ANZ LMI Waiver Policy - Accountants

Hi All,

I tried scouring the forums for more information regarding ANZ's LMI Waiver Policy for accountants, and had no luck finding the detail I require. I found this on Google but it's quite general information - https://www.anz.com.au/content/dam/anzcomau/documents/pdf/broker-lmi-waiver-accountants.pdf

Can the experts confirm whether the policy allows for both refinancing of an existing loan/equity release at 90% LvR AND get a pre-approval for LvR 90% of a new purchase? Or can it be only one or the other?

Our previous purchase used CBA's LMI Waiver Policy but it was capped at 4 times our combined income (both CAs). Does ANZ or any other banks have a similar cap?

The above assumes that we are eligible customers e.g. CAs, AUS Citizens, borrowing less than the max.

Appreciate if the experts can share similar experiences and how successful in getting both equity release & pre-approval at 90% LvR.

Cheers.

 

ANZ's policy is probably the most generous out there for accountants. As long as you meet their general lending criteria, you just have to demonstrate that you're an accountant (CPA membership or similar) and you'll get the LMI waiver. I haven't come across any loopholes.

 

Can confirm this. Just completed the same scenario.

 

We are currently applying for our second property loan with ANZ using the LMI waiver for CA’s at 90% lending. It’s a great perk with no minimum income (some other banks have a $120k or $150k min income requirement).

 

ANZ are not the only option here
Why not use the services of a mortgage broker for this deal? A few responded above already.

 

ANZ, CBA, Westpac group all have LMI waivers for accountants (I don't think NAB does, but could be wrong). I think theres a few second tier lenders offering it as well. ANZ is by far the easiest to work with that I've encountered. All of the others have criteria such as minimum income or simlar. ANZ just wants proof you're an accountant.

 

Hello, How about lawyers? Is it the same with these banks for lawyers? Also interested in the income requirement.
Do they give the same rates on this 90% account packages (liek what others get at 80%) or is it loaded with higher interest?
Cheers

 

pretty much the same as with accountants. same rates generally

 

Hi, if I am an associate member of CPA Australia, and at the same time I am also a member of an overseas accounting body, would I qualify for the LMI waiver?

 

Last I heard you did need a practicing certificate but like all things in lending it changes regularly.

 

Recently obtained my first home property utilising the ANZ LMI Waiver as a CPA.

Fairly straight forward but had to go through a broker

 

We're going through this with ANZ at the moment on our loan for PPOR. Looks like a current practising certificate at time of application is all you need.