CBA 90% no LMI loans: Lawyers and Accoutants

Interesting given the current employment market for lawyers. I wonder if a lawyer came up with that one.

Does this apply to anyone with a LLB or those practising?

 

only lawyers with a practicing certificate

 

do you think they'd consider this deal for consultants (IT) earning over 150k?

 

I wonder if being a Product Manager for a Superannuation fund counts as a "Finance Manager"

 

nope.

 

I wonder if a stay at home mum who pays the bills via telephone will classify as a "financial controller" for 90% no LMI purposes lol

 

How is the interest rate on the product? Do they recoup the LMI somewhere else in fees?

It looks like a good offer. I'm looking at getting a 85% loan for PPOR and currently studying CPA. Should be completed in November this year. Maybe worth waiting for my qualification to come through before getting finance.
I wish I could sit my paper tomorrow

 

We secured Westpac 90% loans no LMI with my partner being a Quantity Surveyor. She had to be a member of the relevant body and as others have mentioned income of at least $150k (can include rent).

 

Interest rate is no different to what you could otherwise normally get and no additional "fees". For example we got offered 1.4% discount off the Westpac standard rates with the wealth package.

 

It's generally a fairly honest offer and it's not just the CBA doing this. We recently wrote a loan with Bank of Melbourne at 90% with great pricing and no LMI for an accountant.

The banks are offering these inscentives to people in certain jobs because their vocation makes them a low risk and thus highly desireable customer. The banks also know that once they've got a customer with a home loan an active transaction account and a credit card, they're highly likely to be loyal even if that bank treats them badly.

They're making their money by giving you a good deal, making you happy and having that good will to buy your loyalty as they know it will likely pay off in the long term. As long as they continue to give you a good deal, it's a win-win.

 

you also need a minimum household income to qualify.

 

Bank of Queensland Specialist do 90% no LMI for accountants and I believe there is no minimum income requirements.

 

Is the $150k a gross income and can include spouses income so long as one is a CPA/CA etc?

I.e. Spouse 1 PAYG 65k, Spouse 2 PAYG 60k, Rental Income 35k would be ok?

Are there any extra postcode restrictions on this waiver?

 

Yes - Aussie Home Loans

 

@Brady!!!! you're back. You've been AWOL

 

Unfortunately not - it is per person basis. Just out of curiosity and with no disrespect intended but how is a CPA/CA earning $65k?

 

That's some nice vertical integration benefits right there.

 

you'd have to pay a hell of a lot of LMI to offset the franchise fee, comm split and golden handcuffs on top of having to provide 2 years financials......

 

STG/BOM Industry specialisation allows for the use of aggregate income if both applicants are CA/CPA's to equal $150k. Rental income can be used as well (can't recall if they use only 80% of rental to calculate aggregate income or the actual). If only one applicant is a CA/CPA, the applicant requires to earn $150k gross.

CBA will use the total assessable amount needs to be $150k, ie can be one CPA and one other occupation. They use 80% of rental income too. However, max loan is 4 times assessable and owner occupied loans need to be principal and interest.

 

Fair enough but…..Oh dear, the rich get richer?
I can hear it now.

Good luck to those who have a go I say.

Hang on, Im havin a go, never ever blemished any credit file. Made the banks plenty of dosh with churn. Still no recognition for the average worker building a portfolio to success ?

Can easily see how the left get their bees in the bonnet.

But……its not easy becoming an accountant or Lawyer either.

Help those who help themselves I say.