{"id":5172,"date":"2022-10-13T08:00:49","date_gmt":"2022-10-12T22:00:49","guid":{"rendered":"http:\/\/financialplus.com.au\/\/?p=5172"},"modified":"2022-10-13T08:00:49","modified_gmt":"2022-10-12T22:00:49","slug":"nurses-and-midwives-now-eligible-for-lmi-waiver","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/nurses-and-midwives-now-eligible-for-lmi-waiver\/","title":{"rendered":"Nurses and midwives now eligible for LMI waiver"},"content":{"rendered":"

\"\"Nurses, midwives and other important healthcare professionals can now qualify for a lenders mortgage insurance (LMI) waiver policy. Here\u2019s how it could save them thousands and fast-track their journey into home ownership.<\/strong><\/p>\n

Are you a nurse or a midwife? Or do you know someone who is?<\/p>\n

There was a pretty big announcement recently that allows eligible nurses and midwives (who earn over $90,000 per annum) to buy a home with just a 10% deposit and\u00a0avoid paying LMI<\/a>\u00a0with a Westpac home loan.<\/p>\n

It\u2019s an extension of the bank\u2019s existing low deposit, no LMI home loan policy that\u2019s also available to the following allied health professionals who meet the minimum income threshold:<\/p>\n

\u2013 dentists
\n\u2013 general practitioners
\n\u2013 hospital-employed doctors
\n\u2013 optometrists
\n\u2013 pharmacists
\n\u2013 veterinary practitioners
\n\u2013 medical specialists
\n\u2013 audiologist
\n\u2013 chiropractors
\n\u2013 occupational therapists
\n\u2013 osteopaths
\n\u2013 physiotherapists
\n\u2013 podiatrists
\n\u2013 psychologists
\n\u2013 radiographers
\n\u2013 sonographers, and
\n\u2013 speech pathologists.<\/p>\n

So why is this such a big deal?<\/h3>\n

For starters, there are around\u00a0450,000 registered nurses and midwives in Australia<\/a>\u00a0\u2013 so that\u2019s a pretty big chunk of the population who might be eligible for this policy.<\/p>\n

Not to mention that buying a home without a typical 20% deposit can be fairly costly due to having to fork out for LMI.<\/p>\n

Essentially, LMI is an insurance policy that protects the bank against any loss they may incur if you\u2019re unable to repay your loan.<\/p>\n

And if you have less than a 20% deposit when applying for a home loan, a bank will often require you to pay for LMI because they see you as a higher risk.<\/p>\n

So by getting an LMI waiver, you can save anywhere roughly between $8,000 and $30,000 in LMI, or shave years off your efforts to save the magical 20% deposit amount.<\/p>\n

Not a healthcare professional? Other options are available<\/h3>\n

If you\u2019re not a healthcare professional, you may still be able to get in on the action for a low deposit, no LMI home loan.<\/p>\n

Other lenders have similar no LMI loans for lawyers and accountants.<\/p>\n

There are also government schemes that allow eligible first-home buyers and single parents to borrow high loan-to-value ratios with no LMI.<\/p>\n

The\u00a0first home guarantee<\/a>\u00a0supports eligible first home buyers to purchase their first home with a small 5% deposit.<\/p>\n

The\u00a0family home guarantee<\/a>\u00a0helps eligible single parents buy a home with a deposit as low as 2%.<\/p>\n

And the good news is there are other government incentives (such as stamp duty concessions) that may be combined with no LMI home guarantee schemes to stack up the savings (subject to eligibility).<\/p>\n

Find out more<\/h3>\n

If you\u2019d like to find out more about a no LMI home loan, give us a call today.<\/p>\n

We can walk you through available LMI waiver options to help take the financial sting out of buying a home, and we\u2019ll help you navigate the different price caps and application criteria.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nurses, midwives and other important healthcare professionals can now qualify for a lenders mortgage insurance (LMI) waiver policy. Here\u2019s how it could save them thousands and fast-track their journey into home ownership. Are you a nurse or a midwife? Or do you know someone who is? There was a pretty big announcement recently that allows […]<\/p>\n","protected":false},"author":23,"featured_media":5173,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5172","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nNurses and midwives now eligible for LMI waiver · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/finance-matters.info\/2022\/10\/12\/nurses-and-midwives-now-eligible-for-lmi-waiver\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nurses and midwives now eligible for LMI waiver · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Nurses, midwives and other important healthcare professionals can now qualify for a lenders mortgage insurance (LMI) waiver policy. 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