Loans and LMI
Lenders approve no LMI loans as they feel more secure by providing loans to such categories. Only Specific professionals and high-income earners can qualify for no LMI loans.
Medical specialist
Doctors, Dentist, optometrist, veterinarian, chiropractor or a pharmacist are eligible for no LMI loan if they are a member of a relevant industry organisation.
- not more than $4.5 million.
- not more than 100% of the property value
Other Specialist
Other categories are eligible such as
- Lawyers,
- Mining specialists
- Professional athletes
- Entertainment professionals
Accountants
Accountants need to be a member of CPA and to be eligible for
- Maximum $2.0 million loan
- No more than 90% of the property value.
- Accounting professionals must be designated accountant, chief financial officer (CFO), finance manager, auditor or actuary.
- Legal professionals must either be a lawyer, barrister, judge or solicitor.
- Mining, energy and resources specialists must be employed as a mine surveyor, quantity surveyor, geologist or geophysicist.
- Entertainment professionals must be working in the television, film, theatre for certain years to qualify.
- Minimum income should be $150,000 per annum
DHA properties (investors only)
- 90% waived LMI is available with some lenders when buying a Defence Housing Australia (DHA) property as an investment property.
- There is no requirement to work in a specific occupation.
85% loan with no LMI
You may be eligible if
- The loan must be a maximum of 85% of the property value (85% LVR).
- Refinancing to purchase a property is acceptable
- No certain profession needed.
- Max $1,000,000 loan size.
- Max $1,500,000 in total loans with no LMI.
- Metro areas postcode only.
Please contact our staff for more information
First Home Discounts
Do first home buyer gets LMI discounts?
Select mortgage insurance companies have an 8-15% discount on their LMI premium for first home buyers.
This is only available through the lenders that deal with these specific LMI providers and have negotiated this discount on behalf of their customers.
In most cases, your home loan must be for less than $1,200,000 and your deposit must not be from a borrowed source.
First home buyer rate discounts
Some lenders offer special interest rates specifically for first home buyers or for 95% home loans.
Please refer to our interest rates page for the current special offers.
Essential Tips
Why do banks only accept certain professionals?
There a few banks that have a list of accepted professionals that they will consider for waived LMI, higher loan limits and significantly reduce interest rates.
Why do they do this?
The reason is that they want their business!
Banks have found that select professionals in the medical, accounting, legal, engineering, sporting and entertainment industries:
- Rarely default on their mortgage.
- Make their repayments on time.
- Borrow at higher loan amounts than other customers.
Although they don’t necessarily become repeat customers, they’re highly influential and are connected to other high net worth individuals in the same industry.
Banks want to capture these borrowers because they present the lowest risk for the highest pay off.
We can reduce your LMI premium
The first step in getting a low premium is to understand how the LMI premium is calculated and then determine if there’s anything you can do to qualify for a cheaper premium.
The factors you should consider include:
- Your Loan to Value Ratio (LVR)
- The lender and mortgage insurer you choose
- Whether you qualify for a guarantor loan
- Whether you can prove genuine savings
Whats new!
As of 2018, some lenders starts offering LMI waiver to specific professions in the mining, energy and resources sector, namely, mine surveyors, quantity surveyors, geologists and geophysicists.
