HOME LOANS FOR REGISTERED NURSES
In recent months, there has been a sudden uproar in the number of registered nurses we have helped secure a home loans. This is due to a change in policy that previously was only offered to doctors, lawyers and a few other industries.
So, if you are a registered nurse (RN) and in the market to purchase a home to live in and meet the criteria below, you can save thousands in Lenders Mortgage Insurance (‘LMI’) with a waiver of 90% and obtain special interest rate discounts plus a $4k cashback for refinances!
Lenders Mortgage Insurance (LMI) is a one-off, non-refundable, non-transferrable premium that’s added to your home loan. It’s calculated based on the size of your deposit and how much you borrow. The more you contribute to the purchase price of your property, the lower the cost of the LMI.
The Criteria to SAVE THOUSANDS in LMI
In order to received a special interest rate concession and save thousands in LMI, you will need to:
1. Work as a nurse
2. Have 1 year with your current employer or have worked as a nurse for 2 years
3. Possess a clean credit file (credit history) free from defaults, bankruptcies etc
4. Have 5% genuine savings (that is, some of your deposit must be from your own savings)
5. Have sufficient deposit for minimum 15% plus stamp duty and purchasing costs
6. Otherwise be in a sound financial position and meet general lender credit policy
How much can you save in LMI?
LMI premiums, just like all insurance premiums, are priced based on the risk of the insured event happening. That is, the more likely that a borrower will default on the mortgage and the bank will suffer a loss, the more expensive the premium will be. It is important to know that LMI is not a flat rate but will vary depending on the size of the loan and the LVR (Loan Value Ratio).
In most cases, registered nurses also qualify for a special discounted interest rate. You usually will need to be borrowing over $250,000, or apply for a professional package.
If you have any questions or would like to find out if you qualify to save on your LMI, please call 9078 6431 and we will be glad to assist you!