No LMI for Medical Professionals including Nurses
Medical professionals may be able to access Lenders Mortgage Insurance Waivers for up to 90% of the property value and in good news the list of professionals has recently been expanded to include Registered Nurses.
Lenders Mortgage Insurance (LMI) is an insurance that covers the lenders risk within a residential mortgage transaction. It is usually required to be paid by the borrower where they need to deposit more than 80% of the value of the property. This can be in the thousands of dollars added to the cost of their loan and may not be a feasible option for some people.
It's a difficult time to save for a property: cost of living pressures are increasing, and home loan repayments are rising as interest rates go up. LMI waivers for Medical Professionals can help to put home ownership within reach for key healthcare workers who earn a minimum of $90,000 per annum.
It can be especially challenging for key healthcare workers, who often find it hard to afford housing close to their place of work. On top of that, women can also face financial setbacks over their lifetime such as taking time out of the workforce to care for children, as well as gender pay gaps.
The list of medical professionals who may be able to access the waiver include:
Hospital-employed Doctors (e.g. Intern, Resident, Registrar, Staff Specialist)
Some Medical Specialists
May also consider Medical Researchers
If you think these initiatives may help you or your loved ones please get in touch with our brokers to find out more.