LMI waiver for professionals

Discussion in 'Loans & Mortgage Brokers' started by Joseph Mary, 16th Nov, 2020.

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  1. Joseph Mary

    Joseph Mary Member

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    Hi,

    May I kindly ask, do any banks offer 90% LVR LMI waiver to professionals without a minimum salary requirement.

    I'd be appreciative of your input.

    Thank you in advance.

    Joseph
     
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Specifically what 'profession'?

    There are LMI waivers with some lenders if you're a doctor, lawyer or accountant (there are qualifying criteria with various lenders), but if you're hoping for something as an engineer or similar, you're out of luck.
     
  3. Joseph Mary

    Joseph Mary Member

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    Thanks for the reply Peter.

    I am a solicitor.

    Nevertheless, my salary does not exceed $120,000
     
  4. ttn

    ttn Well-Known Member

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    anything for a Chemist Peter?
     
  5. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I don't think ANZ has a salary cap for solicitors.


    Off the top of my head, I think the Westpac group covers Pharmacists. It's been a while since I checked that one though.
     
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  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    They do

    ta
    rolf
     
  7. Joseph Mary

    Joseph Mary Member

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    Thank you Peter!
     
  8. Never giveup

    Never giveup Well-Known Member

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    Hi @Peter_Tersteeg - How about if someone is Procurement Professional (combination of legal and finance)?
     
  9. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I think the qualification of for the legal profession is a member of the law society (or something similar).
     
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  10. David Hui

    David Hui Well-Known Member

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    Yep, legal professionals would need to provide evidence within the last 12 months of a practising certificate.
     
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  11. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Anz no salary cap, westpac has a minimum of $120k gross taxable income
     
  12. Rajat oberoi

    Rajat oberoi New Member

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    Which lenders are offering LMI waivers for accountants (CPA member)? What sort interest rates are being achieved for OO Fixed or Variable / Investment Fixed or Variable? Appreciate any feedback!!
     
  13. MJS1034

    MJS1034 Well-Known Member

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    ANZ and CBA both do at 90% LVR. ANZ no minimum income threshold. Their rates are no different if LMI waiver or not. Low to mid 2s for both fixed and variable. Will depend on loan amount, lvr, aggregate lending etc..
     
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  14. Rajat oberoi

    Rajat oberoi New Member

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    Thanks MJS1034. Rally helpful!!
     
  15. melbourne171

    melbourne171 Well-Known Member

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    Do I have to be CPA qualified to get LMI waiver or Bachelor of Accounting is good enough? What is the actual evidence/supporting document for qualified accountant professionals?
     
  16. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    You need to be a paid member of one of the professional bodies, such as CPA.
     
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  17. melbourne171

    melbourne171 Well-Known Member

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    Is a CPA Associate member ok or must be a fully qualified CPA member?
     
  18. Terry_w

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

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    full member