As a preferred medical profession, chiropractors are considered a low-risk category of borrower. This means chiropractors can have LMI waived and borrow up to 100% LVR.
Here’s what you need to know about applying for a home loan as a chiropractor.
LMI waivers and discounts
Most people who apply for a home loan have to take LMI if the deposit is less than 20% LVR. But most lenders waive the LMI for qualified chiropractors.
You may be able to:
- Borrow up to 100% LVR on your property without taking LMI. The percentage may vary depending on your lender.
- Save thousands of dollars on the total cost on your home loan.
To qualify for the LMI waiver you must be able to satisfy the lender’s criteria as follows.
Most lenders do not require a minimum income from chiropractors applying for a home loan.
Qualified chiropractor must:
- Be registered with the Australian Health Practitioner Regulation Agency (AHPRA).
- Be fully qualified and working full time.
Specialist chiropractors such as Epidemiologists, Neurophysiologists, and Kinesiologists can have LMI waived. Sports Chiropractors are also eligible.
Lenders may also consider the following when deciding your eligibility for LMI waivers.
- That your home loan amount is not over 100% LVR.
- Proof of a stable income and a good credit score.
- The deposit size. A lower LVR helps you get interest rate discounts.
- The type of property you plan to buy. Some lenders may look into whether it is an established property and its location, such as whether it is situated in a metro area.
- The way your home loan is structured. Typically complex arrangements — such as whether buying through a trust or a company — drive up the total loan costs.
Is a professional package right for you?
Professional packages are meant for people who want to borrow over $250,000 and may want other facilities such as a transaction account or a credit card.
Annual fees for professional packages typically range from $300 to $750 depending on what is included. Before settling, compare the package’s single fee with the total annual fees you would have to pay for the products when taken separately.
Chiropractors with overseas qualifications
A chiropractor with an overseas qualification may find it more difficult to get the LMI waivers and discounts.
Consider working with a mortgage broker
Working with an experienced mortgage broker can save you time and help you get the waivers and better interest rates available for chiropractors.