LMI waivers for professionals can save homebuyers significant costs on property purchases, as some banks and lenders may not charge lenders mortgage insurance (LMI) for certain high-earning or less risky careers. Professionals such as medical practitioners, legal professionals, accountants, and media figures may qualify for LMI waivers, but not all banks offer them and certain requirements must be met. LMI is generally required when a deposit is less than 20% of the property’s value and protects banks and home loan lenders in case borrowers default on their loans.
The cost of LMI varies depending on factors such as the deposit saved, loan size, property type, employment status, and the lender’s insurance provider. Certain professions may qualify for LMI waivers because they are considered high-earning or less risky. Banks and lenders offer LMI waivers to attract less risky borrowers and build long-term relationships with them. To find a home loan lender that offers LMI waivers with suitable terms, it is recommended to speak with a mortgage broker.
Information collects from Canstar

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