LMI Waiver for Lawyers

Hi all

Girlfriend and I are both lawyers (combined income ~$210k). Looking at getting our first PPOR and wondering who out there offers LMI waiver for double lawyer couples. Loan range is going to be $600 - $700k and we have enough deposit to make the LVR 90%. Any tips?

We've spoken to a broker who has suggested package deals with either CBA or Bank of Melbourne. The loan deal looks reasonable competitive (both sub 4% with offset account), but we probably would prefer to go without the package if possible (although there's no annual fees on the card or the account, but both options come with an annual fee on the mortgage).

 

You can get the annual fee waived.

Those lenders have slightly different offers though.

CBA's condition for the waiver is a) the loan amount cannot be more than 4 times the applicant's total income and b) they have a minimum income of $150,000 per application (not applicant) so they will look at the combined income.

St George/BoM's conditions are different in that they dont have the 4 times restriction like CBA does however their income require is $120,000 (for people in Tas) per applicant. This figure can include other income such as existing or proposed rental income.

 

Thanks Shahin, that's great to know. I assume that is something we need to negotiate with the bank/broker before signing the dotted line?

 

Thanks Rolf. Debt recycling is definitely something we will look at once we have built up some equity in the property.

 

Yes you need to negotiate this prior to packaging up the application.

 

Scomo & Shorty both offered to cover LMI didn't they? It might be a case of wait and see, save your $ for other things rather than the LMI.

There was also mention of FHB still being able to access their super to kick off the deposit - this hasn't been widely advertised so also a point of consideration as you have $20k going in annually.