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:
Dependant on the profession there are minimum income requirements;
You’ll need to be an Australian Citizens or Permanent Residents;
You’ll need to be an Australian Citizens or Permanent Residents; You’ll need to provide current practicing certificate, industry membership and qualification, which permits you to practice in your jurisdiction;
Your property purchase must be either owner occupied or for investment purposes;
The maximum loan amount is $2 million;
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.
How Can We Help You?
What Our Clients Say
I can’t recommend Rebecca from Fox Mortgage Services highly enough! From the moment that I contacted Bec to help me purchase my first house, she always gave me a mountain of information and went through all the options. Always an absolute pleasure to deal with – even when I rang her while she was on holiday! She follows everything to the very end and always makes time to help with any queries. I’ve already recommended her to everyone that I speak to about my place and my folks are going to re-mortgage through Bec in the near future. Thank you!
Elise & Stephen, Stratton, WA
Paul has been an outstanding mortgage provider with on point advise and fantastic communication skills. He explained everything in advance with more than enough examples so i could make educated decisions with ease. I was given the sound advice I required to make the decision that best suited my needs and was supported by Paul along the way. Paul took charge and worked diligently with the bank of my choosing to secure a great deal and handled the day-to-day correspondence whilst keeping me updated. I was very lucky to work with Paul and look forward to more business in the future together.
We’d like to thank Fox Mortgages for all their help in securing our first home!! Paul and Bev are amazing! They were effortless in answering all our questions and explaining everything simply so the process wasn’t overwhelming or stressful!! Will be recommending them to everyone we know!! Thank you again Paul and Bev we are so grateful for all that you have done!! Fox Mortgages are the Best!!
Bec you were absolutely amazing. Thank you so much for all your help and guidance. You listened to all my needs and found me a mortgage that suited me perfectly. I would recommend you in a heartbeat .10/10 thank you so much for making it all so easy xxxx
Zen M, Leederville, WA
We would highly recommend Fox mortgage services to anyone looking to navigate the finance market. Beverley looked after us and was so professional and helpful. Nothing was too much trouble and she went above and beyond to ensure that our affairs were handled efficiently. If you want a broker you can trust to look after your interests and find the best deal for you, these guys won’t disappoint. Thank you so much.
Cathy, Secret Harbour
I was very impressed with the results Paul and everyone involved helped me achieve! In the end that’s what counts. Paul always manages to get a better deal than anyone else can! There has been a lot happening in the loan market and he seems to be able to navigate smoothly and quickly to secure a great deal each time. Paul is very experienced and easy to deal with and I would be happy to work with him again.