Planning to have that dream home you’ve wanted but on a tight budget? You may need a home loan to get started. At Mortgage Pros, our mortgage specialists will guide you through the process of securing the most competitive home loan that suits your financial position.
Securing a 95% Loan-to-Value Ratio (LVR) is nearly impossible without incurring LMI. However, we can help you find one by looking for the right banks for you that give desirable offers to certain professionals.
Professionals Eligible For a No LMI 95% LVR
- Home Loans for Doctors
- Home Loans for Accountants
- Home Loans for Physiotherapists
- Home Loans for Professionals
If you’re one of these professionals, you may be eligible for a 95% home loan with no LMI with our help.
Other Options of Home Loans With No LMI
Most banks and non-bank lenders offer 90-95% no-LMI home loans to specific professionals—particularly those working in the medical, accounting, and legal fields. If you’re not eligible, our mortgage brokers can help you negotiate for an LMI waiver depending on your financial circumstances.
We helped hundreds of first-home buyers get an 80% home loan with no LMI—and we can do the same to you. Our specialist mortgage brokers will help you land the right lender and set up a Guarantor Loan to strengthen your no-LMI home loan application.
95% LMI: In a Nutshell
LMI, or Lender’s Mortgage Insurance, is applied by banks when a borrower takes up around 90% of LVR. This is because banks are subjected to higher risks with this level of mortgage.
However, the borrower will be responsible for paying for the bank or the lender’s insurance, adding to the borrower’s financial strain in applying for a loan.
Our professional mortgage brokers can help you avoid the financial burden of LMIs. We closely guide you all throughout the process of finding and negotiating with lenders to get the best loan deal that works for you.
Other Professionals: How to Avoid LMI
Getting a huge loan without the added cost of LMI is very much desirable. But, it is not easily accessible to everyone if they’re not listed as low-risk professionals.
Here are some practical tips that help secure a high LVR home loan without having to pay LMI.
Look for a Guarantor
You can evade paying LMI by having a guarantor. In this case, the lenders will allow you to loan 105% LVR in which the exceeding 5% pays for the purchase costs.
Through Lower LVR
Borrowing a lower LVR of up to 80% can give you higher chances of avoiding that LMI on your home loan. Mortgage Pros can negotiate beneficial terms with this level of LVR since it becomes a lesser risk for the banks or other lenders.
Borrow for a Lesser Home Loan
The lesser the amount of your home loan, the lower the LMI you have to pay. Mortgage Pros can even negotiate for a no LMI with lower home loans. Loans that could go up to $500,000 might require moderate LMI premiums, and higher loans would also equate to higher costs of LMI.
Higher Savings, Lower LMI
Having an appreciable amount of savings is a good start to getting a loan with lower or no LMI because this would show proof that you can pay the loan deposit. This way, gaining the trust of the banks or other lenders can get you better deals than having inadequate funds.
Compare against different LMI Insurers
LMI is provided for by third-party insurance companies. Mortgage Pros can help you look for the LMI insurer that fits your loan deal and financial budget. If you are planning to get a 95% LVR home loan, finding the best LMI insurer you can afford can significantly aid you in decreasing your financial strain.
As a borrower, you need to invest a substantial amount of time in speaking with a lender, comparing your best options and going back-and-forth to secure a deal. It’s not only time consuming, but heavily exhausting!
That is why Mortgage Pros is always ready to provide professional mortgage guidance to secure you with the best and most beneficial home loan deals. Contact us and start your dream home journey. We’ll help turn your dream home a reality.
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