WHITE PICKET MORTGAGES LMI WAIVER FOR LEGAL PROFESSIONALS

Solutions Driven Mortgage Brokerage

Boutique brokering firm who believes in finding the best solution for your individual needs through innovation and communication.

LMI Waiver for Legal Professionals

What Benefits can Legal Professionals Receieve?

Certain Legal Professionals are eligible for benefits such as better interest rates, higher loan-to-value ratios (LVR) without lender's mortgage insurance (LMI) payable, and leniency on various pay structures. This is because the bank deems you as a low-risk borrower which is more attractive to various lenders.

Legal Professionals are considered low-risk borrowers because generally they earn a stable income in a higher bracket than most other professions. Making them less likely to default on their loans.

What is Lenders Mortgage Insurance (LMI)?

Lender’s Mortgage Insurance (LMI) is when the lender requires the borrower to pay for insurance on their loan to cover the bank in case of default on their mortgage repayments. LMI does not cover the borrower just the lender.

LMI is usually required when the borrower doesn’t have a 20% deposit to put towards their property purchase or when their loan-to-value ratio (LVR) is above 80%.

What Legal Professions Qualify?

There are many legal professionals who qualify under the Professional LMI waiver policy, as long as you are registered to practice in Australia and hold a current Practising Certificate.

If you don’t fall into any of the professions below, please contact us as you could be eligible for other benefits.

  • Barrister

  • Judges

  • Lawyers

  • Partners

  • Solicitors

How much could you Save?

Lenders Mortgage Insurance (LMI) can take up serviceability (borrowing) room or a chuck of your savings. Generally LMI is approx. 2% of the purchase price and can either be added to the loan or paid upfront. With LMI Waiver Policy this could be an extra 2% you don’t need to save and get you into your home quicker or an extra 2% towards paying your home off!

The table below shows approx. how much you could save by avoiding LMI.