Do Pharmacists Have to Pay Lenders Mortgage Insurance (LMI)?

Picture this, you’re a pharmacist working in Brisbane and earn about $65,000 per year. You’ve been with the company for almost three years now.

You’ve decided to take the leap and purchase a property for $450,000, an apartment in the CBD. But will you qualify for waived LMI?

 

Do Pharmacists Have to Pay Lenders Mortgage Insurance (LMI)? 

There is some good news for Pharmacists! In this job, you are eligible to have LMI waived or discounted as pharmacists are considered low-risk borrowers. However, some of the big banks like CBA sometimes exclude pharmacists to be eligible for this.

That’s why it’s important to speak to a mortgage broker about your options. With a large portfolio of lenders, Hunter Galloway will be able to find one that suits you.

You may also be eligible to invest in multiple investments and get discounts on LMI even with a smaller deposit.

information-session

 

Yet aside from being a Pharmacist, there are a few other criteria that you’ll need to fulfil.

pharmacist

 

A few other things will depend on if your application is successful or not:

  • ✅The number of properties you wish to buy along with the size of the deposit
  • ✅If you have an unusual case outside of bank policy
  • ✅Your personal situation – company structures, trusts etc.

However, all of this advice is just general advice and we strongly recommend you speak to our team of Mortgage Brokers who are Lenders Mortgage Insurance experts to understand your situation as a pharmacist and accurately confirm with you if you’re eligible. Speak to Hunter Galloway today for more information.

Why do Banks give Pharmacists 90% no LMI?

Banks and other lenders maintain a list of accepted professionals, including pharmacists who obtain a waiver towards lender’s mortgage insurance, higher interest rates and higher loan limits.

They maintain this list because professionals like Pharmacists can:

  • ✅Make regular repayments without causing any delay
  • ✅Borrow high loan value as compared to other borrowers
  • ✅Almost never default on their loan

 

How much can Pharmacists save with 90% no LMI loans?

As you can see below, having LMI waived could save you up to $34,372 in the costs of purchasing your property!

Purchase Price
Deposit (%)
Deposit ($)
LMI
$500,000
15%
$75,000
$4,725
$500,000
10%
$50,000
$9,860
$500,000
5%
$25,000
$17,655
$750,000
15%
$112,500
$9,033
$750,000
10%
$75,000
$18,173
$750,000
5%
$37,500
$34,372
*LMI amount calculated as the average of big 4 banks, on a purchase in Queensland.

How does Hunter Galloway help Pharmacists?

It’s important to work with a mortgage broker that understands your situation, and occupation. At Hunter Galloway we have access to over 30 lenders, we do all the paperwork for you, negotiate a better deal with your bank and bests of all our services do not cost anything to you as we are paid by the banks.

 

pharmacists-no-lmi-and-90-lvr

Hunter Galloway has helped Pharmacists like Marshall with buying a home at 90% no LMI (lenders mortgage insurance)

Help this is all confusing

If you are a Pharmacists wanting to buy a home or refinance speak with one of our experienced mortgage brokers to walk through the next steps with you.

lenders-mortgage-insurance

chat-to-mortgage-expert

At Hunter Galloway we help Pharmacists get 90% no LMI Home loans in this competitive market, we give you the actual strategies that have helped other home buyers like you secure a property when there have been 5 other offers on the table! Enquire online or give us a call on 1300 088 065.