or enquire online to see if you qualify.