One of the potential advantages available to some medical and allied health professionals is access to Lenders Mortgage Insurance (LMI) waivers.
LMI is generally associated with borrowing more than 80% of a property's value and can represent a significant additional cost for a borrower.
However, some lenders recognise certain medical and professional occupations differently and may allow eligible borrowers to purchase or refinance at a higher Loan-to-Value Ratio (LVR) without the borrower having to pay LMI.
For the right client, that can be a significant opportunity.
But this is also where experience matters.
Not every medical profession — or lender — is treated the same There isn't one universal "medical professional LMI waiver".
Different lenders have different definitions of an eligible medical professional.
Depending on the lender, eligibility may extend to doctors, specialists, dentists, pharmacists, physiotherapists, chiropractors, optometrists, veterinarians and other allied health professionals. Other lenders may have a much narrower list of qualifying professions.
The amount you can borrow can also vary.
Our lender panel includes lenders with professional lending policies that, subject to eligibility and lending criteria, may allow certain medical professionals to borrow at 90% or even 95% LVR without the borrower paying LMI.
But your occupation is only one part of the assessment.
Lenders can have different requirements around:
Your specific medical profession and professional registration PAYG versus self-employed income How long you've been working within your profession Loan amount and Loan-to-Value Ratio Owner-occupied versus investment property Purchase, refinance or construction Property type and location Your overall financial position and lending structure That's why simply asking "Which lenders offer LMI waivers for doctors?" may not be the right question.
A better question is:
"Given my profession, income, financial position and what I'm trying to achieve, which lender and lending structure is right for me?"
Why speak with SW Brokerage? This is where having an experienced brokerage working on your behalf can make a difference.
At SW Brokerage, we have access to a panel of lenders 40+) with different professional lending policies — but access to lenders is only the starting point.
Knowing their policies and understanding how they apply to your individual circumstances is what matters.
Medical professionals can have income structures that aren't always straightforward.
You might be PAYG today but transitioning into private practice. You may have income from multiple hospitals or practices. Your earnings could include base salary, overtime, allowances and other income streams. Or you may be self-employed, operating through a business structure with tax returns and financial statements that need to be properly understood.
That's why we don't start with the lender.
We start with you.
We take the time to understand your profession, your income streams, your tax and financial position, your existing lending and, importantly, what you're trying to achieve.
From there, we can assess the lending options available across our panel and work on your behalf to find an appropriate solution.
An LMI waiver is valuable. The right structure can be even more important. Saving LMI can potentially make a significant difference, but it shouldn't be considered in isolation.
The lender offering an LMI waiver isn't necessarily the lender that's best suited to your overall position.
Interest rates, borrowing capacity, loan features, credit policy, future investment plans and how your lending is structured can all matter.
That's why our role isn't simply to find you an LMI waiver.
Our role is to understand the bigger picture.
We want to help you make informed finance decisions now while considering where your career and finances may take you next.
Whether you're buying your first home, upgrading, refinancing, purchasing an investment property or building a property portfolio, having the right finance partner in your corner can make a difference.
Talk to us before you talk to a lender If you're a medical or allied health professional, don't assume that the lending options you've been offered are the only options available to you.
Your profession may open the door to lending policies and potential LMI savings that you weren't aware of — and the eligibility criteria can vary considerably from lender to lender.
Speak with SW Brokerage before making your next finance decision.
We'll take the time to understand your income, profession, financial position and goals, explore the options available through our lender panel and work on your behalf to structure your finance appropriately.
Because when your financial position is more complex, who you have working beside you matters.
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