LMI Waiver for professionals
Our clients’ satisfaction ratings on Google and Facebook have made us Australia’s most trusted Number 1 home loan mortgage broker
What is LMI?
LMI (Lenders Mortgage Insurance) protects your lender if you default on your home loan and there’s a shortfall. A shortfall occurs when the sale proceeds of your home aren’t enough to cover what you owe to your lender. Homeowners have to pay the insurance premium when LMI is required. However, it’s crucial to remember that while you pay for LMI, it doesn’t provide any protection; it’s there for your lender’s protection.
If you meet eligibility criteria and are in certain professions, you could qualify for an LMI premium waiver on home loans. This waiver can help you save thousands on upfront costs, expediting your journey to homeownership. It’s designed for special professions like law, medicine, engineering, and accounting, which often face challenges in saving for a home deposit at the start of their career.
For those unable to save a 20% home loan deposit, borrowing from a lender is still an option. However, this may entail paying Lenders Mortgage Insurance (LMI), which can amount to thousands of dollars over the loan term.
Accounting Professionals
- 1. To qualify for an LMI waiver, accounting professionals must be members of an eligible accounting institute. (T & C Applies)
Must maintain current membership/certification.
Lawyers and Solicitors
- To qualify for an LMI waiver, legal professionals must hold a current practising certificate with the relevant state body. Certificates with supervised legal practice conditions are accepted (T & C applies).
The customer is an eligible veterinary practitioner, confirmed by visiting state-based veterinary websites.
See links below:
- www.vpb.nsw.gov.au – NSW
- www.vetboard.vic.gov.au – VIC
- www.vsb.qld.gov.au – QLD
- www.vsbsa.org.au – SA
- dpipwe.tas.gov.au – TAS
- dpif.nt.gov.au – NT
Check the validity of registration by searching veterinary practitioner’s name or registration number.
Eligible medical professionals are categorised into two groups. However, not all medical professions are eligible. Please refer to the list below
Group One
Medical Practitioner
Dental Practitioner
Specialist
Group Two
Physiotherapist
Chiropractor
Optometrist
Veterinary
Registered nurses and midwives who meet the eligibility criteria can benefit from the LMI waiver program. This program allows them to avoid the extra upfront cost of LMI with a 10 % home deposit.
For professional home loan solutions, you are choosing VOXFIN for:
- Fast approvals
- Access to competitive interest rates
- Personalised loan solutions, savings on LMI
- Our clients’ high satisfaction ratings made us Australia’s best home loan mortgage broker
Frequently Asked Questions (FAQs)
Questions and queries related to LMI Waiver for Home Loans
CAN FIRST HOME BUYERS WAIVE LMI FEES?
Yes, first home buyers can explore options like the First Home Loan Deposit Scheme (FHLDS) or negotiate LMI waivers with lenders to potentially waive LMI fees.
CAN FIRST HOME BUYERS AVAIL OF LMI DISCOUNTS?
Absolutely, some mortgage insurance companies offer LMI premium discounts ranging from 15% to 25% for first-time home buyers.
CAN I GET A CASHBACK OFFER AS A FIRST HOME BUYER?
Yes, first home buyers can receive cashback offers of up to $3,000.
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CAN YOU NEGOTIATE INTEREST RATE DISCOUNTS FOR FIRST HOME BUYERS?
Yes, certain financing institutions offer special interest rates for home buyers seeking up to 95% LVR home loans. These, combined with various State and Federal government incentives and schemes, can help borrowers access non-LMI loans.
CAN YOU HELP ME REDUCE MY LMI FEES?
Certainly, as LMI fees are not fixed. We can assess the factors affecting the premium and negotiate a lower rate based on your situation.
WHAT IS LMI AND WHEN DOES IT APPLY?
Lender’s Mortgage Insurance (LMI) is required when the borrower contributes less than a 20% deposit toward their home purchase. This insurance covers the entire loan amount and is non-refundable even if the loan is refinanced or paid off early.
To secure LMI, borrowers must meet the insurer’s requirements. Meeting the lender’s borrowing criteria does not guarantee eligibility for mortgage insurance, as the insurer’s specific criteria also apply.
Why choose us?
We understand the importance of earning your trust in the guidance provided by the expert home loan mortgage broker at VOXFIN. We can assist you with all types of home loans.
Our services for finding the right home loan are free of charge to you. Once your loan is settled, the lender compensates us, ensuring you receive expert advice without any financial burden.
VOXFIN’s expert home loan mortgage brokers are here to assist you with all types of financial needs. We simplify the loan process and provide the right information and guidance so you can make sound investment decisions.
We assist Australians throughout the nation. We work with over 35 lenders in Australia to bring you the best loan option with the lowest interest rate and the most appropriate home loan structure to grow your property portfolio.
Get a Free Consultation
info@voxfin.com.au
0370652000|0435393623
Specialist mortgage brokers for professionals at VOXFIN have simplified loans for professionals.
We work hard for you with honesty, transparency and genuineness, ensuring a long-lasting professional relationship built on trust.
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