Home Loans for Professionals – Pay $0 LMI

by | Feb 14, 2024 | General

Professional home loans in Australia are tailored financial products specifically designed for people that work in certain industries that the banks deem to be low risk. These may include –

  • Doctors
  • Dentists
  • Lawyers
  • Accountants
  • Many other Medical Professionals & Specialists

The primary distinguishing feature for these loans is that they are exempt from Lenders Mortgage Insurance (LMI) – a cost typically associated with traditional home loans where the borrowers deposit is less than 20% of the properties value.

Benefits of Professional Home Loans

Purchase with a smaller deposit – As an eligible Professional you are able to purchase a property up to 95% LVR without paying any Lenders Mortgage Insurance.

What does that mean? You can purchase a property with just a 5% deposit. A working example is if you were looking at purchasing an investment property for $750,000 – a traditional home loan would require you to have $150,000 saved for a deposit to avoid Lenders Mortgage Insurance.

For eligible Professionals, you could purchase with as little as $37,500 – and pay no LMI.

Competitive Interest Rates – Professional Home Loans come with competitive interest rates too – reflecting the lower risk associated with this group of borrowers.

Tailored Repayment Options – You may be able to switch from Principal & Interest to Interest Only depending on your circumstances.

Fast Approval Process – Professional Home Loans often come with streamlined approval processes. This can be particularly beneficial when dealing with a time sensitive transaction.

Do all Professionals get access to these loans?

It’s important to become educated on your eligibility around these products before you start looking for a property. Depending on the line of work you are in and the lender, will affect the benefit you will receive.

If you are curious about your eligibility and want to discuss what your options are – feel free to reach out to one of our experienced mortgage brokers at Clio Financial who will be able to guide you through the process.

Clio Financial will take the time to understand your specific situation, and work with you to create a plan to execute your long term goals and objectives. We have helped numerous Professionals secure home loans, and we can help you too. Call us on 0422 269 868, e-mail at sam@cliofinancial.com.au or fill in the form below.

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