Save Money for your first home with the LMI Waiver Scheme
Get Assistance For First Home Buyer LMI waivers From FHBA’s Experts!
What is an LMI Waiver?
LMI, Lenders Mortgage Insurance, aims to protect lenders and banks by providing an insurance program. It mitigates the risk of failure to recover the entire loan balance. Undoubtedly, LMIs are an intelligent move for lenders and banks, but is it the same for home buyers?
LMIs provide a valuable edge to home buyers by helping them get onto the property ladder even if they don’t have the full 20% deposit. The offer looks impossible to resist, right? But here’s what makes it a challenge for most homeowners: the additional home loan costs, increased repayments, and reduced equity!
End your worries because the LMI waiver scheme comes to every homeowner’s rescue!
HOW CAN FHBA HELP ME SECURE MY FIRST HOME?
Finance
Our friendly Coaches explain all the steps, determine your borrowing capacity, offer suitable loan options, compile your loan application paperwork and even assist you with applications for the FHOG and Stamp Duty concessions
Research
Not sure where to buy or what type of property to buy? Our partnered property experts can assist you research your options via a tailored approach that takes into consideration your circumstances & goals so you can make an informed decision
Search
With the foundations in place, this step involves attending open homes while your FHBA Coach can assist with negotiations for established homes, or if you are looking for a new home we can assist with your search!
Settle
Our independent legal partners can assist you with all your contract review needs and ensure you settle on your first home; while your FHBA Coach can assist you with planning your move and organising protection for your first home
Why Opt for the LMI Waiver Scheme?
First-home buyers have too much on their plate, including financial burdens. Not every first-time homeowner will have a significant deposit to provide to lenders or banks. However, a first-home buyer LMI waiver program efficiently addresses this issue.
Lenders often offer high interest rates if potential homebuyers don’t have a 20% deposit for the property. If you qualify for an LMI waiver, you can save a significant sum of money by not paying any LMI premiums/fees. An LMI waiver can also help you get reasonable interest rates when purchasing your first home as an owner occupier or investor.
On the contrary, the LMI waiver scheme also benefits lenders by attracting low-risk customers, typically high-income earners in stable professions.
Contact our Coaches today for the best loan options for your first property!
Are You A Qualified LMI Waiver Professional?
Now comes the most critical question: Who can take advantage of the perks of first-home buyer LMI waiver?
The eligibility for fee exemption is based on factors including your profession and occupation. In addition, even association with certain professions can improve your chances of getting an LMI waiver.
The professionals that can take advantage of the LMI waiver scheme include the following:
Medical Experts: Medical professionals associated with accepted industry organizations can take advantage of this cost relief. The benefits are included for healthcare experts like doctors, dentists, general practitioners, pharmacists, chiropractors, or veterinarians.
Legal Professionals: LMI waiver for professionals from the legal department are also eligible for home loan discounts. It includes specialties like judges, barristers, solicitors, and lawyers.
Accountancy: Accountants and finance professionals are qualified for LMI exemption by proving their membership in professional or industry organizations.
Entertainment Industry Professionals: People working in fashion, films, television, and theater can experience the benefits of this scheme. If you are represented by an accredited manager, agent, or accountant, you have better chances of a loan being waived.
Mining Specialists: People in the mining and energy sectors can also benefit from the first-home buyer LMI waivers. These professions include geologists, geophysicists, surveyors, and similar career lines.
Professional Athletes: Eligible sports players can also benefit from LMI savings. An accredited agent or manager can waive the insurance amount significantly for athletes.
LMI waivers for professionals are often available for people who are high-income earners. Even if your profession is not listed above, you can still get the benefits of an LMI charge exemption. Contact FHBA’s experts to grab competitive home loan options for you!
Settle on your first home without the burden of LMI fees! With FHBA, you can save money and make smart financial decisions!
Get started now
Are you interested in one of the loans mentioned above? Or would you like more information on the home loans that are available to you? Simply complete the form below and a first home buyer expert (Broker/Coach) will be in touch with you: