Qualifying for a 90% No LMI Home Loan

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

Our team at JFS Financial Strategists can help you find a home loan of 90% LVR without paying for LMI. These include leading and small banks with varying policies and requirements. 

People who work in the following professions 

• Medical Professionals (Refer to our Medical Special Page) 

• Nurses & Midwives / Allied Health (Refer to our Medical Special Page)

• Tax & Finance Professionals such as Accountants

• Judicial & Legal Professionals such as Lawyers

• Essential Workers such as Paramedics, Police Officer, Fire Fighters and Teachers

• Engineering / IT Professionals

• Defence Force 

We have mixed of 8 Lenders on our Panel who could assist you.

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.

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.

What to watch out for LMI waiver loan?

We have a Panel of lenders that offer to waive your LMI based on your occupation, however, on some occasions we need to watch out for other restrictions for the type of property that you purchase, hence we always do check if there’s further restrictions in the postcode area that you could be purchasing, and if you are buying in high density locations. 

What other ways of avoiding paying LMI?

Guarantor Loan option

A guarantor loan allows a close family member, often a parent, to use the equity in their property as security for part of your home loan. This reduces the lender's risk and allows you to borrow up to 100% of the property value without paying LMI. The guarantor’s property acts as additional security, which means LMI can be avoided entirely, even with a small or no deposit.

Key points:

• The guarantor is liable for the portion of the loan they secure if the borrower defaults.

• Some lenders allow the guarantor to be released from the loan once the borrower has paid down the loan to an 80% LVR or less.

First Home Buyer / Home buyer Guarantee Scheme in each state

The Australian government offers the First Home Guarantee (formerly known as the First Home Loan Deposit Scheme), which allows eligible first-home buyers to purchase a home with a deposit as low as 5%, without the need for LMI. The government acts as a guarantor for up to 15% of the property’s value.

Key points:

• Available to first-home buyers purchasing their first property for owner-occupation.

• There are price caps based on location, so eligibility varies depending on the state or territory.

• Borrowers must meet income thresholds (for individuals and couples).

What if I still need to pay LMI is it a bad thing?

Paying Lenders Mortgage Insurance (LMI) can be a smart move for those eager to enter the property market sooner, especially in a rapidly rising real estate environment. While LMI is typically seen as an additional cost, it can actually help buyers by allowing them to secure a property with a smaller deposit, such as 5% to 15%, instead of waiting to save the full 20%.

One of the key advantages of paying LMI is the ability to get into the market earlier. In Australia's property market, prices tend to rise over time. If a buyer were to delay their purchase in order to save a larger deposit, they could face higher property prices in the future, making the wait counterproductive. By paying LMI and entering the market with a smaller deposit, buyers can take advantage of current property prices and potentially benefit from capital growth. According to some buyers' agents and financial experts, this can often outweigh the cost of LMI itself. For example, in hot property markets like Sydney or Melbourne, waiting an extra few years could result in paying significantly more for the same property​ (Australian Broker News, Real Choice Finance).

Additionally, LMI can give buyers access to better properties in desirable areas that might otherwise be out of reach if they were forced to wait to save a full deposit. For many first-home buyers, this can mean securing a dream home in a location that might experience strong future growth​ (Domain).

Ultimately, while LMI adds to your loan, it can also be the key to unlocking homeownership sooner—especially in a market where property prices are on the rise.

Book a strategy session with us today. 

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 to kick start your property journey with us.