13 Jul 2023 Podcast: Deep Dive – Health & Education Industry; LMI Waivers & More!
In this episode, Evelyn and Maddie discussed various policies available for medical professionals to obtain finance, including lenders mortgage insurance waivers, income policies, and self-employed policies.
The eligibility criteria for these policies have expanded recently to include a wider range of medical professionals, including those in the healthcare and education industries. Medical professionals may also be eligible for higher lending amounts, up to $5-7 million with some lenders, compared to the usual $3 million lending cap on any one property.
Evelyn and Maddie also discuss the benefits of buying a property with a lower deposit and considering the bigger picture for long-term gains.
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https://www.everlend.com.au/
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You Have My Interest is brought to you by Everlend, a mortgage and finance broking firm built for the purpose of educating and empowering you to make informed financial decisions tailored to your wealth goals. Find out more and book in your free initial consultation at https://www.everlend.com.au/
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Podcast Audio Transcript
Before we begin, we would like to acknowledge the traditional owners of the land from which we are recording.
And you are listening.
Today we pay our.
Respect to their elders, past, present and emerging, always was and always will be Aboriginal land.
Welcome back to another episode of You Have My.
0:20
Interest.
I’m Evelyn and
together with my colleague Maddie, we’re mortgage brokers here to help you make smart moves with your money by giving you tips, tricks and tools to help navigate your wealth.
Journey.
Hey, Ev.
How are you going today?
I’m good.
0:35
Mads.
How are you?
I’m good.
I am battling a little bit of a rusty throat, so apologies in advance, but we are recording to them the public holiday a week in advance of when this will be dropping, or a couple weeks in advance when this will be dropping.
So it’s always nice to work a public holiday.
0:52
It’s really quiet.
We pretend to clients that we’re not working, so it’s nice and silent.
No banks are calling us, so it’s bliss, isn’t?
IT public holidays are one of my favorite days to work because I just feel like I can be so productive and I also.
Because I don’t have distractions, I feel really creative.
1:09
So I love doing things like the podcast or things like business planning because I can kind of just let my mind explore as opposed to having to stick to specific deadlines throughout the day.
So I actually really enjoy it.
Yeah, for sure.
And it’s been a great morning.
1:25
We’re recording in the afternoon.
I’ve been very productive today and I’m looking forward to having a chat on the podcast.
Yeah, awesome.
Well, we’re going to get into medico policies today and we are actually going to broaden out a little bit further than just Medico’s, but it is sticking inside of the health and education section.
1:43
So we’ll definitely do another episode on other industry professionals down the track today.
We really just want to focus on the medical professional and some of the education field as well and we’re going to do a bit of a date dive into what.
1:59
Are some of the policies that are available for medical professionals that can get them a bit of a leg up in when they’re applying for finance.
So some of those policies are going to be lenders, mortgage insurance waivers, some are going to be income figures that banks can use over other professionals and some are also going to be around selfemployed medical professionals.
2:20
So that’s what we’re going to get into today.
For sure.
Another thing that I really like about as well is because we get the LMI waivers, we tend to get them better interest rates too.
So there’s a fair few perks in working in these two fields, which is why we wanted to do a bit of a deep dive into what they are.
2:38
Because you may not know that if you are a nurse or if you are anything in the medico field, you have a fair bit of a leg up in a way to get into your property sooner than you may think.
Yeah, absolutely.
Yeah.
So, well, let’s start off by going through lenders mortgage insurance waivers because they are generally the number one policy that people refer to when they’re talking about medicos or medical professionals.
3:03
And medico is just short for medical professionals.
For the lenders mortgage insurance space, whenever you’re borrowing over 80% of the purchase price or you’re refinancing above an 80% threshold, generally the bank will add lenders mortgage insurance to your minimum loan amount.
3:20
So you might end up with, you know, an 8590 plus percent loan value ratio.
And also when you’re borrowing over those thresholds, usually the banks will Jack up the interest rate because it is more risky for them and that’s why the mortgage insurance premium is added in the first place.
3:36
But on the banks front, they also generally will increase the interest rate.
So as a medical professional you can borrow up to 90% without paying any lenders mortgage insurance.
And with many banks you are eligible for their 80% pricing.
Yeah.
3:52
And that’s great.
So what type of professionals are eligible for this?
Because when I was a scientist, I was eligible for these schemes.
So what type of professionals specifically in the medical industry are?
Available to use this.
Yeah.
Well, it’s an interesting one, Mads, because if you had ever asked me, you know, a year and a half to two years ago, it would have been a very, very different answer.
4:15
We’ve seen a very expanded list of medical professionals now come into many of the bank’s policies.
And also other banks that weren’t even doing lenders mortgage insurance waivers are now doing them.
So traditionally it used to basically be anyone that was a General practitioner or a specialist or dentist.
4:34
So when we were reviewing whether or not people were eligible, usually the criteria was when they were listed on APRA or they had a registration with APRA, they had to be registered under a provisional, a specialist or a general registration level.
So anyone that didn’t have those categories wasn’t eligible and that was just with the big four banks that were doing this.
4:55
Now the criteria has expanded significantly.
And I’ll give you a little bit of an idea.
You know, previously people like optometrists, pharmacists, vets, chiropractors, occupational therapists, osteos, physios, podiatrists, psychologists, radiographers.
5:18
And speech pathologists all weren’t included and now they are.
So you know, you’ve got this expanded list now I guess one of the criteria for that is with some of the banks, there is a minimum income threshold for those additional lists of medical professionals.
5:36
But previously it was literally just dentists, GPS and specific hospital specialists.
Do you have any idea why they’ve expanded their list of eligible professions?
I mean, thinking about it logically, I’d probably say it has something to do with the income thresholds that those people are sitting in anyway.
5:55
Generally most of them are, you know, above that sort of 100K bracket and they’re generally very sought after professionals.
So it’s unlikely that someone with that type of what do you call it like that type of.
6:12
Profession.
Yeah, profession, yeah, I was going to say or occupation, that’s one.
It’s highly unlikely with someone that has that type of occupation is going to be out of a job for a long period of time.
So I’d say it has something to do with that, the stability around it and the income that they’re sitting in.
6:29
And yeah, probably too, I don’t think that the the previous list of medicals was actually capturing enough of who could be eligible for medical professional.
Options.
So I’m really glad to see that they have expanded because the amount of times that we would see clients come to us that might have been just outside of that category, but we’re earning, you know, hundreds of thousands of dollars and weren’t eligible.
6:56
They were literally working in a hospital doing one of those extended occupations from that list and they couldn’t have any lenders mortgage insurance waivers.
So it’s great to see that banks have expanded that list.
For sure.
It sounds like it previously used to be literally people with just medical degrees, and now it’s expanded to a lot more in terms of just the health profession itself.
7:20
And there are a few banks that will literally allow people that just work in the industry.
But they aren’t a specific, they aren’t a specific profession in the health industry, but they could be a receptionist.
And they, yeah, with some banks and that to me is amazing.
7:36
It’s literally anyone that can work in the profession.
Now bank specific, obviously some banks are a little bit more tighter on those rules than others, but I think that they’ve come a long way and it’s really interesting to see where it comes to next.
That was the health industry.
What about the education industry?
7:53
Well, touching on the lender that you’re talking about there, they are a lender that is member owned.
And their, I guess target demographics are healthcare and education professions and they’re realistically they really just want to work with clients in those professions.
8:14
And so as a result of that, one of the policies that they’ve brought in is a 90% lenders mortgage insurance waiver for owneroccupied purposes and it is literally anyone that is employed within the field.
Of healthcare or education.
So on education base, that could be a teacher, or again, it could be a receptionist working in a school.
8:34
It could be someone working for the Department of Education.
As long as they’re employed within that actual industry, not occupation, they are eligible.
That’s absolutely amazing.
I think it’s so cool and allows a lot more people to.
Be able to take advantage of what I think is one of the best things that we can do because you don’t have to go onto a scheme, you don’t have to back for the government, you don’t have to have a guarantor, but you can still take advantage of having less of a deposit to put towards your home.
9:03
A lot of our clients in these brackets could get into them a lot faster because they’ve got the income to support the loan, but they may not be just having their deposit ready yet, a full 20% deposit.
So I think it’s absolutely fantastic.
Well, I would say majority of first time buyers and if not, probably close to, you know, 70 to 80% of first time buyers are borrowing above 80%.
9:26
They don’t have a 20% deposit.
It’s very, very rare.
And if they do have a 20% deposit, it’s highly likely that a large portion of that was an inheritance or a gift.
I very, very rarely see people that have actually saved that amount of money by the time they’re buying their first time.
9:41
So it’s not anything to be.
You know, embarrassed about or scared about because this is the, this is, you know, the majority of first time buyers is the boat that they’re in.
So to give them a leg up and be able to get into that.
And we should make note, Maddy, that this is not exclusive for first time buyers.
9:58
This is not an exclusive policy for owner occupiers.
It also includes investors.
It includes first, second, third, fourth homes.
It includes, you know we’ve had a couple of examples that we can share with our listeners, but it includes both principal and interest and interest only repayments.
10:18
So it is a very broad scope.
I guess the caveat to that would be that not every bank will accept all of those varying loan options.
So for example some banks won’t allow the Alimai waiver for an interest only investment loan.
10:35
Because I’ve got different criteria, for example.
So you just have to be careful as to which bank you’re effectively placing that loan with.
But overall this is a very broad policy that’s not exclusive just to 1st home buyers, whereas obviously the government schemes are.
Yeah.
Did you buy your home with an 80% lend?
10:52
I didn’t.
Well, no, but I used my investment property so.
Yeah, of course.
I oh, but did I buy my investment property with an 80% lend?
Is probably a good question, no?
I didn’t.
My parents helped me out.
They went guarantor.
11:08
And then once I was once my property had increased in value enough, I was actually not not only able to repay the guarantor, but I was also actually able to then cash out enough money to help me cover my remaining deposit required on my own rock.
11:24
So I borrowed at 80% on my own rock because I didn’t want to put in any more cash than that, but I was able to use some of my.
Some of my equity to be able to help me do that.
So I haven’t paid LMI, which I’m very very grateful for.
But at the same time I would have just paid LMI on my investment property in the 1st place if I needed to.
11:43
Yeah.
I mean, I bought my home.
The 90% lend I paid the LMILMI is generally about 2% of your purchase price or your loan amount.
So yeah.
Depending on what threshold that you’re in, if you’re under 90%, it’s about 2%, if you’re over 90%, it’s about 4%.
Yeah, it’s a little bit more.
11:59
Yeah.
So I bought, yeah, it was 88% base and then the 2% for LMI, but I bought, yeah with LMI because I find that even if you aren’t eligible for any of these schemes, these concessions or these waivers, it’s still worth it for me to save.
12:15
I saved about $120,000 I put towards my home and that was for 90% lend my my property was. 70 sorry 700,000.
However, when you factor in stamp GD I’ll set a buy as advocate, things like that.
They just ate away at my deposit completely and it was either I wait for another two or three years to save another 10% or I just spend 8 thousand $9000 on lenders mortgage insurance and get my property.
12:40
Now I refinance within a year and I got 40% of that LMI.
Waive that LMI amount back anyway.
So there are options if you don’t fit any of these lists.
But I wish I was.
I was able to take advantage of them.
Like, I hope most people do that are available too, yeah.
12:57
For sure.
Well, the other part of what you’ve mentioned there, Mads, is you saw the bigger picture as to getting into the market earlier and what that was able to give you long term.
Yes, you bought in a fantastic period of time where you then experienced a nice growth in your property as well.
13:12
Surprisingly, yeah.
But at the same time, your property was always going to experience growth because of the type of property that you bought.
So you know, if you hadn’t bought an apartment for 700 grand, you probably would have had a very, very different result.
But you’re now under that 80% threshold.
In fact, you’ve been able to release money for renovations and is and you’re adding value to the property not just from capital growth perspective in terms of market direction, but you’re also adding value directly by renovating.
13:38
So you know the amount that you’ve now generated from that property as opposed to waiting another two to three years is very like they’re worlds apart. 100%, and I think that for people that we’re talking about specifically in the Medicare or the education sector who can take advantage of this, it literally just means instead of trying to get to an 80% base, 90% is your base.
14:01
As long as you’re in that industry, you can literally for every single property that you purchase or refinance, 90% is all you need to get to, which is amazing and we see that a few of our clients have.
Who are trying to build their investment property portfolio, just go for 90% for every single property and I’m like, yeah, so much LMI saved, it’s so nice.
14:21
Well, that’s it.
If you’re buying and we, as you say, we see this a lot.
If you’re buying multiple properties and building out a property portfolio, being able to lend at 90% can be so beneficial to retain more of your deposit and utilize that towards the next purchase.
The alternative is.
14:37
You might keep that in your offset account for a year before you then buy again, for example, and keep building up your savings, but you haven’t put every last cent into the purchase.
And yes, you are making repayments on that extra 10% between the 80 and 90% threshold in terms of being charged interest on that, but in the scheme of things, that’s actually allowing you the ability to buy another asset or if property’s not your preferred investment.
15:00
Model or method, You’ve also got the ability to retain more of those savings to put into shares or a managed fund or something like that.
So you’ve got so many options when you can put in a lower deposit when you’ve got, even if you do have more than the 20% yourself.
15:16
So to round this out, right at the end of the podcast, we’re actually going to read out a very comprehensive list with one of the banks.
But the reason that we’ve chosen this particular list is because it does cover a few of the major banks.
So we’re going to read you out a comprehensive list of all of the potential occupations that may be eligible for a 90% LMI waiver.
15:37
The only caveat to that I’m going to mention is that this is not the lender that we’re talking about where they have 90% regardless of your occupation, as long as your web page industry, Yeah.
So this is the specific occupation list for a lot of the majors.
15:52
There are still majors that are very specific, but we’ll read it out at the end.
Another good way to think about it if you are lazy and you don’t want to run through all the lists with every single bank.
Specifically if you have an offer registration, you should be sweet to be able to be eligible for most banks for this.
16:08
Waiver, yeah, yeah, exactly.
Well, let’s go through then.
Outside of lenders, mortgage insurance waivers, some of the other benefits that medical professionals may be entitled to and how that, how it can help them in, you know, obtaining finance.
And one of the ones I wanted to start with is the policy around taking overtime and allowance income.
16:29
So traditionally most banks will discount overtime and.
Some allowances to 80% across the year and that is because it’s variable income, it’s not something that is usually consistent every single pay cycle.
16:45
So that’s why they want to put an 80% weighting or shading to it to account for if for example, you don’t get as much overtime this financial year as you did last.
I mean one way you can think of that is if you are on a $100,000 base, but you get $50,000 approximately of overtime per year.
17:05
If you’re not in an industry like the health industry, say you are working in retail or hospitality, a bank will only take $40,000 of that considered as income that would be used for servicing because it’s variable that could drop off any time.
Whereas in the medical field, especially emergency services frontline workers, it’s very consistent and they’re always working overtime and again, reliable, less risk.
17:31
So a bank is willing to consider 100% of that income.
Yeah.
Yeah.
So under that example, a medical professional may be entitled to use $150,000 total gross income, whereas other professionals, it may be 140.
So to go through the requirements for that, there’s sort of two different types of medical professionals.
17:52
When it comes to how banks assess 100% of their variable income, you’ve got the conservative approach and then you’ve got again.
Depending on the lender, people that will literally take anyone in the medical professional.
So on the conservative end, you’ve got banks that will only take emergency frontline employees to be eligible to take 100% of their overtime.
18:14
And So what does that include?
Meds.
So that includes people that are firefighters, paramedics, ambulance officers, police officers, even the big one that’s specific is nurses that are employed in a hospital.
And then it’s even more specific for doctors.
18:32
You have to be a doctor that’s hospital employed, working in the emergency department.
If you’re working in any other department of a hospital, you are not considered a frontline worker.
Frontline and emergency is literally first responders.
So those are the main ones that we see that are very specific and conservative in those banks.
18:50
But what about the others?
Yeah, and it’s a tough one, isn’t it?
Because if you think about, you know, people that are hospital employed as a doctor.
It doesn’t like, it’s not that it doesn’t make sense, but it can often kind of you know slip through the cracks where you think that you may have been eligible to have 100% of your overtime considered.
19:10
So looking outside of the banks that that will be a bit more conservative and only take those frontline employees, there are banks.
That will look at that on a much broader scope.
So they’ll take medical or healthcare professionals and frontline and key workers in healthcare, so that can be outside of that.
19:29
They’ll also take primary and secondary teachers as well as preschool and childhood educators, ambulance officers, as you mentioned many firefighters and police officers.
Employees of the Australian Defense Force and Australian Border Force, so again a little bit more expanded and also corrective services employees working with correctional centers, detention centers and prisons.
19:51
So their version of emergency services is very different to frontline workers.
Yeah, frontline workers, I think is just exactly how it’s defined and.
Yeah, really tough because you think if you work in a hospital you’ll automatically be eligible, but as a doctor you aren’t eligible.
20:10
You could be eligible for an LMI waiver, but you may not be eligible for your overtime to be considered, even though we know doctors work a lot of overtime.
So very, very interesting to see how different banks assess and consider different types of income professions.
20:26
Yeah, yeah, absolutely.
And you’ve made a really great distinction there between the difference of the LMI waiver policy versus the overtime and allowance income policy.
Because you know, when we look at people’s borrowing capacity and what’s important to them, you need to kind of marry up all of those little particulars.
20:42
Is it borrowing capacity that’s going to be the most important?
Is it interest rate, Is it the LMI waiver or is it a combination of all three?
Because once you start adding in more requirements that are really important and that need to be met to fit your circumstances.
You start to then really narrow down on who who are the lenders that actually gonna take all three of these components and not just one of them as an example.
21:05
Yeah.
And it is a good thing to note that you could be eligible for one but not the other.
So I find that very interesting as well.
Yeah, Yeah.
I guess that’s where brokers are super handy though, in terms of, you know, helping you to navigate that world and also explaining to you why they’ve chosen particular lenders.
21:24
In terms of even though you may be eligible for a lenders mortgage insurance waiver with Bank A, they’ve actually gone with Bank B because you’re eligible for the LMI waiver and your borrowing capacity was better based on their overtime policy.
Yeah.
And it also goes to show that interest rate isn’t everything.
21:39
I think a lot of people will think that interest rate is king and that’s the best thing you want to look for.
But if you have to pay .1 or .2% more, but then you get to save on lenders mortgage insurance of over 10 or $12,000, it’s a given of which one you would choose. 100%, Yeah, exactly.
21:55
I think it’s one of my favorite savings sayings, but it’s one of my favorite sayings around interest rate.
Like, to be honest, the number in front of the percentage sign means nothing if you’re not gonna get approved for the loan.
Exactly.
So is there anything else that medical professionals are eligible for that can help them with getting a loan as well?
22:16
There’s probably one more policy that I think is worth mentioning and this definitely comes off the back of the previous deep dive that we did Mads in regards to selfemployed clients.
And that is some of the lenders have specific policies for medical professionals where they can take one year of selfemployed income in isolation or you may not need to be having your ABN registered for as long as other professions.
22:38
So in that case, if you didn’t listen to last week’s episode on selfemployed, generally you need to have your ABN registered for 24 months.
Whereas with some banks medical professionals can be considered in a shorter period of time, particularly if they are doctors as an example, that have gone from POIG work into selfemployed work because that is a very, very common trajectory where they start doing, you know, they start receiving Billings and that sort of thing.
23:05
So a lot of banks can then take them when they have been shorter registration lengths, but also they can take one year in isolation.
So if this is your first year working, you know, fulltime selfemployed as a doctor, whereas the previous year maybe you were just starting out and you were still finishing off some PAYG work and it just started your ABN work, then the banks can look at your one year in isolation.
23:27
Does it have to be one year in financial year or they’re happy to take it just if it’s 12 months across the board, it could be a calendar year essentially?
No, the banks always need 12 months of financial year data to assess because whenever you’re selfemployed, income is always reported at the end of the financial year.
23:44
So unfortunately you would have to be after July basically when you’re lodging the tax return for the bank to then look at the income.
They won’t look at invoices, they won’t look at tradings accounts, that sort of thing, but they will definitely look at that, that full financial or the financial statements or the tax return that you’ve provided once you’ve finished that financial.
24:05
Yeah.
And you can even be transitioning between the two where it’ll show on your tax return that you’ve got PAYG income plus your ABN income as well.
So there are a few ways of not working around it, but there are a few ways that the policies can help in our favor for sure.
Yeah, yeah, absolutely.
24:21
So there is one other one that I thought is really worth mentioning as well in terms of a potential benefit for medical professionals.
And that is that people may not actually be aware, but a lot of the banks have lending caps on how much what the maximum loan loan lever.
24:38
A lot of banks have lending caps for one particular property.
And what that means is there is a loan restriction or a maximum loan amount that banks can go up to, up to a certain loan value ratio for one particular property.
For a lot of banks, that is up to a 90% loan value ratio.
24:58
It sits around the $3 million back.
Now why that’s important to mention is that with medical professionals, they can actually go a lot higher with the big four.
So potentially with some lenders, they could look at A5 or a $7,000,000 lending amount as opposed to being captured a $3,000,000 lending amount.
25:17
Wow.
Now is that for residential commercial.
All of.
It residential.
So is that for just one property themselves or can it is it over across multiple because that’s a lot of money to put towards a home, but I guess if people are going to be buying really high-priced homes, it’s going to be the ones that are earning a lot of money, hey, like doctors?
25:38
Yeah, I’m just going to answer that in one second.
Alcohol is based on new home loan product being applied and is not impacted when security is linked to other.
Maximum lending with LM, I5 mil, maximum lending without LMI 7.5 mil, yeah.
It just became me linked against one home.
25:54
There’s no restrictions.
Cool.
But like if you had but like it was in your total aggregate limit or like.
No, it’s not even that.
It’s just per property.
Well, it’s.
Crazy.
I think it could be.
I don’t think it’s total aggregate limit because I’ve done $7,000,000 with one bank with someone that wasn’t medico.
26:12
So it’s not that it’s just against one security.
Yeah, it’s incredible, right.
So this is actually not what we refer to as the total aggregate lending with that particular bank.
This is literally how much you can borrow in one standalone loan.
So yeah, for those, well it’s a standalone loan.
26:30
So yeah, it’s probably against one property, but you could have a $5,000,000 loan against one property, you could have a $3,000,000 loan against another, you could have a $7,000,000 loan against another property, or they could be linked to multiple properties if they were across.
Securitized, but yeah, from a from a single loan volume perspective there is much more room to move and you know far expanded.
26:57
I don’t even need to say that my words are just so bad.
So they.
Mine too.
But yes, for a single standalone loan it it is significantly what am I trying to say.
They don’t have the same caps that residential standard residential policy has, yeah, but for a standalone home loan.
27:25
So for a single loan, they do not have the caps that other residential or that their standard residential policy would effectively have.
So there’s lots more scope available for medico policies.
There are.
I didn’t even realize that.
27:40
That’s amazing.
That really, really helps people that are, especially if you’re living in Sydney where lending and property prices are really, really high and you’re say, wanting to buy a property to live in and at 7 mil, it’s crazy what you’d be able to go up to in comparison to if you didn’t work in those sectors.
27:59
That’s amazing.
Yeah, absolutely.
Yeah.
So I think that pretty much covers the main things in terms of lenders, mortgage insurance waivers, income policies and also selfemployed policies for medical professionals, the occupations that are eligible under the medical policies as well as who may be eligible in terms of education sectors.
28:18
So that’s, did you want to read out the list for, you know, that beautiful long list of potential occupations?
Yeah, Okay.
So we’ve got from one bank potential occupations in the medical and health industry.
So you’ve got anaesthetists, audiologists, cardiothoracic surgeons, cardiologists, clinical pharmacologists, cosmetic and plastic surgeons, the dentists of course, but also dermatologists.
28:46
Other types of surgeons like ear and throat surgeons, you’ve got your emergency surgeons, gastrointestinal insurgents, general surgeons, vascular surgeons, respiratory and thoracic surgeons, this goes on pretty much if you’re a surgeon, you’re fine.
We’ve also got the people that have their occupation ends in the East, so gastroenterologist, gynaecologist.
29:09
We even got people in the labs like hematologists, hematologists, immunologists, nephrologists, which has to do with nerves, neurologists, obstetricians, as well oncologists, optometrists, a lot of other ones that I can’t spell or say, but pathologists.
29:27
Pharmacists, psychiatrists, radiologists, rheumatologists, urologists and veterinarians as well.
Some banks are very specific in terms of their the vets, but also pharmacists.
Some banks will need to see pharmacists with not a minimum income of 90,000 like others, but they’ll need a minimum income of 150,000.
29:48
So that’s something to watch out for as well.
Yes, absolutely.
Yeah.
And I think now that there are you know three or four other lenders outside of the big four that are considering these occupations, anyone that is upper registered potentially is eligible.
However, if you are still looking at the big four as your preferred lender, I know that a lot of medical professionals do want to go down that path and they actually do generally give better interest rates than the other, the banks that they offer these.
30:14
If you are going down that path, you will still most likely need to have the provisional generalist or specialist.
Hyper registration category Awesome Mads, well that’s been a really good episode.
I hope people got a lot out of it.
And you know, if nothing else, if you’re unsure about whether or not you may be eligible, there is never any harm in asking and we can do the leg work for you and find out exactly who you would be eligible with and what type of rates and products you’d be eligible for with those banks. 100% and if you are eligible, it is such an amazing thing to be able to take advantage of and get you into your home faster without paying LMI, being able to take more income, therefore being able to get you potentially a higher loan amount.
30:57
There’s so many opportunities and it’s absolutely amazing that this is available for people in these specific industries.
Fantastic.
Well, we’ll see you all next week.
Sounds good.
And talk to you then.
Thanks for listening to this week’s episode of.
31:13
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