Your Financial Health is Important
Now, You Can Qualify for Discounted Interest Rates and Zero Lenders Mortgage Insurance Because of Your Profession.
If you’re a practicing vet or pharmacist, you may qualify for a home loan of up to 90% of the property value without the need to pay Lenders Mortgage Insurance.
That’s right, just a 10% deposit and no LMI.
Depending on the purchase price of the property you’re buying, this equates to a saving of between $10,000 and $40,000. Here at Professional Home Loans, we are one of a limited number of brokers who are authorised to offer this type of mortgage to professionals.
Who Qualifies For This Loan?
To qualify for this valuable policy, you’ll need to demonstrate that you meet certain eligibility criteria. This includes membership of the relevant professional body:
The Australian Dental Association (DNA) or the Royal Australian College of Dental Surgeons
Pharmaceutical Society of Australia
Australian Veterinary Association or Australian veterinary Business Association Applications are considered on a case-by-case basis. If you feel you may qualify, please contact us.
Why are lenders offering this preferential deal to Vets and Pharmacists?
The basis of Lenders Mortgage Insurance is to protect the lender against the possibility of default by its mortgage customers. However, some lenders have realised that you (as a practicing professional professional) are far less likely to default on your mortgage than other customers. Because of this, these banks are prepared to waive their LMI premium with a far lower deposit.
If I am buying with my partner/ spouse who is not a Vet/ Pharmacist, will I still qualify for the LMI Waiver?
Eligibility for this valuable mortgage benefit is not dependent upon both borrowers being employed in the health profession. So long as one of you meets the eligibility criteria by your employed position, then your need to pay the LMI premium can be waived.
What loan products and interest rates available?
Taking advantage of an LMI waived offer does not limit your choice of mortgage. All of the different mortgage products will be available to you – including loans specifically designed for professional, like variable mortgages with package discounts, and fixed rate offers with features such as offset accounts and redraw. Interest rates on such mortgages are competitive, and there may be discounts of up to 1% on standard variable rates.
Additional Documentation Required
A lender will want to see some confirmation of your financial situation before making you a LMI waived mortgage offer. This documentation is:
Confirmation of your employment as a Vet/ Pharmacist: this may be by way of a copy of your registration with the relevant body as stated above as well as your employment contract;
Why use a Specialist Mortgage Broker
Who wouldn’t want to save up to $40,000?
As a vet or pharmacist, you have an opportunity only available to certain professionals but securing such a mortgage is only possible through a limited number of mortgage brokers.
It may be that you want to buy your first home but have less than a 20% deposit; or perhaps you wish to refinance, consolidating some debts; then again, it may be that you wish to purchase an investment property to provide passive income.
Whatever the reasons for your mortgage needs, Professional Home Loans is here to help you source the best mortgage for your particular circumstances. Because of your professional dedication, you may be eligible to take advantage of huge savings from an LMI free mortgage.
Remember, there are only a limited number of firms authorised to offer you these valuable benefits. Here at Professional Home Loans we are leaders in this specialised area.
There is no cost for our service and absolutely no obligation. Enquire now.
Remember, only certain brokers are authorised to provide this special benefit.