Pharmacists are considered low-risk borrowers by banks. This means you can get LMI waived and borrow up to 100% LVR.
Here’s what you need to know as a pharmacist applying for a home loan.
LMI waivers and discounts
In general, people who are applying for a home loan are required to take LMI if their deposit is less than 20% LVR. But most lenders waive the LMI for pharmacists, enabling you to save thousands of dollars.
Pharmacists may be able to:
- Borrow up to 100% LVR with a LMI waiver. But you may have to come up with a guarantor.
- Borrow a higher loan amount.
- Be eligible for attractive interest rate discounts.
Typically, the higher the loan size and better your credit score, the more attractive the discounts available.
You need to meet the following criteria to become eligible for the LMI waiver. Newly graduated pharmacists may have the advantage of more flexible approval criteria.
There are no minimum income requirements for pharmacists when getting a home loan. However, your application must:
- Fall within the lender’s policy guidelines.
- Satisfy the professional eligibility criteria.
- Your home loan size does not exceed 100% LVR.
As a pharmacist you must:
- Be a member of the Australian Pharmacy Council or another recognised medical association.
- Be fully qualified and in full-time employment.
Unloan Variable Home Loan (Owner)
Interest rate (p.a.)
Comp rate^ (p.a.)
- Get a rate discount every year.
- No application fees, no account fees, and no exit fees.
- Borrow up to 80% of your home’s value.
- Refinancing only.
Is a professional package right for you?
If you are planning to borrow more than $250,000 and wish to make use of other banking services like a transaction account or a credit card, you may consider a Professional Package. They come with an annual fee in the range from $300 to $750 depending on what the package includes. Compare the package’s single fee with the total annual fees you would have to pay if you opened each of the different products you need separately.
Pharmacists with overseas qualifications
If you qualified as a pharmacist overseas, it may be more difficult for you to qualify for the LMI waivers and discounts. Consider working with an experienced mortgage broker who can help you find a lender who would accept your qualification and offer you attractive discounts.
Consider working with a mortgage broker
An experienced mortgage broker can save you time and help you get the LMI waivers and attractive discount deals that lenders offer to pharmacists. Compare online mortgage brokers on Finty and schedule a call to discuss your situation.
Getting an investment property
Pharmacists looking to buy an investment property may also be able to have LMI waived. Check with your lender or speak with a broker.