Home Loans For Occupational Therapists (OT): LMI Waived to 90% LVR + Low Rates

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Home Loans for Occupational Therapists (OTs)

Home Loan For Nurses

If you are an Occupational therapist looking to purchase a home to live in and meet the criteria below, you can save thousands on Lenders Mortgage Insurance (LMI) with a 90% waiver and qualify for special interest rate discounts.

This is due to a recent policy change. Professional Home Loans can now offer home loans for Occupational Therapists with 90% LMI waivers that were previously only available to doctors, lawyers, and a few other professions.

Lenders view occupational therapists as an important part of society, helping people develop, recover, and maintain skills needed for daily living and working. They work with people with physical, mental, emotional, or developmental challenges, providing therapeutic exercises and adaptations to help them perform tasks like dressing, cooking, and working. As a result, home loans for occupational therapists often come with unique benefits, recognizing their crucial role in supporting individuals’ independence and well-being.

Importance in society:

  • OTs enhance quality of life by enabling individuals to live independently despite injuries, disabilities, or conditions like autism, stroke, or arthritis.
  • They play a crucial role in rehabilitation, helping people regain functionality after surgery or accidents.
  • OTs work in schools, hospitals, nursing homes, and the community to ensure that people can fully participate in everyday activities and promote inclusivity and social participation.

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;

A house key for home loans for nurses

If you meet these criteria and are looking for home loans for an occupational therapist to buy a home, you cannot afford not to call 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 $7,310, which is effectively four 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 are some examples of a typical LMI premium for a 90% loan 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
$6,900
$5,865
$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 principal 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 the high application volume, please either note in your online inquiry that you have found a home to buy already or call us on 1300 55 44 97 so we can give you priority service for your home loan for occupational therapists in Australia.

What is Lenders Mortgage Insurance?

The lender’s mortgage insurance protects the BANK/LENDER in case of buyer default. The easiest way to explain it is to compare it to someone 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, not the borrower, in the event of default. Borrowers are advised to take out personal life and income protection insurances to protect against unforeseen circumstances.

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FAQs - Home Loan for Occupational Therapists

A home loan for occupational therapists is a specialised financial product designed to meet the unique needs of healthcare professionals, particularly those working in occupational therapy. These mortgage solutions may offer benefits such as lower interest rates, reduced fees, and lender mortgage insurance (LMI) waivers. These features are tailored to support occupational therapists in securing their new homes or investment properties, making homeownership more accessible.

To qualify for a home loan as an occupational therapist, you typically need to demonstrate a stable income and meet the criteria set by the lender. This may include having a minimum deposit, a good credit history, and possibly being employed by a recognized employer. Some lenders may also consider your professional standing and years of experience in the healthcare sector, which could enhance your application.

Professional home loans often have several advantages for medical professionals like occupational therapists. These benefits include discounted interest rates, the ability to borrow up to 95% of the property value without paying LMI, and access to a wide range of lenders. Additionally, some lenders offer special discounts or LMI waivers for eligible applicants, making it easier to achieve home ownership.

Many lenders offer options to avoid paying LMI for occupational therapists who meet certain criteria. This typically involves a higher deposit or specific professional designations. Some lenders may provide LMI waivers that allow you to secure a loan without this additional cost, making it more affordable to purchase a property.

Testimonials

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Tom 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 Tom. He certainly goes beyond the call of duty. Keep up the good work, Tom and we will no doubt be back in touch with you in the not too distant future.

Hamilton & Nyari

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Finally, we were able to buy our own place in Sydney. THANKS to Michael. 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 Michael. 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, Michael will be the first person we would call. Kindest Regards, Anjuli & Kris

Anjuli & Kris Balachandran

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Tom, 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

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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
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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.
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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
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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
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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
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“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!”

Linh