No LMI loans?



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.

  • Accounting
  • Doctors
  • Commercial real estate
  • Medical specialists
  • Corporate transactional banking
  • Other Health care professionals
  • Financial planning
  • Dentists/Orthodontists
  • Insolvency
  • Veterinarians
  • Insurance broking
  • Engineers
  • Legal Architects
  • Not-for-profit
  • 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.