LMI Waiver for IT Professionals

How Much Can IT Professionals Borrow?

There are a few options available for IT professionals, when applying for a home loan with No LMI. Take a look below to see which is right for your personal circumstances.

Borrow up to 95% of the property value with NO LMI

We have access to a specialist lender (not available to the general public) who offers home loans of up to 95% LVR with No LMI for IT professionals. With this lender, the maximum loan amount is $1 million, meaning you can purchase a property valued up to $1,052,600 and borrow 95% of the property’s value. This unique opportunity allows IT professionals to enter the property market early, with a small deposit of only 5% while avoiding LMI. However, there are strict eligibility requirements to qualify for this offer:

• Property must be an owner-occupied residential property in a Category 1 (metropolitan) or Category 2 (regional centre) location
• You need to have relevant university degree or industry certification (from Australia or overseas)
• Australian citizenship or permanent residency required
• You need to be employed as an IT professional and cannot be on probation
• You need to show evidence of income for the last three years (no minimum salary required)
• If you are self-employed, you need 2 years' of tax returns and full financials, including evidence of profit, and the ABN must be registered for a minimum of 2 years
• Maximum term of 28 years

If you do not satisfy the criteria, or if you are otherwise ineligible for the 95% LVR loan, you can consider borrowing 90% LVR, which comes with the advantages of  a higher loan limit ($1.5 million) and lower interest rates.

Borrow up to 90% of the property value with NO LMI

Borrowing 90% LVR with an LMI waiver is a popular option for IT professionals, offering a balance of higher borrowing capacity and competitive interest rates. With this arrangement, eligible IT professionals can access loans of up to $1.5 million while avoiding the added cost of LMI. This makes it an ideal choice for those looking to purchase a high-value property or invest in their dream home with a smaller deposit while benefiting from better loan terms compared to 95% LVR options.

There is no minimum annual salary requirement for 90% No LMI home loans for IT professionals, making it accessible even to those who are just starting out in the industry. However, eligibility criteria vary across lenders, so it’s crucial to work with an experienced broker who can assess your situation and connect you with the best loan options. At EE Mortgages, our services are completely free to you (we receive a commission from the lender), so you can rely on our expertise to navigate the process with ease and confidence, ensuring you secure the ideal home loan to meet your needs.

Borrow up to 105% of the property value with NO LMI

With the help of a guarantor, you can borrow up to 105% of the property’s value, covering not only the purchase price but also associated costs such as stamp duty, legal fees, and moving expenses. This arrangement is particularly beneficial for individuals without a large deposit, allowing them to enter the property market sooner while avoiding LMI. It’s a popular option among first-home buyers looking to get onto the property ladder.

However, it’s important to understand the risks involved, particularly for the guarantor. A guarantor, often a parent or close family member, uses their property as collateral for your loan, which could be at risk if you default on repayments. This makes it crucial to evaluate the financial stability and risk tolerance of both parties before proceeding. Seeking professional financial advice and maintaining open communication with your guarantor are essential to ensuring everyone involved fully understands the potential implications and safeguards. A mortgage broker can guide you through this process, helping you decide if a guarantor loan is the right choice for your circumstances.

Which IT Professionals are Eligible?

There are a wide range of IT professionals that may qualify for LMI waivers, but the criteria for eligibility varies widely from lender to lender. It is a good idea to get in touch with an experienced mortgage broker who can help you find which loans are available for your specific job. Here are some of the IT professionals that may be able to access LMI waivers:

• Cloud Engineers
• Cybersecurity Specialists
• Data Analysts
• Data Scientists
• Database Administrators
• IT Consultants
• IT Project Managers
• Network Administrators
• Network Engineers
• Software Developers
• Software Engineers
• Solutions Architects
• Systems Administrators
• Systems Analysts
• Web Developers

If your job is not listed above, you may still be eligible for LMI waivers, so contact us and we can help you with your situation. Even if you do not qualify for an IT professional home loan, we can help you find the best mortgage for your needs.

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