Professional Home Loans – without paying Lenders Mortgage Insurance
Please note this policy applies to Australian Permanent Residents or Citizens, living and working in Australia. If you are earning an annual income of 150k or more (no min income if Vet, Doctor or Optometrist) and are in one of the following categories of professionals, then you may be eligible to get a home loan up to 90% LVR (that is, with only a 10% deposit) and not pay any lenders mortgage insurance (‘LMI’). This is a potential savings of $10,000 – $40,000 depending on the purchase price of the property. We have semi exclusive agreements to offer this product to our clients. This offer is not available to general mortgage brokers so please contact us on 1300 55 44 97 to see if we can help.
What professionals can waive the Lenders Mortgage Insurance?
The following are considered to be high demand professional occupations and as such, may be eligible for waiver of the lenders mortgage insurance premium:
- Lawyers,
- Accountants (including Auditors and Actuaries),
- Medical practitioners,
- Veterinarian (‘Vets’),
- Pharmacists, Optometrists and Dentists,
- Mining, energy and resources professionals,
- Surveyors, Quantity Surveyors, Engineers, Geologists and Geophysicists.
Click on the menu link to the right to read more about the offer for your profession. 
What is the criteria?
See the individual pages for specific information regarding the qualification criteria for your particular profession. The overall main criteria to qualify for this policy is:
- Individual applicant Annual income of $150,000 or more, or will soon be earning at this level (noting medical practitioners do not have to meet this requirement),
- Australian Citizens or Permanent Residents only,
- Can provided evidence of your qualifications and registrations required to practice in your field,
- Owner occupied or investment purpose,
- Maximum loan amount 2 million dollars (5 million for medical practitioners),
- Self-employed applicants acceptable providing last year’s taxable income was $150,000 or more.
As with any rule, there are exceptions. For example, if we had a professional couple who were earning 100k each, then we still may be able to qualify for LMI waiver.
What if I do not meet this criteria?
If we do not believe you meet the above criteria, we may still be able to help. Whilst lenders mortgage insurance is required if you do not have a 20% deposit, we may still be able to assist with a home loan for strong applicants up to 85% with no lenders mortgage insurance premium payable.
Interest Rate Discounts:
Loan products available include standard variable with package discounts and fixed rates and include offerings with full features such as offset accounts and redraw.
Why are some banks waiving LMI for high demand professions?
Lenders mortgage insurance is designed to protect the lender against default of the client and to cover any loss should the client not pay back the mortgage. Lenders mortgage insurance is typically required when the purchaser does not have a 20% deposit. More information here on the purpose of lenders mortgage insurance. Some lenders have run the numbers and have determined that the default rate on home loans for certain professions is at near 0%. As such, the risk of default from these professions is low and therefore they have decided to consider waiving the LMI premium.
What is the next step?
This offer is not available to the general mortgage broker market. Further, all applications for LMI waiver are considered on a case by case basis. If you would like to find out if you qualify please give us a call on 1300 55 44 97 or submit an online enquiry or book in for a 30 minute strategy session.
