Physiotherapists are considered a low-risk category by lenders. That is why you can get LMI waivers and be able to borrow even up to 100% LVR with some lenders when you apply for a home loan.
Here’s what you need to know as a physiotherapist when applying for a home loan.
In this guide
LMI waivers and discounts
Usually, people applying for a home loan must take LMI when their deposit amounts to less than 20% of loan value. However, physiotherapists may be eligible for LMI waivers with a smaller deposit or no deposit at all for being a member of a privileged category.
You may be able to:
- Borrow up to 100% LVR without LMI on your property. The exact percentage may vary depending on the lender.
- Save many thousands of dollars on the total cost of your home loan.
Eligibility criteria
In order to qualify, there are a number of things you must be able to prove.
Income eligibility
Most lenders do not have a minimum income requirement for physiotherapists when applying for a home loan.
Professional affiliations
To get LMI waivers as a physiotherapist you must:
- Be a fully qualified physiotherapist with a degree
- Be registered through the Australian Health Practitioner Regulation Agency (AHPRA)
- Be employed full time as a physiotherapist
Other criteria
In addition to your qualifications and AHPRA registration, lenders may want to know the following before deciding your eligibility for LMI waivers and interest discounts:
- Whether your loan application fits within normal bank policy. They'd want assurance that you have good credit and a stable income.
- The size of your deposit. Having some savings can be helpful because you can get interest rate discounts on loans with a lower LVR.
- The type of property you want to buy.
- How your home loan is to be structured. Complexity can drive costs up, such as when you plan to buy the home through a company or a trust.
Unloan Variable Home Loan (Owner)
Interest rate (p.a.)
5.99%
Comp rate^ (p.a.)
5.90%
Max LVR
80.00%
Application fee
$0.00
Monthly repayment
$2,695.08
Total repayment
$970,228.80
Highlights
- 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.
Considerations
Should you go for a professional package?
Professional packages are for those who wish to borrow more than $250,000 with an interest in getting other facilities besides a home loan such as a credit card and a transaction account.
A professional package typically comes with a single annual fee ranging from $300 to $750 depending on the package you choose. You should compare that against the annual fees you would have to pay if you had taken each product separately.
Physiotherapists with overseas qualifications
If you got your qualification as a physiotherapist outside Australia, it may be more difficult to qualify for LMI waivers and discounts. If so, an experienced mortgage broker can work with you and find lenders with flexible criteria so you don’t lose out.
Consider working with a mortgage broker
Mortgage brokers work with many leaders and have access to a variety of loan products. A broker can help you find a home loan with favourable terms and save you time throughout the entire application process.
