Save Thousands with a Professional LMI Waiver
Getting on the property ladder can be a challenge, especially when it comes to saving a hefty deposit. But what if you could buy a home with just a 5% deposit and avoid paying Lenders Mortgage Insurance (LMI)?
The good news is, some professionals in specific industries qualify for just that! This article explores Professional LMI Waivers and how they can help you save thousands on your home loan.
What is a Professional LMI Waiver?
Lenders Mortgage Insurance (LMI) is a type of insurance that protects the lender if you default on your mortgage. When your loan-to-value ratio (LVR) is high (meaning you borrow more than 80% of the property value), lenders typically require you to pay LMI. However, some lenders offer LMI waivers for certain professions deemed low-risk due to their stable income and qualifications.
Who Qualifies for a Professional LMI Waiver?
There are two categories of professions that can benefit from LMI waivers:
High LVR Waiver (up to 95% LVR): This applies to a wide range of medical professionals, including surgeons, specialists and general practitioners (GPs). A full list is included below.
Moderate LVR Waiver (up to 90% LVR): This applies to various professionals in the finance and legal sectors, such as accountants, lawyers, and directors. Again, a full list is provided.
Important Considerations
While these waivers offer significant savings, it’s important to remember that:
Additional Requirements May Apply: Some professions might require additional qualifications, like membership in a professional body or meeting a minimum income threshold.
Shop Around: Not all lenders offer professional LMI waivers, so comparing options and finding a lender that suits your needs is crucial.
List of Eligible Professions:
High LVR Waiver (Up to 95%):
- Anaesthetist
- Cardiothoracic Surgeon
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dentist
- Dermatologist
- Ear and Throat Surgeon
- Emergency Surgeon
- Endocrinologist
- Gastrointestinal Surgeon
- Gastroenterologist
- General Practitioner (also known as a medical Practitioner)
- Gynaecologist
- Haematologist
- Hepatologist
- Immunologist
- Nephrologist
- Neurosurgeon
- Neurologist
- Obstetrician
- Oncologist
- Ophthalmologist
- Optometrist
- Oral and Maxillofacial Surgeon
- Orthopaedic Consultant
- Otolaryngologist
- Paediatric Surgeon (neonatal and perinatal)
- Pathologist
- Plastic Surgeon
- Podiatrist
- Psychiatrist
- Radiologist (Note: Excludes radiographers)
- Reconstructive Surgeon
- Respiratory or Thoracic Surgeon
- Urologist
- Vascular Surgeon
- Pharmacist
Moderate LVR Waiver (Up to 90%):
- Accountant
- Actuary
- Auditor
- Chief Financial Officer
- Director
- Finance Director
- Finance Manager
- Financial Controller
- Partner
- Lawyer
- Solicitor
- Barrister
- Partner
