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LMI Waiver For Professionals NAB

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Professionals seeking to purchase a home often face challenges in securing a mortgage due to the requirement of Lenders Mortgage Insurance (LMI). LMI is a fee that lenders charge borrowers when their deposit is less than 20% of the property’s value. This insurance protects the lender in case the borrower defaults on the loan. However, there is a way for professionals, particularly those in the medical field, to waive the LMI requirement through the NAB (National Australia Bank) Professional Package. This exclusive offering is designed to help professionals achieve their dream of homeownership without the added cost of LMI.

The NAB Professional Package

The NAB Professional Package is tailored for professionals such as doctors, dentists, veterinarians, accountants, and lawyers who have a minimum of two years’ experience in their field. This package offers a range of benefits, including waived LMI for home loans up to 90% of the property’s value. By eliminating the need for LMI, professionals can save thousands of dollars on their mortgage and access a higher loan amount without a large deposit.

Key Features of the NAB Professional Package

  • Waived LMI for home loans up to 90% of the property’s value
  • Discounted interest rates on home loans
  • Flexible repayment options to suit the borrower’s financial situation
  • Access to a dedicated banker for personalized service
  • Ability to bundle multiple NAB products for additional discounts

Eligibility Criteria

To qualify for the NAB Professional Package and the LMI waiver, professionals must meet certain eligibility criteria. These typically include:

  • Proof of professional qualifications and employment in the relevant field
  • A good credit history and stable income
  • Minimum deposit requirements may still apply, depending on the specific circumstances

It’s important for professionals to consult with a NAB mortgage specialist to determine their eligibility and discuss the best options available to them. By taking advantage of the NAB Professional Package, professionals can enjoy significant savings and benefits when purchasing a home.

How to Apply

Professionals interested in applying for the NAB Professional Package can start by contacting NAB directly or visiting their website to learn more about the application process. A NAB mortgage specialist will guide applicants through the steps required to secure a home loan with the LMI waiver and other exclusive benefits.

During the application process, professionals will need to provide relevant documentation to verify their qualifications, employment status, income, and financial history. This information will help NAB assess the applicant’s eligibility for the Professional Package and determine the loan amount and terms that best suit their needs.

Conclusion

The NAB Professional Package offers professionals a unique opportunity to purchase a home without the burden of Lenders Mortgage Insurance. By waiving the LMI requirement and providing exclusive benefits such as discounted interest rates and personalized service, NAB helps professionals achieve their homeownership goals with greater ease and financial savings. If you’re a professional looking to buy a home, consider exploring the NAB Professional Package and take advantage of this special offering tailored to your unique needs.

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