90% LVR Chartered Accountant loan no LMI

Discussion in 'Loans & Mortgage Brokers' started by Gabbo, 17th Dec, 2017.

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  1. Gabbo

    Gabbo New Member

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    Quick one for the brokers. We brought an IP 18 months ago obtained finance through CBA on 90% LVR loan no LMI as I am a chartered accountant. Noting the changed lending environment are there banks still offering similar products?
     
    Gabbo, 17th Dec, 2017
    #1
  2. Terry_w

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

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    yes
     
    Terry_w, 17th Dec, 2017
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    subject to a few rules cba, stg wbc and a few others can be convinced

    generally PI though

    ta

    rolf
     
    Rolf Latham, 17th Dec, 2017
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  4. Gabbo

    Gabbo New Member

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    Thanks team for your reply’s... noticed your point about P&I is that a deal breaker with the banks or is it that IO rates are too high to make it worth while? Currently on 4.24% IO for 5 years.

    Looking at getting IP2 early next year good to see that it’s still possible on those terms.
     
    Gabbo, 17th Dec, 2017
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  5. Terry_w

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

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    Deal breaker generally. But you wouldn't want IO with the rate differences.
     
    Terry_w, 17th Dec, 2017
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  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Post 80. The lenders that will do no lmi, won't do io for accountants.

    Anz I recall will do Io for medicos on their no lmi policy.

    Obviously docs are more prudential than accountants or lawyers :)


    Ta

    Rolf
     
    Rolf Latham, 17th Dec, 2017
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  7. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I've done a couple of these recently, they're really not a big deal. The main criteria is the CPA (or similar professional body) membership and some lenders have rules around either individual or household income of $150k or more (this can often include proposed rental income).

    I don't think I/O would be worthwhile given the cost, even if you can get it.
     
    Peter_Tersteeg, 18th Dec, 2017
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