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LMI Waiver For Health and Medical Professionals

health professional comparing home loans

Discover how medical professionals are skipping the LMI and saving thousands on their home loans!  Here’s how an LMI waiver can put money back in your pocket.

Health and Medical Practitioners on the lookout for a home loan might be eligible for some perks, like discounted rates not available with standard home loans. This includes medical professionals, who have access to a range of beneficial concessions.

Given their typically high salaries, lenders see those in the medical field as having no trouble with their mortgage repayments. This financial stability positions medical professionals as particularly appealing clients for lenders, seen as low-risk borrowers. To attract these individuals, lenders offer advantages such as the waiver of Lenders Mortgage Insurance (LMI), which can lead to significant savings.

What You Need to Know About LMI

Lenders Mortgage Insurance (LMI) is a protection measure for lenders against the risk of a borrower failing to keep up with their mortgage repayments. Should a borrower default, and the property’s sale doesn’t cover the owed amount due to depreciation, LMI covers the difference. It’s typically required for borrowers with less than a 20% deposit or a loan-to-value ratio above 80%, as a smaller deposit increases the lender’s risk. However, medical professionals might have the perk of an LMI waiver, saving them a significant amount over time. This waiver is a special benefit acknowledging the financial stability and lower risk profile of health and medical professionals.

Home Loans for Medical Professionals

As a medical professional, you’re uniquely positioned to enjoy certain advantages when securing a home loan due to your stable and high income, low risk of a career change, and the constant demand for medical expertise in Australia. These factors make you a low-risk borrower in the eyes of lenders. Key benefits include potential waivers for Lenders Mortgage Insurance (LMI), allowing for significant savings, and the possibility of smaller initial deposits, enabling earlier property investments.

Lenders might also offer more flexibility around the standard proof of income requirements, recognising the unique employment structures within the medical profession. These special considerations highlight the value placed on medical professionals and their contributions to the community. 

A wide range of medical professionals, spanning over 50 specialties, are eligible for home loans with potential LMI waivers, provided they are recognised by the Australian Medical Council or a similar authoritative body. This includes a variety of specialists from anaesthetists to veterinarians and Allied Health professionals like physiotherapists and podiatrists. If you’re in the healthcare sector and are unsure of your perks, it’s still worth consulting with mortgage brokers who can guide you on available incentives. For a comprehensive list and more details, please contact us today.

How we can help

Our brokers are adept at securing home loans for medical professionals, recognising the unique demands and complex financial landscapes they navigate. We will streamline the process, handling the intricate details from assessing your current situation and financial goals to liaising with lenders on your behalf. This personalised approach aims to secure the best possible interest rates, simplifying the path to homeownership.

Let’s get started

Our experienced mortgage brokers streamline the home loan process, ensuring it’s straightforward and hassle-free for you. Call 1300 661 424 or contact us today.

Who is eligible for an LMI waiver?

Health and medical professionals recognised by the Australian Medical Council or similar bodies, across over 50 specialties.

What advantages do medical professionals have with home loans through Tanti Financial Services?

Medical professionals benefit from Tanti Financial Services’ comprehensive approach to home loans, enhanced by a one-stop suite of financial services. This includes access to mortgage brokers, accountants, financial advisors, and insurance brokers, all under one roof. This integrated service model ensures tailored financial solutions that consider all aspects of a medical professional’s financial health, potentially leading to better loan conditions, including possible LMI waivers, and streamlined financial planning.

How much can I potentially save by not paying LMI?

The savings can be significant, often thousands of dollars depending on your loan size and property value.

Are allied health professionals eligible for these home loan benefits?

Yes, many allied health roles like physiotherapists and podiatrists qualify.

What if my profession isn’t listed among the eligible specialties?

It’s still worth discussing your situation with Tanti Financial Services, as there may be other incentives or options available.

Why are medical professionals considered low-risk by lenders?

Due to their stable and high income, the low likelihood of career change, and consistent demand within Australia.