Case Study: From Frustrated to First Homeowner - Saving $34K in LMI & Boosting Borrowing Power
- Healthcare Home Loans
- May 27
- 2 min read
Background
Our client Darren, a dentist, was in the market for their first home. They found a property priced at $900,000 and initially approached their current bank to begin the journey. Unfortunately, that bank did not offer LMI waivers for professionals, nor did they provide specialist support around government schemes or income structuring.
The Initial Situation
The couple was told they did not qualify for the First Home Buyer Scheme due to their combined income. As a result, they would need to contribute a full 20% deposit to avoid Lenders Mortgage Insurance (LMI):
20% deposit required: $180,000
Plus fees: $23,108
Total cash needed: $203,108
However, they only had 15% saved, meaning they would not meet the bank’s requirements and would also face:
LMI payable: $9,338.22
Limited borrowing capacity: $800,000 due to restricted income policy (not factoring in overtime)
They were effectively stuck - short on deposit, capped on borrowing, and faced with thousands in extra costs.
The Healthcare Home Loans Solution
After being referred to us by their employer, we met with the client for a single session and quickly uncovered their true borrowing potential and professional advantages.
Here’s how we changed the game:
✅ Accessed a lender who offers LMI waivers for dentists with as little as 5% deposit
✅ Took 100% of their overtime income into account, increasing borrowing power by $75,000
✅ Secured discounted interest rates exclusive to their profession
✅ Unlocked First Home Buyer stamp duty exemptions
✅ Saved $34,735 in LMI costs (with 5% deposit)
The New Financial Path
Total cash needed: $68,108
This covered a $45,000 deposit (5%) and all fees/stamp duty
The remaining funds were parked in an offset account, enhancing interest savings
Interest saved over loan life: $321,493
The loan term was reduced by 5 years
Minor renovations budgeted upfront thanks to improved borrowing
Outcome
✅ They bought their dream property
✅ Saved tens of thousands upfront and long-term
✅ Retained financial flexibility
✅ Avoided unnecessary lender restrictions
All of this — from roadblocks to homeownership — happened after just one strategic conversation with our team.
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