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