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Home Loans 95% NO LMI for Nurses

MEDICO clients could borrow up to 95% LVR+ with no LMI. First Home Loan without Lenders Mortgage Insurance (LMI) or Low Deposit Premium (LDP) cost for eligible registered and enrolled nurses.Home Loans 95% NO LMIEligibility:
  • All practicing Registered and Enrolled Nurses, Midwives and Nurse Practitioners who are registered on the Nursing and Midwifery Board.
  • There is no minimum income criteria for this offer.Ā 
  • Additional eligibility criteria:
    • Personal borrowers only
    • Owner Occupied loan purpose only with Principal and Interest repayments
    • ā€‹Standard Variable Rate (SVR), Fixed or Extra home loans
  • ā€‹Off the plan purchases must have a signed contract of sale and be ready to proceed with settlement within 90 days.
  • Standard Loan to Valuation Ratio (LVR) restrictions apply. Note that these LVR limits differ fromĀ existing professionalĀ LMI LDP waiver offers (maximum LVR with LMI LDP is not to exceed 95%).
  • There is no change to how LMI LDP operates in the event of a shortfall.
  • This offer isĀ notĀ available for:
    • Home Seeker, Bridging, Land or Construction loans
    • Non-personal borrowers
    • Investment home loans
    • Top Ups
    • Internal Refinance of existing CommBank home loans
    • Please note: external refinance of a new security with a consolidation of other debts e.g. credit card, personal loan (excludingĀ existing CommBank home loans) is allowed.
Procedure:
    • Registered or Enrolled Nurse: checking the Division / Registration Type is a Registered or Enrolled Nurse.
    • Midwife: checking the status is registered the profession is Midwife.
    • Nurse Practitioner:Ā checking the status is registered or enrolled and the profession is Medical Practitioner.
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