Get Approved For Waived LMI!

  • Have you shopped around to compare and find the lowest LMI premium?
  • Are you a high incomer who doesn’t have a 20% deposit?
  • Borrow up to 90% of the purchase and in some cases more with waived LMI
  • Don’t waste a cent on paying LMI!
  • Let us negotiate on your behalf and not only save you on LMI but get you a discounted interest rate below what’s advertised.
85 % Home Loans Guarantor Medical Professionals Legal Professionals
How Does It Work?

If you have a 15% deposit plus enough money for costs such as stamp duty, legal fees and application fees, there are two lenders in Australia who can waive your LMI. Unlike other lenders, with these two lenders you won't need the help of a guarantor, be a doctor, accountant or lawyer. They will waive your LMI regardless of your profession!

Do I Qualify?

In order to qualify for the waived LMI promotions with either of the two lenders you will need to demonstrate the following:

  • Stable employment history
  • Ideally no credit issues, however we have had success getting waived LMI for those with minor telco defaults
  • Good repayment conduct on existing debts like credit cards, personal loans and car loans
  • A strong disposable income (current income - repayments on current and proposed debts)

Waived LMI promotions are designed to attract people in good circumstances, the two lenders actually pay the LMI premium on your behalf. Also to win your business they will offer you a competitive interest rate which really maximises your savings.

If your bank has quoted you an LMI premium and you are borrowing 85% we strongly recommend you contact us to discuss the potential of getting your LMI waived. If you do not qualify for any reason we can also complete a comparison of interest rates and LMI premiums available with other lenders! No bank will provide you with this service and most mortgage brokers prefer not to provide this information.

How Does It Work?

Getting a guarantor loan is one of the most effective ways of eliminating the need to pay for LMI. The banks will take additional security from your guarantor, this will mean technically you are borrowing 80% therefore the LMI premium is no longer applicable. You also won't need to pay any deposit and you'll be eligible for one the most competitive rates on the market!

Do I Qualify?

In order to qualify for waived LMI with a guarantor loan you will need the following:

  • A guarantor who is willing to put up their property to help with your purchase, ideally the guarantor's property should not have more than 50% owing of the current market value
  • A clear credit history which means no defaults, judgements or bankruptcy
  • Good repayment conduct on all of your debts like credit cards, personal loans and car loans.

Although guarantor loans are designed to help those who lack a deposit, they are now quickly becoming one of the most popular ways to get the biggest savings on your home loan! Guarantor loans have many financial benefits, you'll be able to keep all your savings for a rainy day, get some of the most competitive interest rates and of course get your LMI entirely waived. Give us a call and find out if you qualify for a guarantor loan!

How Does It Work?

Banks understand that the medical industry is one of the lowest for mortgage default risk. The banks know that if they lend you money as a medical professional you'll most likely pay it back. As a result, the banks will go above and beyond to win your business. As a Medical Professional you should not be paying LMI if you fit into any of these professions:

  • Specialist Doctor
  • Doctor
  • Pharmacist
  • Optometrist
  • Dentist
  • Veterinarian
  • Physiotherapist
  • Chiropractor
Do I Qualify?

In order to qualify you will need to demonstrate the following:

  • You are borrowing no more than 90% of the property value
  • You are a member of the required industry organisations such as the Australian Medical Association. Please contact us to confirm if your association is acceptable.
  • You must be specified on the list of professions outlined above.
  • Your total borrowing doesn't exceed $1.8 million per property. There is one bank however that can potentially go up to $4.5 million! Call us to see if you qualify.

Give us a call to see if your profession is eligible and to learn how you can save tens of thousands on waived LMI while getting one of the most competitive rates on the market.

How Does It Work?

If you're a Lawyer, Barrister, Solicitor or Judge there are now two banks who will waive your LMI if you are borrowing 90% of the purchase price.

The Banks are arguably one of the best data collection organisations, historically it has been evidenced that people in the legal profession are less likely to default on their home loan. What this meant to the bank is that any money lent to people working in the legal profession is going to have less risk of defaulting or causing any type of loss.

Do I Qualify?

In order to qualify for waived LMI as legal profession you will need to demonstrate the following:

  • To be borrowing no more than 90% of the property value
  • A copy of your degree or evidence that you are currently practising. However, not required for judges.
  • Depending on the state you're working in you'll need to be earning over $150,000 before tax ($120,000 for WA, SA, NT and TAS). However with some banks this can include rental (both current and proposed) and your spouse's income.

Getting LMI waived for legal professionals can be quite tricky especially if you're earning under the $150,000 threshold. Give us a call to discuss if you qualify for waived LMI as a legal professional.

Finance Professionals
How Does It Work?

Did you know certain financial professionals are eligible for waived LMI? If you're Actuary, Accountant, Finance Manager, Auditor, CFO, Director, Partner or Financial Controller you may not need to be pay LMI. Similar to the legal professionals, the bank's view your employment to be far less of a risk and are willing to give you some special discounts they won't give anyone else!

Do I Qualify?

In order to qualify for waived LMI as legal profession you will need to demonstrate the following:

  • Unless you are an Actuary you will need to have a CPA, CA or CFA. Actuaries will require their FIAA.
  • A copy of your degree or evidence that you are currently practising.
  • Depending on the state you're working in you'll need to be earning over $150,000 before tax ($120,000 for WA, SA, NT and TAS). However with some banks this can include rental (both current and proposed) and your spouse's income.

Undoubtedly, one of the biggest rip offs in home lending is Lender’s Mortgage Insurance. It averages at about $17,000 for $500,000 loan amount at 95%LVR and can go above $50,000 for bigger loan amounts. Unfortunately though it’s given very little attention and most brokers tend to overlook it and focus just on the interest rate.

Mortgage Pros are different. We are waived LMI specialists. Unlike other brokers rather than being fixated on the interest rate, our number one priority is always getting you the maximum savings! And as LMI is often one the biggest costs, we are always looking for ways save you from wearing the cost! We believe the money is better in your pocket rather than the banks.

Like a top lawyer, we specialise in building and presenting cases. We only put forward cases to the bank’s assessors which they cannot say no to!

Give us a call today and find out whether you qualify for waived LMI!

Get your FREE consultation OR 1300 030 388

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