90% LVR No LMI for CPA accountants

Hi

I have a friend who told me that I could get a 90% LVR loan without LMI if I was a CPA accountant.

Would you know which bank would that be with?

 

Multiple lenders, you generally need to have a taxable income above $150,000 to qualify. That can include rental or proposed rental income.

Hope that helps

Edit: $150,000 or $120,000 depending on the state you live in.

 

CBA, St George and Westpac, 150k total income (including rental), working as an accountant (or Finance Manager/Auditor/Actuary).

 

I think BoQ may do something similar too

 

Thanks a lot guys. I guess earning $150,000 is a good problem to have.

 

It can include rental income - that usually makes it far easier.

 

Can a partner/ spouse income be part of the $150k even though she is not an accountant?

 

CBA defines it on household income. StG is more on the accountant's income, but depending on how it's structured you can get around that. Both include the existing and proposed rent in their criteria.

 

On the $150k point, does that mean it could be made up of:

• $100k salary
• $25k rental income from IP1 (even though it's negatively geared)
• $25k proposed income from IP2 that is the subject of the loan being sought (once again, will be negatively geared)

Given the two properties are cashflow negative it seems weird that they would consider this gross income to reach the $150k threshold but then again, I'm sure there's a reason for this that I'm missing if this is the case.

 

What's defined as a Finance manager?
I work in Financial Services as a product manager for a Superannuation fund; does that count ?

 

Can I borrow someone's qualification?

I promise to give it back.

 

There's certain professional bodies you need to be a member of. CPA is one of them.

 

I'll lend you mine but I don't know if a MBA (menial boring acronym) has any value.

 

I'm a member of ASFA, does that count for anything ?

 

Not that i know of. What is it?

 

Association of Superannuation Funds of Australia. I don't think this association is recognised as one of the exempt ones.

 

Australian Society of #&*k All

 

Not that i know of

 

Ha,

Try to find a job as an accountant that pays anywhere near $150k!

Accountants are highly underpaid and it's a stressful job.

Being a CPA takes a lot of time, energy and money of which you can only obtain after you have completed university, they are professionals of the finance industry and therefore should be entitled to discounts as others are in thier respective industries.

Average salary is about $60-70k for an accountant and that's after 3 years of study and 3 years of experience, plus having started/completed CPA...

Guess it's assumed that accountants know what to do with money and hence a low salary rate!

 

Think you're missing the point why the banks provide the waiver of LMI for these customers. It's competition of trying to get these customers. The banks want to do business with these types of people. As statistically they're less likely to default, lower risk - banks like that. They also target the higher income as they're usually the more established or leaders in their field - not just fresh from their 3 years of study + CPA. They're targeting the best clients and waiving a substantial cost to attract these clients.

There are many CPAs and many professionals in every industry, doesn't mean the banks want to target them as not all of them meet the criteria - high income / low risk.