“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! “
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.
The following are considered to be high demand professional occupations and as such, may be eligible for waiver of the lenders mortgage insurance premium:
Click on the menu link to the right to read more about the offer for your profession.
Discover How To Get Approved With A Lower Interest Rate & Save Up To $40,000 In Fees
ENQUIRE NOWSee the individual pages for specific information regarding the qualification criteria for your particular profession. The overall main criteria to qualify for this policy is:
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.
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.
Loan products available include standard variable with package discounts and fixed rates and include offerings with full features such as offset accounts and redraw.
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.
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.
Discover How To Get Approved With A Lower Interest Rate & Save Up To $40,000 In Fees
ENQUIRE NOW“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! “
“Couldn’t ask for a better job – until next time (although no time soon, moving was awful). “
“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. “
“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.”
“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. “