10% No LMI Loan for CAs - Job Title Requirements

Discussion in 'Loans & Mortgage Brokers' started by jaepee36, 22nd Jan, 2020.

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  1. jaepee36

    jaepee36 Active Member

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    Hi all,

    Partner is a CA and had only recently moved on from an accounting role to another role within her company. As part of this change she lost some key buzz words in her title and seems like it has ruled her out from the 10% Deposit No LMI packages that some of the banks offer. I note she meets the minimum salary threshold.

    Do any of the wise heads here know if there are banks that are flexible with the whole title thing or experience trying to get a variation to the title requirement through?

    Ta,
     
  2. Lindsay_W

    Lindsay_W Well-Known Member

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    Depends, what's her new role?
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    Generally they would need to be working in an accounting related role.
     
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  4. Watson1

    Watson1 Well-Known Member

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    ANZ dont care about title and only if you hold required accreditation.
     
  5. jaepee36

    jaepee36 Active Member

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    Her new role is in risk and cultural management.

    Thanks Watson, will look into them.
     
  6. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    Some are strict on "practice" and a practicing certificate and others just accept the qualifications. eg as a Company Financial Controller for example. Broker may be able to guide the lender position

    Often the professional body can advise the providers of these benefits
    Member benefits with Affinity Services & Offers

    They dont broadcast it to the public !
     
  7. Lindsay_W

    Lindsay_W Well-Known Member

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    I believe ANZ require the applicant to be currently registered member of CPA
     
  8. jaepee36

    jaepee36 Active Member

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  9. jaepee36

    jaepee36 Active Member

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    Thanks Paul, I'll get her to get in touch with the Affinity route and see what else she can dig up.
     
  10. Brady

    Brady Well-Known Member

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    Reckon would be fine with CBA also if still CPA/CA w/ $150k application income (doesn't need to be sole income - can be made up of spouse and rental!)
     
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  11. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    It's getting easier for accountants. She needs to be working as an accountant and a member of one of the various professional bodies. Income isn't such a challenge these days.
     
  12. big_ben02

    big_ben02 Well-Known Member

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    Hi All,

    With the CA 10% No LMI loans, does the loan need to be in the name of the CA member, or can it be in the name of their spouse or a trust?

    I won't be acquiring any more assets in my personal name, but will be acquiring in the name of my spouse or trust and therefore the loan will be in my spouse' or trust's name. Will these loans be eligible for the 10% no LMI loans?

    Thanks,
    Ben
     
  13. becbecbec

    becbecbec Member

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    Hi all,

    In June 2019, I purchased and settled a property (3 bedroom house) in Melbourne. Due to the circumstances of the vendor, the purchase price was approximately 90% of the 'value' i.e. compared to the rates valuation the previous year and current year, in addition to the median price of the suburb and surrounding comparable sales (in terms of land size/bedrooms) in a fairly homogenous suburb.

    As part of the loan approval process, I did mention that I was a CPA however not until reading this post have I discovered that I would be able to access a 90% lend without LMI. I meet the income requirements. I cross collateralised another property I own in order to avoid the LMI.

    I have since made a request to Westpac to release the second security based on my CPA/income/valuation status, however they called and advised that as the loan wasn't settled in this manner, that I wouldn't be able to release the security above 80% lend. I understand that they didn't do a valuation at settlement and took the contract price. They advised that they would need to run the credit process again?

    I questioned this as what is really the difference between now and when I settled the loan, and overall I have a very conservative portfolio in terms of overall LVR, perfect repayment history and a high income. The loan in question is I/O in advance for 2 years. They advised that they only way to contest this is to talk to my branch manager which I am doing on Friday.

    Anyone have any advice as to my luck in achieving this (releasing the security at 90% rather than 80%?) or another way to skin a cat? It's no real big deal as eventually it will hit 80% however it's more the reasoning behind why they've denied it that is annoying me.

    Cheers

    R
     
  14. sumterrence

    sumterrence Well-Known Member

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    Maybe you can try westpect premium bank.
     
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  15. becbecbec

    becbecbec Member

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    Hi Sumterrence,

    Will definitely ask for that on Friday
     
  16. sumterrence

    sumterrence Well-Known Member

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    I believe they may possibly be able to do this for you but the branch will not be able to do the 90% lvr no lmi policy as it is exclusive to Premium Bankers only. You can ring up Westpac and ask to speak with a Premium Relationship Manager to discuss your circumstances.

    My understanding is the Relationship Manager just need to submit a security variation form for you and order valuation and it should be sorted.
     
  17. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    Yes that would be the case because you would now be trying to borrow 90% against that property without LMI rather than a substitution of security
     
  18. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    It would also be worth making a complaint - why didn't they tell you LMI could have been waived
     
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  19. Brady

    Brady Well-Known Member

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    Would need to be part of the application in some way.
    Ownership might be able to be in spouses name, but loan in joint...
     
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  20. Archaon

    Archaon Well-Known Member

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    IIRC it said equal share in the property at minimum, so 50/50.