Currently in the midst of transacting on an IP - went for finance with my employer/big 4 for a 90% P + I no LMI loan as I normally do under a banking professionals package and today found out... LMI waiver declined! Recently introduced rules caught me out, need to be minimum 2 years continuous employment with the same bank - no exceptions, which is really annoying for a few more months sigh Question for the finance gurus as to any lenders still offering 90% (or higher) IPLs with no LMI under a finances/banking professional package - heard ANZ still offer this? otherwise might just have to cop the hit also which lenders are better for certain professional packages? I think NAB/medfin are good for doctors/healthcare professionals?
BankWest have an open policy, they will waive lmi for any employees of lenders. I don't know the specifics as they don't make this policy available to brokers, only thru their branches. All of the big four and their subsidiaries waive lmi for medical professionals. Cba and st George do it for accountants and lawyers. Vtmb waive lmi for teachers to 85%, Citibank do it for anyone to 85%, but without the discounts on their variable rate. They are also particular about the security, no otp etc.
St George and ANZ are quite good in this space. Physios and Pharmacists etc are also considered from memory.
Every lenders different. Some take vets, that's medical professionals who don't specialise in one species....
Can someone confirm me if it still the same? I know someone working for CBA (or could be Bankwest!) aiming to save a 20% deposit to avoid LMI. I have heard about this LMI waiver things for bank employees a while ago but not sure if they are or any other financial institutions still do them. TIA.
Thanks tony xia , also curious Would any other financial institutions offer the same waiver for them just because she is a bank employee?
The employee benefit is only for employees of that specific bank, ie. you can't get CBA employee benefit if you're applying with Westpac.
Might be the case at Westpac, I'm not sure on their policy. But CBA will offer package to Westpac staff... any of the big4 or subsidiaries... it's not just for CBA staff It's the Banking Professional Package. Similar packages for Medical Professionals and Industry Professionals (Lawyers, accountants etc)
Exception required for Brokers to write those (CBA never like making it a level playing field) Not all bank staff qualify either, minimum length of service required etc.
I don't know why they would give bank staff LMI waivers really. Their prerogative but really the majority (no offense Brady) of then ones I've seen over the years are pretty low paid and not great with money.
Macquarie Bank employees added to the list. Doesn't offend me... you're probably seeing the bottom of the barrel entry level staff who either haven't been in the role long or as you say aren't great with money (which probably means not that great at their role either and haven't progressed)
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