CBA 90% no LMI loans: Lawyers and Accoutants

Adelaide doesn't pay as well as Sydney! Small suburban practice as opposed to mid tier/big 4.

 

Haha yeah sort of back been extremely busy with work.

Development is just about at lockup stage so might have to update.

Haha won't make you feel and better... but also waived for

• CBA Group.
• Westpac.
• ANZ.
• NAB.
• Bankwest.
• Aussie Home Loans.
• Count Financial.
• St George.
• Bank of Melbourne.
• Bank of South Australia.
• UBank

Anyone but our broker friends

 

@Brady I've been DYING to know how the development is going. We made @D.T. go take photos once! Go find your thread and update pretty please.

 

Hahaha I think I tick 4 of those careers as I am a non CA/CPA accountant, a non-practicing lawyer, a director and a financial controller yet I fall short of the income threshold because I work part time. Sucks for me!

 

Are these the institutions that CBA will waive LMI under their banking professionals policy?

I assume Aussie is only there because it is owned by CBA.

 

I'm having trouble finding details of banks offering the no LMI for 90% LVR online. Are they still doing this. We are looking to buy our first IP, and my partner is a chartered accountant who earns over $150k. Though not an Australian citizen, but on a 457 visa. Our current PPOR home loan is with BoM and there was no problem with her residency status. Not sure if that would be the same with the no LMI offers.

 

No.
As an accountant your whole profession is surrounded by a code of ethics which have to be adhered to. After completing the qualification that is the code that you sign. So give me a spell about the whole "left" thing.
The entire reason why accountants and lawyers may get some discount and also no LMI is that given they subscribe to a code of ethics their level of "risk" is less than say a carpenter.
No case of the rich getting richer.
I know heaps of CPA's making 60-65k.

 

I would say there would be a good 50% of ca/CPA' with less than 5 years being qualified earning under 70k.

 

Like I said, good luck to those who have a go. Including those fortunate enough to receive favourable lending conditions because they indeed have worked hard in attaining Lawyer and or Accountant status.

My reference to "the left" is that I can hear them now, complaining about this, how the rich get richer (accountants and Lawyers are perceived as being rich, no?)

Not me complaining at all.

Read my post properly.

 

I checked with CBA on this and they said they no longer do 90% no LMI. Can any of the experts confirm this is true?

 

Still do - it's actually 89.99%

Accountants | Lawyers | Doctors | Bankers

 

They certainly still do it - I've done a couple of these recently with them without issue.

Sounds like who you spoke with might not have been aware of the policy existing.

 

Interesting - I must be speaking with wrong people then! Is there a link I can show them so that they know their own policies? sigh...

They told me they do it for CBA employees and doctors and that CPA has moved to BoQ

 

The person you're talking to doesn't know what they're talking about.

CBA does it for ALL bank employees (of major banks) not just CBA Employees (broker don't have access to it) - Banking Professsional

CBA still has Industry Professional Offer - Lawyers, Accountants etc

Medical Professional Offer - Doctors etc


Get the staff member to search in iSource > Industry Professional Offer

 

Thanks @Corey Batt and @Brady ! I told them about it and they said they will look into it.
Brady you worked for CBA?

 

*Work

 

Awesome, you do lending? They came back to me and told me that they take the salary income into calculation but not rental income.

I should send them to you so you can educate them

 

Yes Lending.

That's also incorrect - For industry professional is $150,000 minimum gross income per application, this can be salary, business, dividends, rental, spouses income. Along with minimum income must be registered.

 

Brady's hit it on the head, one of the best parts of the policy and makes it attainable for a lot more investors.

 

Excalibur1 Why not use Corey or Brady?

The person you are dealing with is not acting in your best interests if they are giving you the wrong information.