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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. 

MORTGAGE INNOVATIONS

We’re a family-owned business with around 8 staff, 15+ years experience and more than $500M of approved loans. By taking time to understand your requirements, we help make your dreams come true with caring, professional service.

Our team of specialists including Gold Coast Finance Brokers, Medical Mortgage Brokers, Varsity Lakes Mortgage Brokers, Gold Coast Mortgage Brokers and Southport Mortgage Brokers  will find the right loan for you.

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This page provides generic information only; it was created without considering your individual goals, requirements, or financial condition. Before accepting any offer or product, we advise you to think about whether it is appropriate for your situation and to assess your entire financial status. It is not intended to be legal, tax, or financial advice, and you should always obtain a professional's opinion regarding your particular situation. All loan products are subject to lender requirements and approval. Fees, terms and conditions apply.