How Medical Professionals can avoid LMI and save money on their mortgage.
While it is easier for doctors and dentists to receive savings on home loans, other medical professionals may need to investigate the market more thoroughly to make sure that they don’t miss out on savings available specifically to their industry.
Some of the professions that we have previously worked with successfully, and should get in touch with our expert brokers are:
Physiotherapists
Podiatrists
Optometrists
Pharmacists
Veterinarians
Keep in mind that this is not an exhaustive list!
For example, one client who is an optometrist had previously dealt directly with a bank, and thought she could not secure a 90% no Lenders Mortgage Insurance (LMI) loan. However, she met with us and we found there was a lender that would recognise her profession, it just wasn’t available through the bank she was originally dealing with. By finding her this loan, the client saved thousands of dollars - roughly $10,000 in fact.
Also worth considering is that some banks don’t offer medical professionals’ savings on investment properties, but others do. In an ever-changing market, it pays to be across new offers and developments. For example, several banks have made changes recently to their investment loan policies including:
95% No LMI for Registered Nurses
95% No LMI for Medical Doctors
If you are a medical professional in either one of the sectors named above or even one that is not listed, it is absolutely worth your time talking to a mortgage broker who specialises in this area. Using a broker instead of a branch lender opens up a much larger number of lending options for you and your circumstances.