In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
If you have a minimum 20% deposit you won’t have to pay LMI, but there are a few ways to get around it if you don't quiet have enough deposit.
You can ask a parent or close relative to go guarantor for you, which means they put up their property as security to cover the gap in the deposit.
There are also some professions ie. Lawyers, Medical doctors and accountants that lenders will offer an LMI waiver, typically which have job security and are highly paid that can be exempt from paying LMI, as the lenders will waive this additional fee.
The government also offers first home buyer assistance schemes where as long as you have 5% deposit, they will guarantee the amount over 5% and up to 20%, so you don’t have to pay any LMI. These do come with property price caps depending on city and regional areas, so do your homework before starting your property journey.
