Mortgage For Professionals
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Mortgages for Professionals
Mortgages for Professionals Fact: Some Lenders extend special consideration to certain professionals enabling them to borrow up to 90% without Lenders Mortgage Insurance. That Can Save Up to $40,000 depending on the purchase price of the property.
Fox Mortgage Services have the knowledge and experience in providing these specialist facilities.
Are you looking for a mortgage for Professionals?
You could save thousands towards your home loan with a professional home loan package with no Lenders Mortgage Insurance (LMI).
When borrowing more than 80% of a property’s value, lenders require that the borrowers pay Lenders Mortgage Insurance (LMI) to protect the lender in the event that the borrower cannot meet the minimum repayments. However, there are specific occupations that lenders allow to borrow 90% of the property’s value without needing to take out LMI.
The occupations that generally fall into this category are lawyers, accountants, geologists, veterinary and medical professionals.
The medical profession covers a wide range of disciplines, from Anaesthetist to Vascular Surgeon, to find out if you are in a qualifying role contact us.
Why are some banks waiving LMI for Professionals?
LMI is designed to protect the lender against the possibility of default by its mortgage customers. However, some lenders have realised the chance of you, as a professional, defaulting is very low. Because of this, these banks are prepared to consider waiving the LMI premiums.
Who qualifies for this loan?
Professionals who demonstrate that they meet the following eligibility criteria:
Dependant on the profession there are minimum income requirements;
You’ll need to be an Australian Citizens or Permanent Residents;
You’ll need to be an Australian Citizens or Permanent Residents; You’ll need to provide current practicing certificate, industry membership and qualification, which permits you to practice in your jurisdiction;
Your property purchase must be either owner occupied or for investment purposes;
The maximum loan amount is $2 million;
What if I do not meet these criteria?
Even if you don’t qualify, we may still be able to arrange a home loan up to 85% with no LMI premium payable
Get in touch now to book an appointment with Fox Mortgages.
Examples of Professionals using this policy
You could top up your existing home loan to 90% and pay no LMI. This would release surplus funds which you can then use to fund the 10% deposit plus costs on a new investment (or owner occupied) property.
Providing the total transaction amount is below $2 million, you’ll have no LMI to pay. Not only that, we can source loan products specifically designed for Professionals. These include standard variable mortgages with package discounts, and fixed rate offers with features such as offset accounts and redraw.
What is the next step?
There is no cost for our service and absolutely no obligation. Contact Fox Mortgage Services for further information.
EXCELLENT186 reviews on
Steven Barrett26 April 2024Paul was amazingly helpful and of great service, he eased uncertainty for us in the early parts of the house buying process and supported us all along the way, even when circumstances were likely and eventually proven that the finance would no longer be needed. 100% recommended!Deryck Tucker16 April 202410 out of 10. Paul and his team were amazing. Very helpful every step of the way for our property purchase, highly recommend Fox Finance.Luke Grundy16 April 2024Great work team! Delighted to have settled in our first family home, great work from Paul, Naomi and the rest of the team at Fox Mortgages - would highly recommend them to anyone in need of a Mortgage Broker. Luke, Laura, Little Izzy and the the dog Winston!!Samara Meghani12 April 2024Paul & his team have been fantastic throughout the whole process of purchasing our home.Alan Seery9 April 2024Excellent Customer Service. Paul and the team at Fox Mortgages assisted us with re-mortgaging and new mortgages over the years and the experience has always been extremely positive and efficient. I'd recommend Fox Mortgages to anyone.Sue Garrood4 April 2024Top Line Professionalisim. The team at Fox Mortgages were faultless from start to finish. This was my first home purchase & Paul took all the time I needed to talk & help me through every stage answering every small question & query. What I thought was going to be the impossible they made possible for me. Could not fault a single step with the whole team. Communication didnt stop when purchase went through either, the follow ups & check ins show they genuinely want to make sure your off to a good start & can go back at any stage for advice at any stage. Great experience, awesome team could not recommend them any higher!!!!Tania P25 March 2024The team at Fox Mortgage Services are the best mortgage brokers ever! Nothing was too much trouble, the process was so easy and they were so wonderful to deal with, even though we weren’t the easiest of clients! Thanks Paul and the team, you are amazing. 🤩Jonathan20 February 2024Great service efficient painless process. Thank you.Jo Larvin20 February 2024Very helpful and friendly, we had some quirks in our application and they were very responsive at helping to resolve and making sure we got our mortgage. We were so impressed, we went back a second time for another property, and will go back for any future purchases.
