How can LMI be waived

By 3 July 2015Education
what-is-a-pre-approval

How can LMI be waived

LMI waived to 85% LVR. How Do I Save Thousands On Lenders Mortgage Insurance?

If you’re looking to purchase a property to live in and looking to avoid paying lenders mortgage insurance (LMI) you might be in luck! You can save thousands in LMI and achieve a great interest rate too.

In recent times banks and lenders have reviewed their policy and now can offer LMI waiver when borrowing up to 85% of the property value. This offer has been expanded from what was previously limited to medical practitioners, lawyers and a few other industries.

To be eligible for LMI waiver and a great interest rate special you’ll need to:

  • Fit the occupation class
  • Have 1 year in your current employment or have worked in same industry/profession for 2 years
  • Possess a clean credit file
  • 5% genuine savings (that is, some of your deposit must be from your own savings)
  • Have sufficient deposit
  • Be an Australian Citizen or Permanent Resident,
  • Be in a sound financial position and meet general lender credit policy
How much will I save in LMI?

Here are some examples of a typical LMI premium for a 85% lend based on various loan amounts.

Loan Amount LMI Premium
$300,000 $2,850
$400,000 $4,600
$500,000 $5,750
$600,000 $8,880
$700,000 $10,360

If you are looking to buy a home to live in you really cannot afford to not put in a call to Hunter Galloway to see if we can help you. Please call us on 1300 088 065 or enquire online and one of our mortgage brokers will go through the special discounts with you.

For information on home loan options or home loans for doctors.

Nathan Vecchio – 0410 000 689

Mortgage Broker

Author Mortgage Broker

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