Many lenders offer specialised home loan policies for certain professionals, allowing them to purchase property with a smaller deposit while having Lenders Mortgage Insurance (LMI) waived. At M Finance, we assist eligible professionals to explore their loans appropriately.
LMI fees are typically required when borrowing more than 80% of a property’s value. However, under some professional lending policies, some banks will waive LMI fees for eligible professions, even when borrowing above that 80% threshold.
This means qualifying professionals may be able to purchase with less than a 20% deposit (subject to minimum deposit requirements set by individual lenders) . It may help avoid paying LMI fees which may reduce upfront costs, depending on individual circumstances, that you might have otherwise had to contribute or save. Some also offer more competitive interest rates
Professional LMI waiver policies are commonly available to professionals in fields such as:
Eligibility is assessed on a case-by-case basis and is subject to lender policy.
If you’re a professional considering purchasing or refinancing property and would like to explore whether an LMI waiver may apply, contact M Finance to discuss your options. We’ll provide clear advice tailored to your circumstances.
