Lenders mortgage insurance exists to protect the lender when a borrower has less than a 20% deposit. For most people it adds thousands of dollars to the cost of buying a home, and it can push the dream of ownership further away just when you're trying to get started.
What many essential workers don't know is that some lenders will waive or significantly reduce LMI for people in certain professions. That can mean getting into your home sooner, with a smaller deposit, without paying a premium for it.
I'll find out exactly what you're eligible for and make sure you're not paying more than you need to.
There is no single loan type specifically for essential workers, but there are several pathways that may reduce upfront costs.
Standard loans are available from 5 to 10 percent deposit.
In most cases, LMI applies above 80 percent LVR, but options exist to reduce this cost.
Eligible first home buyers may purchase with a 5 percent deposit without paying LMI, as the government guarantees part of the loan.
This is often one of the most effective ways to enter the market sooner.
Some lenders offer
These are not universal and vary between lenders and professions.
Because these options are spread across different lenders and schemes, having access to the full picture matters.
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