Waived LMI
Your Path to Homeownership Made Easier with Waived LMI
Who Qualifies for Waived LMI?
A Breakdown of Eligibility Criteria
Specific Professionals
If you’re a doctor, accountant, lawyer, or in a similar high-demand profession, you’re in luck. Lenders often waive LMI for professionals they consider low-risk. For example:
- Doctors can borrow up to 100% of the property’s value, with loans as high as $4.5 million.
- Accountants and Lawyers can borrow up to 90% of the property’s value with a maximum loan size of $4 million.
- Professional Athletes and Entertainment Professionals are also eligible, provided they have the right representation and work in specific industries.
First Home Buyers with a Guarantor
If you’re a first-time homebuyer and have a guarantor (usually a family member), you can borrow up to 105% of the property value, including the purchase price and stamp duty. This option is a game-changer for those without a deposit, allowing you to avoid LMI altogether without being in a specific profession.
Homebuyers with a 90% Loan
Even if you’re not in a specific profession, you could still qualify for waived LMI if your loan doesn’t exceed 90% of the property value. This requires:
- A clear credit history.
- A stable employment record.
- For self-employed individuals, two years of business history with alternative documentation like BAS statements.
85% Loan with No LMI and No Guarantor
If you have a strong financial history but prefer not to involve a guarantor, you can borrow up to 85% of the property’s value without paying LMI. This option is ideal if:
- You have a perfect credit history.
- You’re buying in a major metro area.
- You don’t belong to a specific profession, but meet other criteria like loan-to-value ratio (LVR).
Unique Circumstances
Some lenders offer waived LMI for other unique circumstances, like borrowing for specific types of properties or under certain financial arrangements. If you think you might fall into a special category, it’s worth discussing with a mortgage broker to explore your options.
Our team of experts can evaluate your eligibility and guide you through the process of securing a loan with waived LMI.
How Waived LMI Works
Unlocking Your Homeownership Dreams
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As Your Broker, We Offer You
- We make the loan process as simple as possible for you.
- Our team handles the loan process and negotiates the best rates for our customers.
- A one-stop shop for clients to acquire or build the home of their dreams.
- We are committed to providing you with all of the products, services, and support you need to achieve your goals.
- We put the customer first, not the bank.
- Accessing your borrowing capacity
- Seamless pre-approval process
- Connect you with the right people in the industry such as buyers advocates, conveyancers, and real estate agents in your preferred areas.
- Customer service that exceeds our customers’ expectations.