Saving the 20% down payment required by Australian lenders is one of the most difficult aspects of obtaining a home loan. Fortunately, doctors, attorneys, and accountants are eligible for LMI Waiver allowing them to borrow up to 90% of the property's worth in urban areas without having to pay for Lenders' Mortgage Insurance (LMI).
These professionals have a fantastic chance to enter the home loan or real estate investment market and save tens of thousands of dollars on LMI fees.
The bank's losses if the borrower is unable to make mortgage payments are covered by an insurance policy that is paid for by the LMI fee.
