FHBA is pleased to announce that we have access to multiple lenders who have extended its Lenders Mortgage Insurance (LMI) waivers policy for professions that have not been eligible for the 10% deposit LMI Waiver prior.
Registered Nurses & Midwives are a critical profession in our community. They ensure that everyone stays fit, healthy and newborn children don’t face difficulties when they first enter the world. Now, we have multiple lenders (giving you options to choose from) who will provide first home buyers employed in these professions with access to getting a home loan with a 10% deposit without having LMI added to their loan, resulting in savings of up to tens of thousands.
As women constitute a significant part of this workforce this policy is a game changer as it aims to provide security for women by reducing the barriers to owning their first home.
If you are a speech pathologist or occupational therapist you may also qualify for the 10% LMI Waiver.
What subcategory of Nurses are eligible?
- Registered Nurse
- Nurse Educator
- Nurse Researcher
- Nurse Manager
- Midwife
- Enrolled Nurse
- Nursing Support and Personal Care Worker
What are the eligibility criteria?
Minimum 10% Deposit – You must have at least 10% of the purchase price, this can include the First Home Owners Grant and/or Gifted Funds.
Earning a minimum of $90,000p.a. – Your annualised income must be at least $90,000. This can include overtime and the aggregate of income across multiple jobs.
Registered with the board – You must be qualified or registered with the Medical Practitioners Board of Australia or similar body.
What properties can I purchase as my first home?
- Established house.
- Apartment/Unit/Townhouse.
- House & Land Package.
- Brand new house.
- Brand new Apartment/Townhouse.
- Investment property (if you are rentvesting).
What if I only have a 5% deposit?
We still do have LMI Waiver options at the 5% deposit level. Through the FHBG, we can assist you with a 5% Government Guaranteed Loan which can also help you save on thousands of dollars. Click here to find out about the FHBG here.
How do I apply?
You can apply here, as we will give you all the relevant options and our FHBA Coaches will be able to determine which lender best suits your needs. FHBA will also be able to get you an interest rate that is competitive with loans that require 20% deposit.
Book your no obligation call with a FHBA Coach here.
Written By,
First Home Buyers Australia
