Hi all, was just reading about how certain professions have the ability to have the LMI waived and was wondering if anyone has had any success with this?
Which bank in particular let you do this and are there any catches?
For reference, I'm in a medical profession and have saved approximately 10%.
yeah Australian citizen, optometrist and my partner is in IT
I work in the medical field and had it waived by NAB at 10% deposit
is there like a catch?? or is it just that the banks consider medical professionals as stable incomes??
may I ask what kind of medical professional?? does optometrist count under this scheme? I know sometimes its limited to like doctors and dentists
I've also heard the same of IT professionals
really depends on the bank I guess
It's not so much about the profession but the likelihood of consistent income.
Degrees, for the most part, equal good long term incomes. That's pretty much the logic behind it.
I really wouldn't overthink it - just make sure to ask!
I'm a dentist - there was no catch that I heard of any way. I went through a mortgage broker that works with medico's a lot
Accounting. 5% last time I checked
which bank was this?
ANZ and cba I believe
Professional OzBargainers get it waived too…
I thought you were going to challenge if optometry was actually a medical profession.
if optometry was actually a medical profession.
is it part of the Medical faculty?
I guess. I just recall a few years back debate about optometrists calling themselves doctors or even medical professionals. Opthalmologist on the other hand….
Lawyers can get it as well (no LMI for 10% deposit or something similar), not sure which banks though. Maybe CBA and some others.
Following professionals can get an LMI waiver.
Medical professionals, including doctors, surgeons, dentists, anaesthetists, nurses and other kinds of medical practitioners
Legal professionals, including solicitors and barristers
Accounting professionals
Media and entertainment industry figures, including athletes
Happy to get you complimentary quotes from he bank. Feel free to DM me.
Just have a google, you can see some lenders provide LMI wavers for optometrists.
Are there any such similar offers for teachers in tertiary's education?
I believe teachers and police get a waiver through certain institutions. Most professions (including Defence) can get it one way or another.
Credit Unions are big for it. Medical professionals should have no issue providing you are permanent. I've never had it applied as I have too much equity.