Home Loans for Doctors: Can one Get a Home Loan As a Medical Expert to 90% LVR and Not Pay LMI?
Introduction:
Doctors, Dentists, Vets as well as other medical practitioners are viewed less risky by the banks so that as such, some lenders offer greater discounts on interest rates. Certain lenders may also consider lending as much as 90% LVR (that is, with just a 10% deposit) and waive lenders mortgage insurance premium.
This article explains some of the benefits open to certain medical practitioners as well as the criteria.
Firstly, What is Lenders Mortgage Insurance?
The very first thing to quickly note is - what is lenders mortgage insurance. Lenders mortgage insurance ('LMI') is insurance taken out to protect the lender in event of default by the borrower. As a rule, in Australia lenders mortgage insurance is needed when the borrower does not possess a 20% deposit.
Lenders Mortgage Insurance can be very expensive. Over a $1,000,000 property for example which has a $900,000 loan, the premium can be circa $15,000.
Can Lenders Mortgage Insurance be Waived?
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