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Mortgage Insurance Waiver Home Loans For Professional Occupations?
With most banks and lenders when borrowing the funds to purchase a property, if you would like to borrow more than 80% of the property value, then they will also have your home loan mortgage insured, which will incur a mortgage insurance fee. Mortgage insurance is insurance that protects the bank if something happens and your home loan doesn’t get paid. I have written an article on mortgage insurance here (LMI) – What is lenders mortgage insurance?
Some of the eligible professions might be eligible for a mortgage insurance waiver home loan where a client might be able to borrow up to 90% of a property value and not pay a mortgage insurance fee.
With some medical professions to, you might be eligible to borrow up to 95% of the property value and not pay a mortgage insurance fee. I have written an article on Medico home loans here - What are Medico home loans.
This could be a big saving and is generally available with both owner occupied and investment property home loans.
Some professions or occupations that might be eligible for an LMI waiver home loan –
Non Medical Professions –
- Lawyer
- Actuary
- Chief Financial Officer
- Auditor
- Accountant
- Barrister
- Solicitor
- Judges
Medical Professions -
- Cardiothoracic Surgeon
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dentist
- Dermatologist
- Ear and Throat Surgeon
- Emergency Surgeon
- Endocrinologist
- Pharmacist
- Veterinarian
- Nurse
- Midwives
When a bank considers a mortgage insurance waiver home loan, they may require you to be currently working in the role. They may also require professional body membership registration, for example a doctor or nurse would need to be registered with AHPRA, or an accountant may need to be a member of CPA Australia or another membership body.
The bank or lender may also have minimum income requirements too.
If you do have any questions at all about Lenders Mortgage Insurance waiver home loans, please have no hesitation contacting me here - Perth Mortgage Broker Group, or call Troy on 0411 229 602 anytime.
