95% No LMI Home Loan

95% No LMI Home Loan

There are lenders that offer loans at 95% LVR with NO LMI for certain professions with very good interest rates and features.

Types of professions eligible for 95% LVR No LMI?

The eligibility of the the above professional must be verified on the AHPRA (Australian Health Practitioner Regulation Agency) website or relevant veterinary board to qualify for 95% LVR with NO LMI.

Other types of LMI waivers?

  • Some other lenders will allow you to borrow up to 90% with No LMI based on the industry you work in such as Medical, Accounting, Legal, Health Care, Professional Sportsperson + Many more.
  • There are certain funders that offer 85% LVR with NO LMI
  • Guarantor loans; which allow you to secure your loan with an eligible family member’s property and use their equity to borrow 100% of the purchase plus costs.
  • Reducing your loan amount is also a good way of minimizing the LMI you pay, as the greater your loan, the higher your premium.
  • It is also important to consider the Mortgage Insurer you use, as premiums can differ significantly between lenders and there are discounts on LMI for first home buyers with certain lenders.
  • You may also be eligible to NOT pay LMI via the first loan deposit scheme with certain lenders if you are a first home buyer.
  • Call one of our experts today and see how we can get you a 95% home loan and save you thousands on LMI!
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Lender’s Mortgage Insurance (LMI) is Insurance available to banks to protect them in the event that the customer defaults on their loan.

It is applicable when the customer has a deposit lower than the usual 20% and therefore exposing the bank to a higher risk. The insurance does not extend any protection to the customer, so the customer will need to organize their own mortgage protection insurance and or income protection, separately.