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Waived LMI Home Loans

Secure your dream home with the right home loan financing decision

BOOK A CONSULTATION

Waived LMI Home Loans

Secure your dream home with the right home loan financing decision

BOOK A CONSULTATION

Waived LMI Home Loans

Secure your dream home with the right home loan financing decision

BOOK A CONSULTATION

What Is a Waived LMI Home Loan?

Generally, if you are borrowing more than 80% of the property value (standard mortgage), your lender requires you to pay a Lender Mortgage Insurance (LMI) fee to secure their funds in the rare case of a default. Waived LMI Home loan, as the name suggests, is when LMI is waived for special cases, such as for a professional working in a specific field, someone taking a guarantor loan or a high-income earner. Lenders terms and conditions apply to the waiver of any LMI payable.

Waived LMI Home Loan Calculator

Use the calculator below if you are eligible for an LMI waiver and the amount you save!

Enter your profession:

Enter your annual base income:

Enter the property value:

Do you have a guarantor?

YesNo

The results provided by this calculator are for indicative purposes only and are based on the information you have provided. They do not constitute financial advice, a loan offer, or a guarantee of approval. Loan eligibility is subject to lender assessment, credit checks, and other conditions. We recommend consulting with a licensed financial advisor or mortgage broker before making any financial decisions.

Enter your profession:

Enter your annual base income:

Enter the property value:

Do you have a guarantor?

YesNo

Options for Waived LMI Home Loans

Guarantor home loan: A family member, mostly parents, can use their property as security, potentially eliminating the need for LMI.
LMI waiver for professionals: Certain professionals may qualify for LMI waivers due to their perceived financial stability and earning potential. While eligibility can vary by lender, common professions that may be considered include:

Medical Professionals

Doctors
Surgeons
Dentists
Veterinarians
Nurses
Mid Wives

Healthcare Professionals

Chiropractor
Pharmacists
Radiologist
Paramedic

Legal Professionals

Lawyers
Barristers
Judges

Finance Professionals

Accountants
Actuaries
Auditors
Bank Managers
Finance Managers

Other Eligible Professions

Engineers
Architects
Professional Athletes
Teachers
Police
Fire Fighters

Other Eligible Professions

Put in a higher deposit amount: In order to avoid LMI altogether, you can always increase your deposit amount to 20% so you only borrow 80% of the property value. Consider increasing savings, getting a gift deposit from parents, or a personal loan. Architects

Significant upfront savings

Pros

Cons

Pros and Cons of Waived LMI Home Loans

Ability to enter the property market sooner

Potential for larger loan amounts

It may require a high income or a specific profession

Limited lender options; some lenders may not accept widely accepted professionals, so Select Home Loans tailors the best lender choices our you to qualify!

Potential for higher interest rates

Significant upfront savings

Pros

Cons

Pros and Cons of Waived LMI Home Loans

Ability to enter the property market sooner

Potential for larger loan amounts

It may require a high income or a specific profession

Limited lender options; some lenders may not accept widely accepted professionals, so Select Home Loans tailors the best lender choices our you to qualify!

Potential for higher interest rates

Significant upfront savings

Pros

Cons

Pros and Cons of Waived LMI Home Loans

Ability to enter the property market sooner

Potential for larger loan amounts

It may require a high income or a specific profession

Limited lender options; some lenders may not accept widely accepted professionals, so Select Home Loans tailors the best lender choices our you to qualify!

Potential for higher interest rates

Significant upfront savings

Pros

Cons

Pros and Cons of Waived LMI Home Loans

Ability to enter the property market sooner

Potential for larger loan amounts

It may require a high income or a specific profession

Limited lender options; some lenders may not accept widely accepted professionals, so Select Home Loans tailors the best lender choices our you to qualify!

Potential for higher interest rates

fAQs

LMI costs vary widely, typically ranging from 1% to 5% of your loan amount. Factors influencing the cost include your deposit size, loan amount, property value, and your income.

How much is LMI in Australia?

LMI costs vary widely, typically ranging from 1% to 5% of your loan amount. Factors influencing the cost include your deposit size, loan amount, property value, and your income.

How much is LMI in Australia?

LMI costs vary widely, typically ranging from 1% to 5% of your loan amount. Factors influencing the cost include your deposit size, loan amount, property value, and your income.

How much is LMI in Australia?

LMI costs vary widely, typically ranging from 1% to 5% of your loan amount. Factors influencing the cost include your deposit size, loan amount, property value, and your income.

How much is LMI in Australia?

If you qualify for a waived LMI home loan, which is extended to people with a guarantor or who are from a specific profession, then you can avoid paying LMI fees and save thousands of dollars. Alternatively, you can always save more so you can pay for the 20% deposit.

How to receive an LMI waiver?

Applying for a Waived LMI Home Loan but don’t know where to start? Fill out Select Loan & Mortgage’s consultation form to take the first step toward a smooth home loan journey.

Ready to Get Your Dream Home With Us.

Book A Consultation

Select Loan & Mortgage is a one-stop solution for home loan consulting services in Australia.

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ACN: 680 285 143

Address: Level 10, 90 King William Street Adelaide SA 5000

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Select Loan and Mortgage Pty Ltd | Credit Representative Number 563198 is authorized under Australian Credit License 389328 | 86 680 285 143 |

This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.