Please note that due to Covid-19 restrictions, some of the lender policies have temporarily changed and may not be currently available. Please contact us for clarification.
Mortgages for Professionals
Mortgages for Professionals Fact: Some Lenders extend special consideration to certain professionals enabling them to borrow up to 90% without Lenders Mortgage Insurance. That Can Save Up to $40,000 depending on the purchase price of the property.
Fox Mortgage Services have the knowledge and experience in providing these specialist facilities.
Are you looking for a mortgage for Professionals?
You could save thousands towards your home loan with a professional home loan package with no Lenders Mortgage Insurance (LMI).
When borrowing more than 80% of a property’s value, lenders require that the borrowers pay Lenders Mortgage Insurance (LMI) to protect the lender in the event that the borrower cannot meet the minimum repayments. However, there are specific occupations that lenders allow to borrow 90% of the property’s value without needing to take out LMI.
The occupations that generally fall into this category are lawyers, accountants, geologists, veterinary and medical professionals.
The medical profession covers a wide range of disciplines, from Anaesthetist to Vascular Surgeon, to find out if you are in a qualifying role contact us.
Why are some banks waiving LMI for Professionals?
LMI is designed to protect the lender against the possibility of default by its mortgage customers. However, some lenders have realised the chance of you, as a professional, defaulting is very low. Because of this, these banks are prepared to consider waiving the LMI premiums.
Who qualifies for this loan?
Professionals who demonstrate that they meet the following eligibility criteria:
What if I do not meet these criteria?
Even if you don’t qualify, we may still be able to arrange a home loan up to 85% with no LMI premium payable.
Examples of Professionals using this policy
You could top up your existing home loan to 90% and pay no LMI. This would release surplus funds which you can then use to fund the 10% deposit plus costs on a new investment (or owner occupied) property.
Providing the total transaction amount is below $2 million, you’ll have no LMI to pay. Not only that, we can source loan products specifically designed for Professionals. These include standard variable mortgages with package discounts, and fixed rate offers with features such as offset accounts and redraw.
What is the next step?
There is no cost for our service and absolutely no obligation. Contact Fox Mortgage Services for further information.