LMI waiver for Physiotherapist (LVR90%)

As a registered physiotherapist I've been made aware I may be able to find a lender that will allow me to leverage at 90%LVR and waive LMI.

I have only really found 3 sources that advertise this in a brief search this afternoon, and for all three both their websites and their staff on the phone all sounded very unimpressive:
a) Physiotherapist Home Loans - Professional Home Loans
b) Home Loans for Medical Professionals
c) Home Loans For Physiotherapists

Is this something any broker should be able to do for me? (I'd prefer not to use the ones I researched above)

Cheers

 

Physio's don't appear on most lenders LMI waiver lists, at least those that I was able to quickly look up on Friday evening. Anecdotally the list suggests that the eligible medical professions are those that can write prescriptions.

This sort of thing isn't determined by the broker, it's determined by the lenders. Some brokers do make it a niche, but for many their website just features it because it ranks well on Google.

 

ANZ have a medico package and you will be able to borrow 90% without mortgage insurance.

 

They where on some lenders list a while back and have since been removed.

ANZ as @Watson1 mentioned is a candidate and from memory maybe BOQ as well as they have specials where they allow other professionals that normally dont qualify to be eligible.

 

Yeah it looks like these brokers are potentially advertising old deals to try and attract customers. I cant find any current ones for physio's.

On the marketing note- there are now ads coming up on this website and my social media pages from those brokers.

 

Yep that is a bit spooky, even more so when you have just talked about it with someone. Next it will be based on our thoughts, now that could be interesting.

 

I'll put sticky tape over my iphone microphone form now on!

 

Last I checked the interest rates on a medico 90% lend were a chunk higher than you could get from a cheap 80% lender

 

Often is not about the rate but a) who will do the loan and b) the 10% liquidity will go a long way in putting towards another deposit, business expansion, purchase of another asset type, savings buffer, etc.

We just did a loan for a medico at $3.7mil 90% no LMI with reliance on just financials and no NOA's. Although the rate was still sharp we could have done better theoretically with a cheap lender at about 20 basis however he wouldn't get anywhere close to $3.7mil, we wouldn't get the 90% no LMI and they definitely wouldn't rely purely on financials for full doc.

To the OP - ANZ does this as its one of their medico niche's but they only go to $2.7mil @ 90%.

 

is that only for business owners though, what about PAYG employees?

 

Applicable to both assuming payg income services the debt/s.

 

Physio's don't appear on most medico waiver lists, but do appear on ANZ's list. If seeking a 90% loan, your general best lender solution is ANZ.

Similar to pharmacists with St G/Westpac group (appears on their MEDICO list but not on most others).

In general, ANZ's MEDICO package is a bit weaker than others. For premium type deals (like Shahin's mentioned), it tends to go to other MEDICO providers where there are higher loan limits for the 90% LVR deals (Westpac group is a good one). Nonetheless, often for higher security values there's loan amount caps on individual securities (classed as luxury properties).

 

Whats a chunk? >1%?

 

It shouldn't be that much higher. For an OO P&I deal its the standard differential between securitised cheapies vs big banks (~0.20-0.40% usually). There's a fair bit more to it though, the securitised funders come with a tad more risk attached to them and a less functional product/policy suite (i.e. you pay for what you get).

 

All ur browser history are belong to google!

I use an anonymous proxy web browser for web surfing. ..

 

How can you do that?

 

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I'll be very careful using proxies - that too free ones.
I would rather divert all dodgy traffic through a VPN and keep legitimate traffic direct. duckduckgo is good way to subdue but not eliminate google's profiling