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Home Loans for Medical Professionals Frequently Asked Questions

If you haven’t used a finance broker before, you probably have some questions. Let’s help you get some answers.

Do all lenders charge mortgage insurance?

The majority of lenders do charge lenders mortgage insurance (LMI) for borrowers who need to borrow more than 80% of the value of the property. However, every lender has their own LMI policies and requirements so it’s important to speak directly with lenders or consult a mortgage broker.

Our mortgage broker team at Oceania Finance works with a wide range of lenders and can assist in getting the best deal on LMI for your individual circumstances. Contact us today for more information and a personalised service.

Which banks waive LMI for nurses?

There are some select lenders that offer LMI waivers for nurses. But it’s important to check with your lender directly or consult your mortgage broker to confirm if an LMI waiver for nurses is available.

Can you get a home loan if you work casual?

While it can be difficult, it is possible to get approved for a home loan as a casual worker. Generally, most lenders will require casual applicants to have been employed in the same job or industry for at least 6-12 months. However, each lender will have their own specifications and eligibility requirements and it’s important to speak with your mortgage broker or the lenders directly regarding your own situation.

What does a home loan specialist do?

Typically, home loan specialists work for mortgage lenders including banks, credit unions and financial institutions. They assist in administrative tasks, processing loan applications, and collecting the relevant information and documentation from borrowers. A loan specialist may also assist in establishing the initial eligibility of a borrower to determine if the loan application should progress.