Borrowing more than 80% of a property’s value might allow you to start your investment portfolio (or add to it) sooner or upgrade your family home. Borrowing 90% with a mortgage insurance waiver on a $750,000 property (for example) will save you over $16,000 in upfront (mortgage insurance) cost.
A “Big-4” lender on our panel has announced that it will offer the following mortgage insurance waivers for the following professionals only:
- Accountants, lawyers and engineers that earn > $150k p.a. are able to borrow up to 90% of a property’s value (home or investment) without mortgage insurance. Doctors can borrow up to 95% for an owner-occupier home or 90% for an investment property without mortgage insurance.
- Standard interest rate discounts still apply and most clients can expect to receive a 0.95% interest rate discount off the standard variable rate for the life of the loan (so discounted rate is currently 5.03%).
Of course standard lending terms and conditions apply and finance is subject to the bank’s credit assessment and approval.
If you are an accountant, lawyer, engineer or doctor (or know of one to refer to us) and are interested in finding out more about this offer, please contact us.