Craig has provided us with a very professional service, communicating all the available options to us and in the process he has literally saved us $75k that we would have otherwise paid. Being new the Australian property market it was imperative we found a broker that had the patience to answer the numerous questions we had be it by phone or email and sometimes outside normal working hours and that is exactly what we got from Craig. He certainly goes beyond the call of duty. Keep up the good work Craig and we will no doubt be back in touch with you in the not too distant future.
Home Loans for Ambulance Officers
If you are an ambulance officer and in the market to purchase a home to live in and meet the criteria below, you can save thousands in Lenders Mortgage Insurance (‘LMI’) with a waiver of 85% and achieve special interest rate discounts.
This is due to a recent change in policy where Professional Home Loans can now offer 85% of Lenders Mortgage Insurance to ambulance officers that were previous only offered to doctors, lawyers and a few other industries.
We can also offer you the most competitive interest rates available for ambulance officers. Enquire now to find out how much you can save.
The Criteria to Save Thousands in LMI
To achieve a special interest rate concession and save thousands in LMI you will need to;
- Work as an ambulance officer
- Have 1 year with your current employer or have worked as an ambulance officer for 2 years,
- Possess a clean credit file (credit history) free from defaults, bankruptcies etc,
- 5% genuine savings (that is, some of your deposit must be from your own savings)
- Have sufficient deposit for minimum 15% plus stamp duty and purchasing costs,
- Otherwise be in a sound financial position and meet general lender credit policy
If you meet this criteria and are looking to buy a home to live in you really cannot afford to not put in a call to Professional Home Loans to see if we can help you. As per the table below, the LMI on a $500,000 mortgage is circa $8,600, the 85% waiver will save you $7310 which is effectively 4 years of principal payments on your mortgage saved! Incredible savings!
How much will I save in LMI?
LMI premiums, like all insurance premiums, are priced based on the risk of the insured event happening. That is, the more likely that a borrower will default on the mortgage and the bank will suffer a loss, the more expensive the premium will be. See below explanation of LMI.
As such, LMI is not a flat rate but will vary depending on the size of the loan and the LVR. Here is some examples of a typical LMI premium for a 90% lend based on various loan amounts.
| Loan Amount | LMI Premium | Your Savings (85% waiver time limited offer) |
|---|---|---|
| $300,000 | $4,100 | $3,485 |
| $400,000 | $6,900 | $5,865 |
| $500,000 | $8,600 | $7,310 |
| $600,000 | $10,800 | $9,180 |
| $700,000 | $13,500 | $11,475 |
| $800,000 | $16,100 | $13,685 |
As is evident from the above table, for an average loan size of $500,000 the savings in LMI would be circa $7,310. This savings in conjunction with market leading interest rates will save you many many years off your mortgage. The LMI in and of itself on a 500k home loan would be in excess of 4 years of principle payments on your mortgage. You have just paid off the first 4 years of your home loan!
Already Found a Home to Buy?
Due to high application volume please either note in your online enquiry that you have found a home to buy already or call us on 1300 55 44 97 so we can give you priority service.
What is Lenders Mortgage Insurance?
Lender’s mortgage insurance is insurance that protects the BANK/LENDER in the event of buyer default. The easiest way to explain it is to compare it to a person insuring their car. In the event of an accident or theft the insurance company will pay out the car owner to either fix the car or buy a new car. LMI is similar in that it pays out the bank should the borrower default on the mortgage and the bank makes a loss on the sale. However, where the car owner pays the car insurance and receives the benefit, with LMI it is the borrower that pays the insurance and the bank that receives the benefit.
Do all loans require Lenders Mortgage Insurance?
No. As a general rule only loans greater than 80% LVR (‘Loan to Value Ratio’) are mortgage insured. A borrower with a 20% deposit (plus costs) would not usually be required to pay the bank’s LMI premium.
Does LMI protect the borrower?
No. LMI protects the bank in the event of default, not the borrower. Borrowers are advised to take out their own personal life and income protection insurances as protection against unforeseen circumstances.
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Enquire NowTestimonials
Hamilton & Nyari
Finally, we were able to buy our own place in Sydney. THANKS to Craig Vaughan. We were given the run around by various banks (we had a unique situation and despite good income and stable one, loan wasn't coming easy). When we almost finally gave up, we had nothing to lose and made one last call and it was to Craig. Our hopes were back in two days from there, and had our loan approved with in next few days. We appreciated all the prompt and helpful responses to all of our queries in relation to purchasing with a Temporary Visa. He even made a bank valuation possible in 24 hours or so. If we ever need help again with our finance, Craig will be the first person we would call. Kindest Regards, Anjuli & Kris
Anjuli & Kris Balachandran
Craig, rest assured, when we hear of any of our acquaintances in need of a mortgage you are the one I'll be referring them to. We are very happy to have been working with you, not only because the result is good, but even more since Lisa and I really appreciated your personal touch in our case, your always being available, even for emails late at night and always taking the time to answer our every question. Kind regards, Lisa & Bas
Lisa and Bas
Why Choose Professional Home Loans
Getting a home loan was really simple with Professional Home Loans.
“We went overseas during settlement and it was not a problem for them, everything went smoothly and I’m writing this from my new home! “
Jack Clancy
- Physio
Well done you made it easy with no BS.
“Couldn’t ask for a better job – until next time (although no time soon, moving was awful). “
Accountant, Mick and Vanessa Renton
- 90% no LMI Brisbane, QLD.
No LMI for building home in Sydney as well as 90% LVR no lmi for investment proerpty off the plan in Newcastle.
“Professional Home Loans has provided us with a very professional service, communicating all the available options to us and in the process he has literally saved us $75k that we would have otherwise paid. They certainly go beyond the call of duty. “
Hamilton (Accountant) & Nyari (Doctor) Sydney
- NSW
Working for QLD Health achieved 90% LVR no LMI at normal rates - From UK. Sunshine Coast, QLD
“We were able to get a loan at a good rate and avoid paying LMI which saved us several thousand dollars that we can now put towards other things. Very helpful and informative about all aspects of the process, not just the loan, which we really appreciated as it made the whole thing a lot easier for us.”
Craig and Louise (Medical Registrars)
- Sunshine Coast QLD
On a contracting basis – she got paid roughly 70% of what she billed.
“We assisted Arlyn with a 90% Mortgage with No Lenders Mortgage Insurance payable so she could buy a house and land package Thanks so much. All credits goes back to you as you helped me make all this happen. I couldn’t thank you enough for the job excellently done. “
Arlyn (Doctor)
- Townsville QLD“You not only got the loan approved on time, but at a better rate! You are professional, honest, dedicated & obviously love what you do-your passion shines through & I look forward to doing all my loans through you from now on!”