When it comes to professions and skillsets, nothing may ever replace the significant work of nurses. While the world is more familiar with countless medical practitioners that have greatly contributed their craft and care for the general public, nurses have made their mark more than ever as they are always on the frontlines. With this, everyone can say that they have done more than enough just to get their dues, and all of their needs are well taken care of.
Of course, in a world that provides equal proportions towards all its hard workers, nurses would definitely get the compensation that they deserve. The only problem is that there are always discrepancies when it comes to their pay and packages, much so that they may experience difficulties in buying their own home.
In such a case, it is only appropriate for them to be given the right opportunity so that they may be able to buy their own property. Luckily, they have the Lenders Mortgage Insurance (LMI) that would help them achieve just that.
If you happen to be a nurse and you would like to learn more about this amazing loan, look no further than the helpful pieces of information we have listed below.
1. Who Are Qualified for Lenders Mortgage Insurance (LMI)?
We have already mentioned how nurses are qualified to acquire it, but did you know that other medical practitioners may also apply for it too? You have your midwife, enrolled nurse, nurse educator and researcher, nurse manager, nursing support, and personal care worker.
Of course, they are also required to present the appropriate paperwork for their loans to fully materialise after the process. Thankfully, the good news is that all of the things in the checklist are virtually similar. That is why they will have no problem familiarising themselves with it if ever they have other peers who are also hoping to garner the same benefits.
2. As a Nurse, What Are the Qualifying Criteria?
In order to get approved, you may need to take note of some vital technicalities within the process. You should have a one-year tenure with your current employer or have worked as a nurse for at least a total of two years, you have a clean credit history with no defaults, and you have sufficient deposit for a minimum of 15 per cent plus stamp duty and purchasing costs.
To ensure that you wouldn’t miss out on any other details on the loan, be sure to discuss your options with your lender.
3. How Much Money Will I Save with LMI?
The savings that you will be able to incur will all depend on the risk of the insured event. You may not be able to save much with the higher LMI premiums, but the good news is that the lower LMI premiums are much more forgiving. For example, if the loan amount is $600,000 and your premium is $10,800, your savings would be $9,180. If your loan amount is $800,000 and the premium is $16,100, then your savings would be $13,685.
The number may get a bit tricky from here. However, as long as you will calculate it all with the help of your lender and premium providers, you may get a clear number without any discrepancies.
Lenders mortgage insurance may seem like a complicated concept to grasp, yet, its many easy-to-manage rules and technicalities would be more than enough to give you an idea of how much you will be getting by the end. Take note of the qualification benchmarks, the various criteria, and the calculated cost you will save so that you may have enough leeway to consider getting it as your option.
As a nurse, you deserve every benefit you will get, regardless of whether it’s insurance or a loan. Be sure to submit all your requirements, be honest about your application questions, and get your needed benefits in no time.
If you wish to acquire nurse’s home loans in Melbourne, look no further than our mortgage options here at Mortgage Broker Home Loans. We offer a wide range of financial options that may help you get the home of your dreams, regardless of your profession or economic status. Contact us today and let us discuss all your available options.