Most home buyers have heard of LMI or lender’s mortgage insurance.
Lenders consider it a risk when they have to lend you money more then 80% of the property price. They will then insure this risk through a mortgage insurer and they pass on this charge to you in the name of ‘lender’s mortgage insurance’ or ‘LMI’. This is a one off premium you pay your lender for the privilege of being able to borrow more than 80% up to a maximum of 95%.
However, recently one of our lenders advised that if you belong to any of the fee for service industries below and fulfil their lending criteria, you may be eligible for a mortgage without paying any LMI.
- Commercial real estate
- Medical specialists
- Corporate transactional banking
- Other Health care professionals
- Financial planning
- Insurance broking
- Legal Architects
- Quantity surveyors
- Strata Environmental sciences
- Residential real estate
- Geological/geotechnical sciences Resources
- Valuation services
- Private and property clients
- Actuarial services
If you would like to know more, contact us on (03) 9005 3983 or via our form on the contact us page.