Residential Property Purchase – Chartered Accountant Professional LMI Waiver
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A young Chartered Accountant was keen to purchase a property and borrow 90% of the property value without paying Lenders Mortgage Insurance (LMI).
Challenges Faced
The client wanted to borrow 90% of the property value, but the cost of LMI in this scenario would have normally exceeded $16,000 (Loan $600,000).
A limited number of Lenders can consider waiving LMI for specialist Clients (Accountants/Doctors/Lawyers and more), but the qualifying criteria can be very specific.
Outcome
We researched and identified a suitable Lender that that did not have a minimum income threshold to qualify for an LMI waiver for Chartered Accountants. This saved the client $16,000 in LMI costs.
The interest rate was also highly competitive and the product features suited the Client’s needs perfectly.
