loan for medical professionals
- Thread starter pash81
- Start date
A few - St George, Westpac, NAB, ANZ, RAMS.
Not all medical related professions are eligible though.
Not all medical related professions are eligible though.
Practically speaking the most you'll get without LMI is 90%. Not only doctors, but even vets and a few other professions can get the same deal at the moment with multiple lenders. I think the criteria are along the lines of being able to write a prescription.
Spot on as always Rolf.
As mentioned above the best for standard/decent rates without LMI is 90% with the majors but you need to be a member of specific professional association.
Its is via a variety of means, one example is what Investec Bank does.
The majors that offer the No LMI medico will cap the max lVR at 90 %.
If u look at that, it works out to approx 93 % LVR on a mill purchase, since the LMI is not being paid/capitalised ,,,,
Also, be aware that the waived LMI programs are NOT equal. There is a fair bit of differentiation between them across issues such as rates, borrower types, how many places you can buy, max concentration exposure etc
ta
rolf
Investec structures it into two loans. One is quite competitive, the second is privately funded at a significantly higher interest rate. They make the LMI back very quickly with this structure and rely on you not being able to refinance because the LVR is still quite high. It is not as cheap as it's made to look.
The LMI waiver via the banks is available to all sales channels, both broker and direct.
Massive difference between the lenders providing no LMI at 90% so if you are building your portfolio (versus at the end of portfolio) choose the lender careful because most don't refi at 90%.
Heaps of other professions (non medical) are also eligible for the 90% LMI waiver.
Heaps of other professions (non medical) are also eligible for the 90% LMI waiver.
Yep - medical also includes Pharmacists with a few banks. 
Lawyers + few other professionals on 150k+ are also eligible.
Lawyers + few other professionals on 150k+ are also eligible.
Yep - medical also includes Pharmacists with a few banks.
Lawyers + few other professionals on 150k+ are also eligible.
Changes made recently also include politicians, higher end sporting individuals, entertainment and celebrities.
Haha never had the pleasure of having any client that fits this category unfortunately.
Even though you are in Canberra?.?
It's interesting that the LMI waivers are being offered to people who are essentially on fairly high incomes. I get that lenders want to target this income profile, but realistically these sort of people are the last ones that should need an LMI free loan.
I admit I don't have any clients who are professional sports people or politicians, but I've worked with a number of doctors, pharmacists and other medical professionals. Now that the LMI waiver is available they take advantage of it, but it's been fairly rare in the past that they've actually needed it, even those (few) who are reasonably aggressive investors.
It's often said that the banks will give you money when you don't need it and they'll withhold it when you do need it. Nothing ever really changes.
I admit I don't have any clients who are professional sports people or politicians, but I've worked with a number of doctors, pharmacists and other medical professionals. Now that the LMI waiver is available they take advantage of it, but it's been fairly rare in the past that they've actually needed it, even those (few) who are reasonably aggressive investors.
It's often said that the banks will give you money when you don't need it and they'll withhold it when you do need it. Nothing ever really changes.
