In our last post, we talked about Lenders Mortgage Insurance, which is applicable in nearly all cases where the deposit/equity being put up by the applicant(s) is less than 20% of the value of the security being offered. However, in some circumstances, some lenders are willing to take on the risk of not insuring certain loans and this can lead to a waiver of mortgage insurance for the applicant(s).
The most common example of this is what is commonly referred to as a 'Medico Package', which allows people with a degree in Medicine and practising in a range of related fields, can have the Mortgage Insurance Fee waived with a deposit as little as 10%, instead of the usual 20%. There are some additional qualifying criteria that can vary lender to lender so for further information please contact us.
However, you don't have to be in the Medical profession to necessarily qualify for LMI waivers as there are some unique offerings from two lenders in particular that we have outlined below
Borrow up to 85% and pay NO LMI on purchasers in Major Cities for High Income earners
Borrow up to 90% and pay NO LMI for qualify applicants who work in the following fields
- Accounting Professionals
- Legal Professionals
- Professionals working in Mining, Energy or other Resrouces
- Professional Sports people
- Professional Entertainers
In both these cases Conditions Apply, so if you believe you may qualify for a waiver of lenders mortgage insurance, get in touch with our experts today!