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How to get an LMI waiver?
For professionals borrowing home loans, Lenders Mortgage Insurance (LMI) is an additional but necessary expense. It is additional because it is added to the home loan. It is expensive because it increases the overall cost of the home loan. It is necessary because lenders need LMI as security for their investment.
Lenders are friends of professionals. They understand that professionals need funds to invest in properties. For this reason, they waive LMI for certain professions. It is to be noted that LMI waiver requirements might vary from lender to lender. Contact Australian Loan Hut to know which professions qualify for LMI waivers. We may help in applying for an LMI waiver.
After obtaining an LMI waiver, professionals may
Apply for the maximum loan
Lenders require LMI to approve loans with a minimum deposit. If this limitation is removed, borrowers may apply for maximum loans with minimum deposits. An LMI waiver might increase their borrowing power. Contact Australian Loan Hut to know if your profession qualifies for an LMI waiver before applying for a home loan.
Negotiate the best interest rate
An LMI waiver is offered only after scrutinising the income proofs, and only high-income professions are allowed to claim LMI waivers. Professions qualifying for LMI waivers might negotiate interest rates with lenders. Since they are high-value clients, lenders might be interested in reducing their interest rates to maintain long-term relations.
Save a significant amount
Savings on LMI premiums might be significant for professionals. It is especially advantageous for professionals who have just entered the industry. Newcomers might not have strong income proof. However, they might be eligible for an LMI waiver. Savings on LMI premiums might reduce the overall cost of the loan.
Get more cash in hand
Savings on LMI premiums might increase the cash flow. Newcomers who are short on cash to manage their services might increase their cash flow with LMI waivers. The savings might be sufficient to meet their future investment needs.
Australian Loan Hut is here to help professionals understand LMI waiver requirements by lenders. We might be helpful in the following:
Check Eligibility
Professionals can request our advisors to check whether they qualify for the LMI requirement. We give trusted advice on the LMI waiver.
Complete Paperwork
We know which professions may qualify for the LMI waiver and the papers they may need to prove their eligibility.
Apply for LMI Waiver
We might guide you in applying for an LMI waiver. Our trusted advisors will guide you through the process.
Teamwork
We work like a team with clients. You can contact our team to learn about the LMI waiver process.
