Accountant Loans - Sub $150K income

Discussion in 'Loans & Mortgage Brokers' started by Renovator, 31st Jul, 2018.

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  1. Renovator

    Renovator New Member

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    Hello everyone,
    I've done quite a bit of reading online and I'm hoping someone can set me straight.
    I'm a CA and am looking for 90% LVR no LMI...However...wait for it...My wage is below $150,000 pa.
    I've read a few other threads and it seems BoQ is one option...but are there any others out there?
    I'd prefer to 90% no LMI as opposed to 85% and asking the lender nicely for no LMI!
    any guidance would be great!
     
  2. tobe

    tobe Well-Known Member

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    Wpac group need the accountant to earn $150ky. Cba need the family income to meet the same threshold, but limit borrowings to 4 times income. BOQ take anyone through their specialist team.

    That’s about it I’m afraid.

    Pepper and Citi do 85% no income or profession threshold.
     
  3. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    The $150,000 does include other income such as rental income.

    Furthermore, the $150,000 is for applicants based in NSW, VIC and QLD.

    Applicants based in WA, SA, NT and TAS need to show $120,000.
     
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  4. Greyghost

    Greyghost Well-Known Member

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    BOQ specialist do it.
    I've taken one with them before
     
  5. Whitecat

    Whitecat Well-Known Member

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    can someone explain to me what the special characteristic is about 'accountant' that requires that minimum income. Or is that all sole trader type incomes?
     
  6. Phantom

    Phantom Well-Known Member

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    The minimum income is one of the requirements that must be satisfied to get the LMI waiver for accountants. There are certain professions such as accountants, lawyers, doctors, athletes, celebs etc. whom are entitled to the waiver.
     
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  7. Whitecat

    Whitecat Well-Known Member

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    right I didn't pick up it was for a waiver of LMI. What is the rationale with athletes and celebrities? how are they defined? I am pretty athletic and I am sure I could do something and video it that would make me a celebrity (for a news cycle)
     
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  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    A professional with a decent length contract for income

    ta

    rolf
     
  9. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    To be classified as a professional sports or entertainment person you must have an accredited Manager, Agent or Accountant.

    Max loan amount is $2mil and you will need income protection.

    For servicing purposes they will work off the the individual's contract.
     
  10. Whitecat

    Whitecat Well-Known Member

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    so those are the criteria. What is the rationale for them being lower risk and not needing insurance?
     
  11. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Need to note that Medico are top of the LMI waiver food chain. We have a lot of medico clients and you would be surprised how much lenders love these sorts of clients. They have higher ceilings for LMI waivers.

    Back to you question - the only lender that does this is Westpac and they do it as it started out in their private bank channel. The PB channel had access through referral relationships with accountants to these clients and they determined that they were excellent clients. They only recently expanded this policy to other channels. If there was a lot of delinquencies then they would have canned the policy.
     
  12. strongy1986

    strongy1986 Well-Known Member

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    'wait for it... my wage is below$150,000 p.a'

    ??? do most accountants earn this now?

    When I quit my accounting job I was on $50k!
    I must of been the dunny brush of accountants..

    Anyway I hope the accountants out there are doing alright because for me it never made any financial or emotional sense
     

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