Even if your loan-to-value ratio (LVR) is higher than 80%, you could be exempt from your LMI if you meet some specific conditions. Although they are rare and have strict requirements, if you can show that you meet the conditions, you may have the opportunity to receive a discount on your LMI or even to be exempted from the LMI. Find out how you can qualify for the LMI exemption for investment properties and how to increase your portfolio with a small deposit. As a pediatrician, you can borrow up to 95% of the value of the property and save thousands of dollars in LMI fees.
The cost of the LMI may vary depending on the percentage of the value of the property borrowed and the amount of the loan. Mortgage loans for mine surveyors do not include an LMI and interest rate discounts are not available to the general public. In these plans, first-time homebuyers can get a mortgage loan with a deposit of just 5% and save thousands of dollars in LMI fees. This video, which answers some of the most frequently asked questions about LMI, is a great way for lenders to understand the basics of mortgage insurance.
Mortgage insurance from lenders, also known as LMI, is one of the most vilified costs associated with obtaining a mortgage loan, as it can easily add thousands of dollars to buying a property. With the LMI in place, some lenders will allow you to borrow up to 95% of the purchase price of your home. The LMI allows the lender to trust in offering you a mortgage loan, even if you haven't reached that 20% deposit. LMI providers are generally willing to lend more money to people in high-demand and well-paid professions.
In addition to the LMI exemption, doctors can also get significant discounts on their mortgage loans and investment loans. Both stamp duty and GST are paid in lenders' mortgage insurance and are generally included in the total quoted price of your LMI.