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Discussion in 'Loans & Mortgage Brokers' started by Hwangers, 13th Jun, 2017.

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  1. Hwangers

    Hwangers Well-Known Member

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    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?
     
  2. tobe

    tobe Well-Known Member

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    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.
     
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  3. God_of_money

    God_of_money Well-Known Member

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  4. mikey7

    mikey7 Well-Known Member

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    Out of curiosity, and without trying to hijack; What professions/jobs are 'medical professionals'?
     
  5. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Hospital doctors and specialist mainly.
     
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  6. miximitosis

    miximitosis Well-Known Member

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    St George and ANZ are quite good in this space. Physios and Pharmacists etc are also considered from memory.
     
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  7. God_of_money

    God_of_money Well-Known Member

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  8. tobe

    tobe Well-Known Member

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    Every lenders different. Some take vets, that's medical professionals who don't specialise in one species....
     
  9. Brady

    Brady Well-Known Member

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    I would suggest they're going to have the same policy as the OP.... ;)
     
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  10. tobe

    tobe Well-Known Member

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    The OP didn't mention who the lender was. So CBA will take any bank employee at 90% LMI waived?
     
  11. Brady

    Brady Well-Known Member

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    Nope - big4 or their subsidiaries
     
  12. tobe

    tobe Well-Known Member

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    It's an odd policy. Obviously not great for recruitment.
     
  13. Sannie

    Sannie Well-Known Member

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    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.
     
  14. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    2 year employment needed with cba.
     
  15. Sannie

    Sannie Well-Known Member

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    Thanks tony xia , also curious Would any other financial institutions offer the same waiver for them just because she is a bank employee?
     
  16. Lindsay_W

    Lindsay_W Well-Known Member

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    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.
     
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  17. Brady

    Brady Well-Known Member

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    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)
     
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  18. Lindsay_W

    Lindsay_W Well-Known Member

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    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.
     
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  19. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    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.
     
  20. Brady

    Brady Well-Known Member

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    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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