10% No LMI Loan for CAs - Job Title Requirements

I do recall this being mentioned in the ANZ announcement, but I was wondering if the other banks weren't as strict?

 

There is at least one lender who will allow trustees to get the waiver where the trustee or the guarantor is the one that qualifies for the waiver - being the lawyer, CA etc.

I cannot remember which lender off the top of my head.

I have also had success in the past where a property was owned by Spouse A but Spouse A and B were the borrowers with B being the lawyer and qualifying for the 90% no LMI. But this will be more difficult now with the changes in the Code of Banking Practice.

 

Can't comment on all banks.

CBA "Customers can borrow in their own names or as a company or trust for investment purposes provided they are a director or trustee."

No mention of 50/50 etc

 

I suggest you take the opportunity to look at other lenders, it's likely there are better options out there with lenders that have 90% no LMI policy.
If Westpac didn't do right by you initially (and now) the probably won't in the future either. If it's a new credit assessment with Westpac then you might as well look to refinance.
Just a thought.

 

IMO ANZ now have the best medico and ISP (solicitors/accountants) waiver. They can do 95% no LMI for owner occ for medicos and the ISP has no income/profession requirements which is a huge difference between CBA/STG/WBC.

Also, CBA tend to have a lot of postcode restrictions for strata properties where they do not waive mortgage insurance in Victoria and NSW. The only current negative about ANZ is that the ownership must be equal, however, I believe Medico does not have this requirement.

 

Hi Lindsay

Yes I agree, will look at other options however am a little constrained at the moment given I'm on unpaid Mat Leave. Will look around when I'm back!

 

Sounds like a plan

I'm not sure if you've spoken to Wetpac again yet re: the above
Just be aware that if they do need to run the credit process again they may or may not include your return to work income in their credit assessment, hopefully they do otherwise they'll just use it as another excuse to knock you back until you do return to work.

 

Westpac do allow to use return to work income as long as she can provide a letter to confirm.