CBA 90% no LMI loans: Lawyers and Accoutants

Discussion in 'Loans & Mortgage Brokers' started by Terry_w, 31st Aug, 2015.

Join Australia's most dynamic and respected property investment community
Page 1 of 5
  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,000
    Location:
    Australia wide
    CBA now will lend up to 90% LVR with no LMI for accountants and lawyers.

    Lots of conditions but, should benefit many.
     
    Terry_w, 31st Aug, 2015
    #1
    Vanillascent, Mick C, miked and 1 other person like this.
  2. Corey Batt

    Corey Batt Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    2,091
    Location:
    Adelaide, SA
    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. :(
     
    Corey Batt, 31st Aug, 2015
    #2
    MJS1034 and Redom like this.
  3. Coota9

    Coota9 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,286
    Location:
    Melbourne
    I assume one of the conditions is that it is for PPOR loans only?
     
    Coota9, 31st Aug, 2015
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,000
    Location:
    Australia wide
    But there is a generous provision too:

    Brokers who are lawyers also qualify!
     
    Terry_w, 31st Aug, 2015
    #4
    melbourne171, legallyblonde and larrylarry like this.
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,000
    Location:
    Australia wide
    No, for investment loans too.
     
    Terry_w, 31st Aug, 2015
    #5
    melbourne171 likes this.
  6. Hodor

    Hodor Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,238
    Location:
    Homeless
    Think I need to switch to a profession with no LMI @ 90%.
     
    Hodor, 31st Aug, 2015
    #6
  7. Coota9

    Coota9 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,286
    Location:
    Melbourne
    Great...now all I need to do is go back to uni for 5 yrs to become a CPA!!
     
    Coota9, 31st Aug, 2015
    #7
    Christian likes this.
  8. Shady

    Shady Well-Known Member

    Joined:
    20th Aug, 2015
    Posts:
    523
    Location:
    Sydney
    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.
     
    Shady, 31st Aug, 2015
    #8
    thydzik likes this.
  9. JonoD

    JonoD Active Member

    Joined:
    5th Jul, 2015
    Posts:
    30
    Location:
    Brisbane
    Wonder how they define'lawyer' too? I'm assuming you must be practicing.
     
    JonoD, 31st Aug, 2015
    #9
  10. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,000
    Location:
    Australia wide
    Don't appear to need to be practicing, but must have a practicing certificate. But the occupation has to be lawyer related.
     
    Terry_w, 31st Aug, 2015
    #10
  11. Watson1

    Watson1 Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    197
    Location:
    Melbourne
    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..
     
    Watson1, 31st Aug, 2015
    #11
  12. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,000
    Location:
    Australia wide
    It doesn't appear CBA would as there is a requirement of occupation being one of the following:

     
    Terry_w, 31st Aug, 2015
    #12
  13. JK200SX

    JK200SX Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    527
    Location:
    Melbourne
    Any special deals for Engineers?
     
    JK200SX, 31st Aug, 2015
    #13
    Art Vandelay likes this.
  14. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,000
    Location:
    Australia wide
    Not with CBA from what I am aware. But Westpac and ST G do specials for Chartered Members of Engineering Australia.
     
    Terry_w, 31st Aug, 2015
    #14
  15. thatbum

    thatbum Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,850
    Location:
    Perth, WA
    Well, community legal centre lawyers are out then - dang.
     
    thatbum, 31st Aug, 2015
    #15
  16. Corey Batt

    Corey Batt Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    2,091
    Location:
    Adelaide, SA
    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.
     
    Corey Batt, 31st Aug, 2015
    #16
  17. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,000
    Location:
    Australia wide
    And rent can be included too
     
    Terry_w, 31st Aug, 2015
    #17
  18. Mick C

    Mick C Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    206
    Location:
    Sydney
    Ya for the NO LMI for CBA...

    85% NO LMI from CBA with less conditions will be released in the near future as well :)
     
    Mick C, 31st Aug, 2015
    #18
  19. Mick C

    Mick C Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    206
    Location:
    Sydney
    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.
     
    Mick C, 31st Aug, 2015
    #19
    Terry_w likes this.
  20. Waterboy

    Waterboy Well-Known Member

    Joined:
    29th Aug, 2015
    Posts:
    2,819
    Location:
    Denial is Not a River in Egypt
    How about "Economists"?
     
    Waterboy, 31st Aug, 2015
    #20
    juzzy and Redom like this.
Page 1 of 5
From $20k to $25 Million: The Chris Gray Story