What is LMI?
Why is there an LMI in the first place? How can we secure a home loan with no LMI?
Lender’s Mortgage Insurance is applied for by banks when the client’s bank deposit for a home loan is less than 20%. This protects them if the client cannot continue paying their hefty mortgage.
A relatively high home loan with a 90% Loan-to-Value Ratio (LVR) becomes a risk for banks or other lenders. To compensate for this risk, banks and lenders will require you to have an insurer who charges the LMI fees. If the borrower defaults on the loan, the LMI covers the remainder of the home loan.
However, this LMI is entirely paid for by the borrower applying for the mortgage, costing them thousands of dollars on LMI fees.
Which Professionals Can Apply for 90% LVR with No LMI?
While most banks require an LMI with significant home loans, Mortgage Pros can help you claim a 90% home loan without having to pay LMI if you meet specific requirements.
Moreover, some occupations may be eligible to apply for an home loan without having to pay any LMI. These occupations include:
90% LMI-free Home Loans
If you qualify as one of the eligible occupations, our specialist mortgage brokers can help you negotiate 90% LVR home loan without paying for LMI.
A 90% LVR means you can now borrow up to 90% of your property’s value and only contribute 10% in cash or equity.
Say goodbye to expensive LMI premiums and crack the property market faster!
Am I Eligible For 90% LVR Home Loan with No LMI?
Get approved for your dream home with ease. 90% LVR home loan with no LMI premiums is within reach. All you need to do is prove you can afford to service the loan with your income.
Are you worried about being a new private practitioner or a professional still under probation? No problem! Some lenders may still approve your application. Don’t let anything hold you back – apply now and start living your dream!
Is it Possible to Get 90% LVR Home Loan with No LMI?
Looking for the best rates on your 90% LVR loan without LMI? Look no further than Mortgage Pros. While other lenders might shy away from offering discounts or charge you higher rates for high-risk loans, our brokers have access to a vast list of banks and lenders, giving you access to the most competitive rates and the best discounts.
What are the fees involved with a 90% LMI-free Home Loan?
While the costs may be similar to any other type of loan, we’ll work with you to negotiate and waive some fees based on your loan amount and specific case.
So why wait? Talk with us today and let’s work together to develop the perfect financial strategy for you.
Lending Facilities with 90% LVR without LMI
Suppose you are approved for a 90% LVR home loan without LMI. In that case, you can still access various options, such as refinancing, buying another residential property, and accessing equity and other services.
We’ll guide you along the way so you can prove your ability to service the loan by working as a legal professional, engineer, accountant, dentist, or registered medical practitioner.
How to Qualify for 90% LVR Home Loan with No LMI
Want to save money on LMI premiums? With loan-to-value rates around 80-90%, we can help you get your LMI waived, provided you satisfy the following criteria:
- Loan less than $1,000,000
- Establish financial stability with steady income and low-risk employment
- Have high credit scores
- Buy a property near or inside the city
The following professionals have greater advantage at having their LMI waived:
Our professional brokers at Mortgage Pros can guide you in exploring various lending options to acquire a 90% LVR home loan with no LMI and help you save big.
Don’t miss out! Call us today to find out how we can help you!
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We’re available 8am to 8pm, 7 days a week & work Australia-wide! There is no obligation, we‘ll get back to you within 5 minutes during business hours.