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

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

Postby Aditya » Fri Apr 05, 2019 2:54 pm

Hi, I’m a certified accountant with IPA (MIPA) earning $100,000 p.a. and my wife earns roughly $75,000 p.a. as an administrator. We’re looking at a 90% waived LMI home loan for accountants. I understand that we’ll need to meet a certain income threshold to qualify. My question is does our combined income of 160k qualify us?

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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?

Postby Otto Dargan » Fri Apr 05, 2019 6:27 pm

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

Aditya
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Joined: Fri Apr 05, 2019 2:50 pm

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

Postby Aditya » Sun Apr 07, 2019 11:26 am

We’re looking to purchase a property valued at $1.1 million with a $100,000 deposit. So we’ll need to borrow close to one million at 90% LVR. Since we don’t qualify for waived LMI, how much will the LMI premium be?

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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?

Postby Otto Dargan » Sun Apr 07, 2019 12:29 pm

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

Aditya
Posts: 3
Joined: Fri Apr 05, 2019 2:50 pm

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

Postby Aditya » Sun Apr 07, 2019 1:24 pm

If that’s the case, then we’ll probably be capitalising the LMI. I’m particularly interested in what kind of “special interest rate discounts” will you be able to offer me?

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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?

Postby Otto Dargan » Sun Apr 07, 2019 1:59 pm

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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