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CBA 90% no LMI loans: Lawyers and Accoutants

Discussion in 'Property Finance' started by Terry_w, 31st Aug, 2015.

  1. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    CBA now will lend up to 90% LVR with no LMI for accountants and lawyers.

    Lots of conditions but, should benefit many.
     
  2. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    The primary condition which will exclude a lot of applicants is a minimum income requirement of $150,000 taxable - but yes, we'll definitely be using this quite a bit for clients.

    The interesting part is that the 150k income can be a combination of PAYG, self employed, rental - not just the direct wages.

    Still no waiver for mortgage brokers. :(
     
    Redom likes this.
  3. Coota9

    Coota9 Well-Known Member Premium Member

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    I assume one of the conditions is that it is for PPOR loans only?
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    But there is a generous provision too:

    Brokers who are lawyers also qualify!
     
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  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    No, for investment loans too.
     
  6. Hodor

    Hodor Well-Known Member

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    Think I need to switch to a profession with no LMI @ 90%.
     
  7. Coota9

    Coota9 Well-Known Member Premium Member

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    Great...now all I need to do is go back to uni for 5 yrs to become a CPA!!
     
  8. Shady

    Shady Well-Known Member

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    What is their definition of an accountant?
    CPA/CA, Corporate Accountant, Accounting Degree? Reason I ask is that my wife is a corporate accountant degree qualified but not CA/CPA. Been working as one for 10 years.
     
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  9. JonoD

    JonoD Active Member

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    Wonder how they define'lawyer' too? I'm assuming you must be practicing.
     
  10. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Don't appear to need to be practicing, but must have a practicing certificate. But the occupation has to be lawyer related.
     
  11. Watson1

    Watson1 Well-Known Member

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    When STG first introduced their Flame Package, I enquired about a 90% refi due to being a FCPA.

    They stated I was not eligible as I wasn't applying the skills as a CPA as part of my occupation..

    The example they gave me was that a CEO of an accounting firm with CPA is not eligible as he requires a different skillset ie. managerial vs technical.

    I had a good laugh as I thought their example was ridiculous but if the CEO of PwC wasn't eligible, i cant really complain as a broker. I do believe they are more lenient now as previously you needed to work at a firm, but I still wonder if they would do a 90% lend for brokers with CA/CPA who purely only offer broking services..
     
  12. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    It doesn't appear CBA would as there is a requirement of occupation being one of the following:

     
  13. JK200SX

    JK200SX Well-Known Member

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    Any special deals for Engineers?
     
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  14. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Not with CBA from what I am aware. But Westpac and ST G do specials for Chartered Members of Engineering Australia.
     
  15. thatbum

    thatbum Well-Known Member

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    Well, community legal centre lawyers are out then - dang.
     
  16. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    Depends - even if the lawyer is on a lower wage, if they have a second applicant which gets the aggregate taxable income above 150k they qualify.
     
  17. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    And rent can be included too
     
  18. Mick C

    Mick C Well-Known Member

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    Ya for the NO LMI for CBA...

    85% NO LMI from CBA with less conditions will be released in the near future as well :)
     
  19. Mick C

    Mick C Well-Known Member

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    This is so much better than the STG and WBC one ....the rent will def help a lot of the mid $80-100k PAYG lawyers/accountant.
     
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  20. Waterboy

    Waterboy Well-Known Member

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    How about "Economists"?
     
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