LMI waiver for professionals

Currently as of 11-March-2021 this is a lender who has up to a 85% LVR Lenders mortgage insurance waiver for all first home buyers of any profession. Rates are great (I can’t really put theses here as they change too often) and they don’t apply any additional cost for the LMI waiver unlike some lenders.

Have a read of what LMI is here

Medico LMI waivers 95% LVR

There are a few lenders who give a LMI wavier up to 90% for medical practitioners, dentists and specialists but one lender in my lender panel will lend up to 95% LVR and no LMI for this. As an example, a Paediatric specialist recently purchased a property at the 95% LVR with no LMI and saved himself over $30,000 in LMI fees.

Physiotherapist LMI waiver 90% LVR,  Chiropractors LMI waiver 90% LVR, Optometrists LMI waiver 90% LVR & Veterinarians LMI waiver 90% LVR

There are a few lenders who give a LMI wavier up to 85% for Physiotherapist, Chiropractors, Optometrists and Veterinarians but one lender in my lender panel will lend up to 90% for this.

If you are buying a $800,000 house, with a 10% deposit and the LMI waiver, you could save circa $17,600 in LMI fees and also get into your house sooner by needing less of a deposit.

Occupations which this applies

Physiotherapist

Chiropractors

Optometrists

Veterinarians

Accountant LMI waiver 90% LVR & Solicitor LMI waiver 90% LVR

If you are a looking for an LMI waiver for accountants or a LMI waiver for lawyers, most accountant and lawyers are eligible up to a 90% LVR with a number of lenders. Accountants who are a member of a professional body or solicitors who hold a practicing certificate can apply up to 90% LVR without the need for LMI.

Eligible Accountants must hold a professional membership with:

• Certified Practicing Accountant (CPA)
• Chartered Accountants Australia & New Zealand (CA)
• Chartered Financial Analyst Institutes (CFA) or
• Fellowship of the Institute of Actuaries of Australia (FIAA)

Eligible lawyers/solicitors must hold a current practicing certificate with the relevant bodies:

• Legal Practice Board of Western Australia
• Victorian Legal Services Board
• Law Society of the Australian Capital Territory
• Law Society of New South Wales
• Law Society of Northern Territory
• Law Society of Queensland
• Law Society of South Australia
• Law Society of Tasmania
• Equivalent Barrister, Judges and Magistrates’ relevant memberships

Pharmacists LMI waiver 85% LVR,  Psychologists LMI waiver 85% LVR, Nurses (PAYG) LMI waiver 85% LVR,  Radiographers LMI waiver 85% LVR & Sonographers LMI waiver 85% LVR

A few lenders have an LMI waiver for medicos but typically the below list of occupations doesn’t apply however there is a specialist lender who will give an LMI waiver up to 85%.

If you are buying a $800,000 house, with a 15% deposit and the LMI waiver, you could save circa $9,000 in LMI fees. Remember because the LMI cost is added to the loan, the interest costs over time mean it could actually cost you nearly double this amount.

Occupations which this applies

Pharmacists

Psychologists

Nurses (PAYG)

Radiographers

Sonographers