When applying for home loan, there are two of the most important things to consider – LVR and LMI. Have a look at our Facebook page or our website where we have a video explaining LVR and LMI.
Typically when you are borrowing more than 80% of the property value you will most likely be paying Lenders Mortgage insurance.
However, there are lenders that may be suitable to you who can lend more than 80% of the property value waiving the LMI requirement making it possible for you to buy that house or refinance with no LMI cost.
For example, if your home is valued at $600k at 80% the maximum you can borrow is $480,000. But at 85% the maximum you can borrow is $510,0000 giving you access to $30,000 cash which you can invest further, buy a car or anything else you may need the funds for.
If you are an eligible medical professional, accounting and legal professional or sports and entertainment professional you may be able to secure a home loan at up to 90% of the property value without paying LMI.
If you do not fall under any of these professions, we may still be able to source a home loan at 90% of the property without the LMI requirement.
Provided you satisfy lenders credit requirements, there are options where you can borrow more than 80% of the property value without the need of Lender Mortgage insurance.
Get in touch with us and we will find a suitable product for you from more than 40 lenders on our panel.
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