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5. Let the lender know your occupation





Some occupations are viewed by lenders as being at less of a risk of redundancy or job loss. It could be worth letting your lender know what your job is during the application process, and asking them if they will consider waiving your LMI premiums. According to Mortgage Choice, LMI may be waived for LVRs up to 90% for certain professions including for medical and legal professionals who have reached a requisite seniority level within their profession. However, Mortgage Choice says this will be assessed on an individual basis and you may need to also be a member of specific professional associations. 

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Some occupations are viewed by lenders as being at less of a risk of redundancy or job loss. It could be worth letting your lender know what your job is during the application process, and asking them if they will consider waiving your LMI premiums. According to Mortgage Choice, LMI may be waived for LVRs up to 90% for certain professions including for medical and legal professionals who have reached a requisite seniority level within their profession. However, Mortgage Choice says this will be assessed on an individual basis and you may need to also be a member of specific professional associations. 





LMI can be a huge cost, so it’s worth learning about it and doing some research, as it could save you a significant amount.

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LMI can be a huge cost, so it’s worth learning about it and doing some research, as it could save you a significant amount.









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Thanks for visiting Canstar, Australia’s biggest financial comparison site*