As of recently, it is now possible for nurses to secure a home loan with a deposit as low as 10%, without the need for Lenders Mortgage Insurance (LMI).
Traditionally, when borrowers have a deposit less than 20%, they are required to pay LMI. LMI protects the lender in the event that the borrower defaults on the loan. However, this insurance can add thousands of dollars to the cost of a home loan.
This change is a fantastic opportunity for nurses who have been saving for a deposit and are now able to enter the property market with a lower financial burden. The change is also timely given the current housing market on the Gold Coast, where property prices have been increasing rapidly.
To be eligible for this new lending option, nurses must be registered with the Australian Health Practitioner Regulation Agency (AHPRA) and be able to provide proof of employment in the healthcare industry.
The no LMI option is also available for other professions, such as doctors, dentists, and veterinarians, who have been recognised by lenders as low-risk borrowers due to their high income potential.
At Mortgage Innovations, we think it’s important to spread the word about this exciting development in the lending industry. Nurses who are currently renting or struggling to save for a deposit can now have a real chance at owning their own home.
In conclusion, the no LMI option for nurses with a 10% deposit is a game-changer for the lending industry. It opens up opportunities for more people to enter the property market and own their own homes.
We’re here to help make this opportunity accessible to as many people as possible so please contact us to get started or check your eligibility.
Arranging finance can be stressful, especially with some lenders now taking extra steps including going through your living expenses and credit scoring (ouch!). And sometimes banks can make you feel like ‘just a number’. That’s why we want to do things differently: because you deserve better.
As a local family-owned business, our team takes the time to listen, answer your questions and make getting your home, car or equipment loan as easy as possible.
