90% no LMI loans for Accoutants - Future rental income

Discussion in 'Property Finance' started by Simon_H, 20th Apr, 2018.

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  1. Simon_H

    Simon_H New Member

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    Hi,

    In the process of of looking for a home. I am an accountant and my wife is a lawyer I want to take advantage of 90% with no LMI but just fall short of the $150k requirement, without factoring in my wife income. My question is can I include future rent from the property I will vacate to get me above the $150k?

    Thanks in advance
     
  2. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Yes you certainly can. You also need to have to be registered with one of the industry bodies to practice as a CA, CPA, CFA or equivalent.

    Also the $150k is the requirement for east coast States.

    Its $120k for people in SA, WA, NT and TAS.
     
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  3. George Poullos

    George Poullos Finance Strategist Business Member

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    Who's $150k requirement do you fall short of? Are you sure this is the case? Some allow total income in this figure (spousal income and rental income). There are also some who have a lower income requirement than $150k.
     
    Last edited: 20th Apr, 2018
  4. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Using the proposed rental income to meet the $150k require will work. I've had loans approved with very similar circumstances.
     
  5. tobe

    tobe Well-Known Member

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    I had one approved recently where the income fell a little short. $142k combined from memory. Both lawyers, and I included the work contract showing the income scales they were climbing.
     
  6. tobe

    tobe Well-Known Member

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    I think both the lenders could work off combined income in this case... it’d be extremely pedantic otherwise.
     
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  7. BCR

    BCR Well-Known Member

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    HI, Have just caught on this thread - my wife is an accountant and completing her CPA, we have just applied for an Investment loan through pepper for 80% LVR- combined income is above 150k. Is this something I can consider and discuss with Pepper to have 90% LVR without LMI?
     
  8. Simon_H

    Simon_H New Member

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    This is just my income, I haven't factored in hers and looks like I wont have to for the purpose to qualify for the 90% no LMI once I factor in my future rent, this is great to know.

    Thanks for all the replied.
     
  9. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Not with Pepper unfortunately. This applies to the Westpac group and CBA. Most lenders can't do it.
     
  10. Simon_H

    Simon_H New Member

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    Is it just Westpac and CBA that offer this now?
     
  11. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Most lenders don't even do it for doctors. I think Bank of Queensland might have something for accountants as well. NAB & ANZ definitely don't.
     
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  12. tobe

    tobe Well-Known Member

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    And it can’t be done pending CPA certificate, you’d have to wait until she’s qualified and working in the field.
     
  13. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Lenders are starving ...........

    They will do things they wouldnt 12 mths ago if there is a good business case

    ta
    rolf
     
  14. Glasslike

    Glasslike Member

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    First post for me.

    I’m a pharmacist and I’ve been given 90% LVR with no LMI with pay just shy from 100k. This was through Westpac, ANZ and St George
     
  15. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    That comes under the medico programs, which is covered by all the major lenders. Most don't do the same for other professions unfortunately.
     
  16. BCR

    BCR Well-Known Member

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    Thank you both for letting me know, definitely something I can float with my broker at a later time. I'll let this one go through Pepper for the time being.
     
  17. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    If you're going to Pepper, there's probably a reason. We're using them when serviceability is getting very tight.

    There's a good chance that the lenders that do offer LMI waivers may no longer want to lend you more money.
     
  18. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    After she is a CPA then she needs a practising cert and also be working in practice. Its a tough hurdle.
     
  19. dubrex

    dubrex Member

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    CBA are ok with CPA/CA working in industry as well eg finance managers, not just practice.
     
  20. Greyghost

    Greyghost Well-Known Member

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    BOQ specialist.
    90% no LMI for accountants.
    No income threshold, no practicing certificate.
    Just need to be a qualified CPA or CA.
    They prefer the no LMI deal to be for owner occ purchase but can do an IP.

    Can do 95% LVR also no LMI, however the 5% above the 90% is almost personal loan rates, but secured against property on a 5 year term only.

    Reason your broker has not discussed with you is because they don't have a broker channel, you need to go direct.

    I stumbled across them reading the CPA magazine