LMI Waiver for Medical and other Professionals in Australia
Buy with a 10% Deposit and $0 Insurance
LMI Waiver Highlights When You Choose VOXFIN
Buy with a 10% Deposit
Borrow up to 90% or 95% of your property’s value without the usual 20% deposit requirement.
Save $25,000+ Upfront
On a $1M property, you could save over $25,000 by completely eliminating Lenders Mortgage Insurance fees.
Market Entry 2-3 Years Sooner
Stop waiting to save a massive deposit. Enter the market today with the savings you already have.
Premium Interest Rates
Access discounted interest rates exclusively reserved for high-earning professionals in stable industries.
Higher Borrowing Power
Without LMI costs eating into your budget, you can qualify for a larger loan amount to buy the home you really want.
Investment-Ready
Use your LMI waiver for investment properties to build your portfolio faster with lower initial capital.
What Is an LMI Waiver?
Lenders Mortgage Insurance (LMI) is typically required when you borrow more than 80% of a property’s value. LMI protects the lender if you default but costs you thousands. So what is the good news? Some professionals can have this fee waived entirely, giving them access to higher loan amounts without the hefty LMI cost!
If you are a professional involved in essential work, you may be eligible to waive LMI and secure a premium interest rate. You can save thousands in upfront costs on your home loan.
Who Is Eligible?
Professional:
The main income earner must be –
University Degree Qualified (or IT certification) Professional in the following industries.
- Medicine, Dentistry, Veterinary Science, Physiotherapy, Specialist Medical Services, Allied Health, Legal, Accounting, Audit, Financial Planning, Engineering, IT, Senior Management, and Execution.
Essential worker
Any borrower on the loan must be employed permanent full time, off probation in the following role –
State or Federal police officer
(GPS or public schools)
VOXFIN’s LMI Waiver for Professionals allows you to secure your home sooner, with an LMI waiver tailored for eligible professionals. We specialise in low-deposit home loans that allow selected professionals to borrow up to 90% of the property value without the burden of LMI.
Want to check if you qualify?
Speak with our friendly team today!
What is an LMI Waiver and How Does it Benefit You?
LMI Waiver Features
- Protects the lender in case of default on the home loan and shortfall.
- Homeowners pay insurance premiums when required.
- LMI doesn’t provide protection; it’s for the lender’s protection.
- Eligibility criteria and professions can qualify for the LMI premium waiver on home loans.
- Ideal for professions like law, medicine, engineering, and accounting.
- Borrowing from a lender is still possible for those unable to save a 20% home deposit.
- LMI premium can be significant over the loan term.
Accounting Professionals
To qualify for an LMI waiver, accounting professionals must be members of an eligible accounting institute. (T&C Apply)
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 apply).
The customer is an eligible veterinary practitioner, confirmed by visiting state-based veterinary websites. Check the validity of registration by searching a veterinary practitioner’s name or registration number.
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
Save Tens of Thousands with an LMI Waiver
By waiving LMI, we help you save tens of thousands in upfront costs while securing some of the most competitive interest rates in the Australian market.
Buy with a 10% Deposit
Borrow up to 90% or 95% of your property’s value without the standard 20% deposit requirement.
Save $24,000+ Upfront
On a $1M property, you could save over $24,000 by eliminating LMI insurance fees.
Enter the Market Sooner
Bypass years of saving for a full deposit. Use your current savings to buy your dream home today.
Discounted Interest Rates
Access premium interest rates exclusively reserved for low-risk, high-earning professionals.
Higher Borrowing Power
Without LMI costs eating into your budget, you may qualify for a larger loan amount.
Invest with Less Capital
Build your property portfolio faster by using LMI waivers for investment properties.
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 business car loan broker at VOXFIN. We can assist you with all types of business car loans as well as all other financial lending needs, such as home loans, refinancing home loans, car loans, commercial loans, and insurance.
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.
About Us
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 40+ 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.
Australians have trusted us as expert home loan mortgage brokers for all types of their loans and mortgage needs such as first home buyer loans, refinancing home loans, agribusiness loans, business loan brokers, commercial loan brokers, car loan brokers, asset and equipment finance brokers, SMSF property loans, property development finance brokers, business car loan brokers, bad credit score lenders, medical professionals’ loans, personal loan brokers, and many more to help them find the suitable loans to finance their property dreams.
About Us
Get a Free Consultation
info@voxfin.com.au
03 70652000|0435 393 623
Specialist mortgage brokers for professionals at VOXFIN have simplified loans for professionals. Â
We work hard for you with honesty, transparency and genuineness, ensuring a long-lasting professional relationship built on trust.
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