Can I Apply for an 85% No LMI Home Loan?
At Mortgage Pros, we’ve helped hundreds of customers get approved for 85% loan-to-value ratio (LVR) home loans without paying for Lenders’ Mortgage Insurance (LMI).
We can do the same for you! Our network of 40+ lenders offers 85% LVR home loans with no LMI to eligible applicants. Our senior mortgage specialists will negotiate on your behalf and ensure LMI is waived as long as you meet the following criteria:
- A certified professional working in healthcare, accounting, and legal fields
- Have a financially stable career
- Buy residential property in preferred suburbs and locations
- Earn above an income requirement
- Support a strong credit score and clean credit history
Which Bank Should I Apply to?
We discuss your financial situation in-depth and take you through different banks and lenders offering loan solutions that suit your needs. Our team partners with Commonwealth Bank and St. George Bank, which offer special LMI discounts and waivers for home loans up to $850,000.
Moreover, St. George Bank offers 85% LVR without LMI and occupational requirements for first-home buyers. Chat with us today, and we’ll let you know if you qualify.
Aside from that, our specialist mortgage brokers will help you negotiate an 85% LVR home loan without LMI on your preferred banks. We have a full range of choices from major and small banks with different policies and requirements.
But don’t worry; we comb through the fine print and present a detailed summary of all your choices!
Most banks and non-bank lenders will look into LMI-free home loan applications on a case-to-case basis. It helps to have a specialist mortgage broker at your back who deals with LMI-free home loan applications day by day!
What Features Will I Get With an 85% LVR With No LMI?
You will enjoy various loan features, packages, and products on different loan rates and lenders. You can usually get all pricing and loan features with an 85% LMI-free home loan.
At Mortgage Pros, we’ll discuss how you can maximise all loan products and leverage exclusive deals to help reduce your payments as much as possible.
With our specialist mortgage brokers, you can snag an estimated average of 2.5% discount on your home loan or waive LMI for your 85% home loan.
Suppose you’re working as a medical professional like a doctor or a registered nurse. In that case, we can negotiate on your behalf and leverage available loan packages and 85% LMI-free home loans for nurses.
Speak with us today, and discover how to win your first LMI-free home loan as a health and medical practitioner.
Banks and non-bank lenders see medical, legal, and accounting professionals as low-risk borrowers. That said, you’ll walk in with a robust application and secure the most competitive deals from lenders that are willing to waive LMI fees and other processing fees with our help.
What is LMI?
Lenders’ Mortgage Insurance, or LMI, is a third-party insurance given to banks by an insurance provider. This protects the bank if you default on your loan and sell your property to pay for the loan.
An LVR above 80% will typically incur premium LMI fees. You need to pay a premium for the insurance to reduce your risk as a borrower with a low deposit amount.
What are Common LMI Rates For An 85% Home Loan?
Some of our partner lenders incur the following LMI rates for certain loan amounts:
- Finance up to $300,000: Up to 0.7% LMI fee
- Home Loan up to $500,000: Up to 0.98% LMI fee
- Loan up to $1,000,000: 1.53% LMI fee
Any loan over $500,000 will incur higher interest payments and steeper LMI fees. With our help, you can present a strong loan application or has a mortgage broker who knows the in and out of home loan rates and LMI fees.
You can save up by negotiating a lower interest rate or waiving your LMI.
If you’re a first-home buyer, we can also help you apply for first-home grants and get your dream home with as little LMI and stamp duty fees as possible.
Contact us today, and we’ll let you know how we can help.
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