90% LVR no LMI ?

Hi,

Are there any brokers here that have access to a 90% LVR loan with no LMI? (Owner occupied).

I am a self employed Podiatrist for many years. Income $165K, no other debt.

If you could please let me know.

Many thanks.

 

I second that had a good look at the specialties lists but no luck.

 

Doesn't look like it unless your profession is on the list which I couldn't find:

 Medical Specialists – refer to List of Australian Recognised Medical Specialties for the list of acceptable that fall under Medical Specialties

I will contact some sources tomorrow to see if their is a possibility

 

You might have some luck with BoQ specialist - they don't work with brokers but may help you if you go direct.

There's a few reasons not to go this way though - they will make a mess of the structure, guaranteed.

 

Interestingly not on the lists - clearly the banks don't risk rate foot doctors as well as some others.

Meanwhile I've written copious amounts of loans for lawyers with no LMI, whilst that profession is flooded with lowly paid grads fighting over a hotly contested pool of jobs. Lenders are a funny bunch.

 

Banks are probably afraid of them as they might help bank's customers walk away, literally

 

Sorry to hijack, but what about accountants? Would this profession qualify for no LMI?

 

Yes, some lenders will offer to waive LMI for you based on this occupation. Some lenders also require you to earn over $150k from all income sources though (cba I think).

 

Indeed you can if you meet the criteria. Most accountants with a partner and a couple properties under their belt would easily meet the req's OR self employed with reasonable revenue OR a partner.

 

Just doing one for a CA member now at 90% no LMi with Westpac. Need an income of $150k I think.

 

Many thanks everyone above ^^.

What is BOQ specialist like as a lender? They are offering 3.99% fixed 3 years no LMI. But there is $395 package fee. ?

 

A whole $30/month + gst

Do you get a credit card with that?

 

Yep.. Is it best to have a variable or fixed rate?

 

There is no 'best' option. Either option will depend on what you need/want.

Do you need/want stability? A fixed rate could suit you as your repayment will be the same every month and give you peace of mind. Also fixed rates are juicy at the moment for PI so there is a lot of attraction.

Are you not phased by stability and think the rates might go down rather than up? Go variable. But make sure you stress test your loans with a few percentage points on top of current rates. The last thing you want is for a few interest rate rises think bring you to your knees.

 

Because they could get the boot at any time.....

 

Reminds me about a Seinfeld episode ... podiatrists.

 

I think that he's gotten off on the wrong foot.

(Where's @geoffw when you need him?)

 

If you two keep it up, I will have too put the slipper in.