90% No LMI Home Loan

What is Lender’s Mortgage Insurance?

Understanding LMI can go a long way in saving you thousands in your loan’s entire life. In a nutshell, Lender’s Mortgage Insurance (LMI) is the insurance added to a loan whenever a customer pays less than a 20% deposit.

This exposes the bank to more risk, so the insurance goes entirely for the bank, but you will have to pay the premium since you, as the customer, are exposing your lender to the risk.

LMI protects the bank if the customer defaults on their loan and the property cannot fully cover the remaining loan balance. Therefore, the LMI will cover any difference between the property sale price and the debt owed on the loan.

Can I Apply For a 90% LVR Home Loan With No LMI?

Definitely. 90% LVR and No LMI home loans are available to everyone who meet the application requirements. But the following have better overall application strength:

Dental and medical practitioners
Legal professionals
Engineers
Accountants

What is A 90% LVR Home Loan Without LMI?

When applying for a 90% LVR with no LMI, the bank will lend you 90% of the property’s value while you only need to contribute the remaining 10% in cash or equity.

Waiving the LMI means you don’t need to pay premiums on LMI to secure your home loan.

How Do I Qualify for 90% LVR With No LMI Home Loan?

To get approved for a 90% LVR home loan without LMI premiums, you must prove that you can afford or have the income to service the loan. But depending on the lender, some might approve your application even if you’ve recently started private practice or are still under probation.

Maximum Loan Amount for 90 LVR No LMI Home Loan

We know a few lenders who can let you borrow up to $5,000,000 in a home loan and $15,000,000 for each portfolio.

What Are the Rates at 90% LVR Without LMI?

Most banks and lenders will refrain from giving discounts or charging higher rates for non-conventional and high-risk lending products such as a 90% LVR loan without LMI.

However, our brokers at JFS Financial Strategists have access to a vast panel of banks and lenders. We can help you find the most competitive rates and leverage better discounts than standard variable rates.

Call us today, and we’ll take you through all rates that work for your needs.

What are the Fees For 90% LVR Without LMI?

All costs involved for a 90% LVR without LMI are similar to any other type of loan. But depending on your case and loan amount, we can look into negotiating to waive some fees.

Feel free to speak with us, and we’d love to sit down with you and discuss your financial strategy.

What Lending Facilities Can I Use With 90% LVR Without LMI?

Once approved for a 90% LVR home loan with no LMI, you can still refinance, purchase another residential property, or access your equity and other facilities and services.

However, remember that you first have to demonstrate your capacity to service the loan as long as you work as a legal professional, engineer, accountant, dentist, or registered medical practitioner.

Do I Qualify For the Loan?

Some lenders offer to waive your LMI for loan-to-value rates around 80%-90% as long as you can satisfy the following criteria:

Borrowing a loan of less than $1,000,000
Purchasing an established property near or within the metro
Proving that you have a stable income and employment
Maintaining a high credit score with a clean record

Most banks will also automatically waive LMI for professionals in many industries, including:

Accountants
Medical professionals
Engineers
Lawyers

Our in-house brokers at JFS Financial Strategists can take you through various lending options to make the most out of your 90% LVR home loan without paying for LMI. Call us today, and we’ll let you know how we can help.