Are you a registered nurse or midwife dreaming of owning a home but struggling to save up a 20% deposit? There’s great news for you! Did you know that you get a home loan with just a 10% deposit and avoid paying Lenders Mortgage Insurance (LMI). This opportunity can save you thousands of dollars and help you move into your dream home sooner.
Key Benefits of the LMI Waiver for Nurses and Midwives
- Lower Deposit Requirement: Only a 10% deposit needed to secure your home loan.
- No LMI Fees: Avoid the extra cost of LMI, which is typically required when your deposit is less than 20%.
- High Loan-to-Value Ratio (LVR): Borrow up to 90% of the property’s value.
To take advantage of this offer, you need to meet the following criteria:
- Be a registered nurse or midwife.
- Earn a minimum annual income of $90,000.
- You must purchase a residential property.
- Have stable employment and a consistent income.
- Either applicant can be a nurse to qualify for waived LMI.
How Much Can You Save?
The table below shows potential LMI savings based on various property values:
| Property Value | Loan Amount | LVR | LMI Premium Saved |
| $700,000 | $630,000 | 90% | $15,674 |
| $800,000 | $720,000 | 90% | $17,913 |
| $900,000 | $810,000 | 90% | $20,152 |
| $1,000,000 | $900,000 | 90% | $22,392 |
Additional Perks for Nurses
- Discounted Interest Rates: Often available for loans over $250,000 or when applying for a professional package.
- Full Overtime Income Consideration: Unlike most borrowers, nurses can have 100% of their overtime income considered by some lenders, which can significantly increase borrowing power.
Required Documentation
When applying, you’ll need to provide:
- An employment letter confirming regular overtime income for the past one or two years.
- Two of your most recent payslips.
- Your most recent Income Statement.
Eligible Professions and Requirements
The LMI waiver extends to various healthcare practitioners and emergency services workers with a minimum income of $90,000 and a maximum LVR of 90-95%, depending on the profession. Some of these professions include:
- Audiologist
- Chiropractor
- Midwife
- Occupational Therapist
- Osteopath
- Physiotherapist
- Podiatrist
- Psychologist
- Registered Nurse
- Radiographer
- Sonographer
- Speech Pathologist
- Optometrists
- Pharmacists
- Veterinary Practitioners
For certain professions such as dentists, general practitioners, hospital-employed doctors and medical specialists there is no minimum income requirement with a maximum LVR of 95%.
Additionally, some lenders are offering this benefit to teachers, allowing them to borrow up to 90% of the property value with no LMI.
Ready to Save Thousands on Your Home Loan?
If you meet the criteria and are ready to save on your home loan, don’t hesitate. Call us at 6162 2740 or enquire online today so we can determine your eligibility and help you secure your dream home with a 10% deposit and enjoy the benefits of waived LMI, exclusively for healthcare professionals like you.
