Does our combined income of 160K qualify us for a waived LMI home loan?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Does our combined income of 160K qualify us for a waived LMI home loan?

Post by Otto Dargan »

Hello Aditya. Welcome to the forums.

There are different minimum income requirements in different states for waived Lenders Mortgage Insurance (LMI) home loans for accountants.
You must be earning a minimum of $120,000 in WA, SA, NT and TAS and a minimum of $150,000 in NSW, ACT, VIC and QLD to be eligible for waived LMI. This can include your rental income but cannot include the income of your spouse unless they are also an eligible accounting professional.

As such, you do not meet the minimum income requirement, however, your combined income of $175,000 classifies you as a high-income earner (any amount more than $150,000). Thus, allowing you to borrow up to four times of your annual total income ($175,000 x 4 = $700,000) and still be eligible for waived LMI provided you meet all other standard lending criteria.

We specialise in home loans for accountants.

Speak with one of our experienced mortgage brokers today by giving us a call on 1300 889 743 or fill in our free assessment form to get access to special interest rate discounts and waived LMI home loans designed for accountants.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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Otto Dargan
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Re: Does our combined income of 160K qualify us for a waived LMI home loan?

Post by Otto Dargan »

Hi Aditya,

LMI premiums vary between different lenders. Our LMI calculator compares premiums from six major lenders including CAB, NAB and ANZ.

Inputting the property value of $1.1 million with a $100,000 deposit at 90% LVR (90.91%) on our LMI calculator, your premiums may vary between $34,000 to $38,800 with different lenders.
Can you reduce your loan to $990,000? If so we can save you up to $15,337.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Does our combined income of 160K qualify us for a waived LMI home loan?

Post by Otto Dargan »

Hi Aditya,

Our mortgage brokers can offer specially negotiated interest rate discounts on home loan for accountants. The discount will depend on:
  • Your total loan size.
  • The percentage of the property value that you’re borrowing.
  • Your industry membership and degree.
Give us a call on 1300 889 743 or fill in our free assessment form to get the most competitive interest rate on the market today.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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