Accountants are well known by banks to be low risk borrowers with long term career prospects and a high income earning potential.

That means some banks are willing to offer special interest rates and discounts to get your business!

Special discounts for accountants

No Lenders Mortgage Insurance (LMI)

In some cases accountants may qualify for waived LMI with their home loan. This could save you around $24,000 for a 90% loan on a $1,000,000 property!

The main qualifying criteria are:

  • Borrow up to 90% of the property value.
  • Purchases and refinances are both eligible.
  • Purchasing multiple investment properties is acceptable.
  • You must be an accountant, finance manager, auditor or actuary.
  • You must be earning a minimum of $120,000 – $150,000 per annum*
  • Evidence of your degree or industry membership (e.g. CPA Australia) may be required.
  • You must meet all standard lending criteria.

*This includes your taxable income and rental income. It doesn’t include your spouse’s income.

To find out more please call us on 1300 889 743 or fill in our free assessment form.

Special interest rate discounts

Some accountants don’t qualify for a waived LMI premium or don’t need it as they are borrowing less than 80% of the property value.

In this case we can offer special negotiated interest rate discounts on your home loan. The discount will depend on:

  • Your total loan size.
  • The percentage of the property value that you are borrowing.
  • Your industry membership and degree.

These professional discounts are all considered on a case by case basis. Please call us on 1300 889 743 or fill in our free assessment form for more information.

Minimum income requirement to avoid LMI

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.

If you don’t meet this income requirement, then your total income (including you, your spouse and any rental income) must be at least $150,000 or more. This classes you as a high income earner.

In addition to this, you can only borrow up to four times the total income.

For example, if you’re an accountant that earns $160,000 then you can borrow as much as you can afford and be eligible for waived LMI.

However, if an accountant earns $100,000 and their non-accountant partner earns $50,000, the couple can still get waived LMI as long as the home loan doesn’t exceed $600,000 i.e. $150,000 x 4.

Why is waived LMI such a great deal?

If you are buying a home or investment property and you don’t have a 20% deposit then you’ll pay a once off fee known as Lenders Mortgage Insurance. This can cost tens of thousands of dollars depending on the size of your loan.

Some banks offer no LMI loans for accountants to try to attract high quality customers like you.

Many accountants use this to rapidly grow a portfolio of investment properties.

You can buy multiple properties with smaller deposits and build a large portfolio for your retirement.

Which industry memberships are recognised?

To eligible for a no LMI loan you must be a CA, CPA, CFA or FIAA and registered with:

  • Chartered Accountants Australian and New Zealand (CAANZ)
  • CPA Australia (CPA)
  • Chartered Financial Analyst Institute Australia (CFA)
  • Institute of Actuaries of Australia (FIAA)
  • Institute of Public Accountants (IPA)
  • Other industry bodies are considered on a case by case basis.

Partners in an accounting firm

Because there are several partners in a firm (often 5 – 20) it is quite different to a company that is owned and managed by one person.

Standard bank policy requires that you provide the financial statements and tax returns for any business which you have a shareholding in that generates more than 25% of your income. This includes income via a salary, directors fees or dividends.

If you are applying for a commercial loan in the name of the business, then the banks will need to assess the financial situation of the entire business. However, for a home loan it shouldn’t be necessary for the bank to review your entire company.

As a partner in an accounting firm we can get this requirement waived.

Please call us on 1300 889 743 or enquire online and one of our specialist mortgage brokers will contact you to discuss your situation.

How do I prove my income as a partner?

Typically, banks and other lenders will want to see your personal tax returns and notices of assessment for the last two years. If your salary is sufficient to service your debt then we can accept your two most recent payslips on their own.

However, those who are partners in selected larger accounting firms may be able to provide proof of their income via a letter or email from the firm’s Administration Manager (or equivalent) when applying for a residential home loan.

The letter will be used for income verification purposes instead of standard self-employed income documentation such as tax returns.

Which firms qualify for reduced income verification?

If you are a partner in one of the following firms and borrowing less than 80% of the property value then you may be eligible to provide an employment letter as proof of your income:

  • Ernst & Young
  • KPMG
  • Minter Ellison
  • Allens Arthur Robinson
  • Gadens
  • Henry Davis York
  • Corrs Chambers Westgarth
  • Freehills
  • Mallesons Stephen Jacques
  • Clayton Utz
  • PKF
  • PWC
  • Deloitte
  • McGrath Nicol
  • Grant Thornton

To find out what kind of income verification you will need, speak to one of our brokers on 1300 889 743 or enquire online.

Why do banks struggle with partnerships?

A partnership is a relationship not a separate legal entity.

It includes two or more people (rarely more than 20) going into business together to make a profit.

Partners share all the business assets and liabilities so it is vital that each partner knows their rights, responsibilities and obligations.

Banks often struggle with financing a partnership because of the unique legal structure of the entity. While banks can handle a sole trader, company, trust or Australian Securities Exchange listed company, their systems and processes are not set up with partnerships in mind.

Apply for a home loan

Did you know that we have special packages for high net worth professionals and can negotiate special discounts on your behalf?

Are you a partner in an accounting firm looking at purchasing a residential property? Speak to a mortgage specialist on 1300 889 743 or enquire online to find out if you are eligible.

  • Rakesh

    My friend is from India and is a CA, and he wants to move to Australia. Does he needs to be a memeber of the Institute of CA Australia in order to get the accountants deal or the membership of his country will be valid as well?

  • Hi Rakesh,

    As it is a requirement to have relevant industry membership (such as CPA, CAAN/ICAA ) in order to practice as an accountant, the lenders will require your friend to have a relevant accounting membership in order to be eligible for waived LMI as an accounting professional.

  • Flik

    Hi, I’m an accountant and a UK citizen. I was actually here in Australia on a work visa but now I’ve secured my Aussie PR. I earn close to $130,000 a year including varying bonuses. Can you guys help me get a home loan?
    FYI, I’m a member of the ACCA in the UK but not the CA here in Australia.

  • Hi there Flik,

    Since your income is under $150k, you won’t qualify for a no LMI home loan but you can qualify with a partner who earns enough to raise your combined income to over $150k a year. If you’re buying an investment property then we can also use rent income to boost your borrowing power. Also note that banks would like your bonuses to be more stable rather than varying. The main issue though is the CA…. we will need to seek an exception and securing that can be difficult. We may be able to help you but we’d need more info so please discuss your situation and details with one of our expert mortgage brokers on 1300 889 743.

  • James Clarke

    Can you provide an indication of the current discounted rates for accounting professionals?

  • Hi James,
    While we can’t be sure of what rate you’d qualify for until we have your full situation here are some examples:
    – Waived LMI at 90% LVR
    – 5 years fixed at 3.80% (Comp rate 4.51%)
    – Variable 3.69% (Comp rate 3.85%)
    If you’d like to complete a full assessment and get a quote please call us on 1300 889 743.

  • James Clarke

    Thanks for the reply. Are you able to advise on which institutions are offering deals like these to accounting professionals?

  • Hi James,

    There’s several options available. I’ll email you to discuss further.


    Could you please provide me advise on various institution who are offering waived LMI at 90% LVR?

  • Hi Richa,
    Please call us on 1300 889 743 and our mortgage brokers can complete a full assessment. We’d need to know the details of your situation to know which companies you qualify with. Our services are free as long as you keep the loan for over two years.

  • AZM

    Hi, I’m a Finance Manager and CAANZ memeber with an income of $144K + 10% bonus + Super. Wife is non CA and is on $67K + Super. Would i meet the $150K requirement?

  • Hi AZM,

    Potentially yes this would qualify. When it’s anything other than rent income and base income it tends to be a case by case basis. However we’ve usually argued the case and have been successful. Please complete this form if you’d like our help

  • Olson

    Hi, I’m a self employed accountant and I want to get a 80% home loan to buy a house in Derby. I manage my finances myself and because I’m a certified accountant, I should be able to prove my income through a declaration, shouldn’t I?

  • Unfortunately, lenders will not accept an accountant’s declaration as proof of income if you are your own accountant and you will be singing it yourself, even though you may certified and a professional. You’re required to get someone else or some other form of income verification such as bank statements, BAS statements and tax returns.

  • Michael smith

    Hi 10 months ago I got a home loan with my partner with CBA at 90% without LMI. We have now paid of for a year and originally borrowed 580k (around 12k paid of so far). We have a combined income of $166k. We are considering an investment property around $300k. Just wondering with the lmi waiver and our situation what deposit and upfront costs are needed with the LMI waiver?

  • Hi Michael,
    For a $300,000 property you’d need approx $30,000 as a 10% deposit and around $12,000 for costs like stamp duty and conveyancing. So in total around $42,000.
    If your property has gone up in value (or you’ve renovated it) we can have it revalued and increase your loan to 90% of the current value. It just depends on the area where you live and what the market has done.
    You could also consider a guarantor loan as well and then we can get you a loan without a deposit

  • Michael smith

    Thanks would that 10% still be applicable as a deposit even though the total of the two property loans are greater than 4x combined income? Area is ringwood and market data reports suggest an 80k rise so far. Loan outstanding right now is 560 and appears to be worth 720. So how does that factor in?

  • Hi Michael,
    Yes we can work around this. CBA isn’t the only option, we have other lenders that have different criteria.
    We can order an up front valuation with two lenders that offer Accountant discounts (assuming you qualify with both) and whichever comes in higher for your home is likely the best choice to proceed with.

  • Greyson

    I work in a public government office and I heard about home loan discounts for accountants through a friend. He works in a private firm so I would just like to get clarfied on whether or not working in a private versus public sector would make a difference…

  • No, Greyson. This doesn’t make a difference. Even if you’re working in a government office, you can qualify for the same professional discounts like negotiated interest rates or waived LMI that your private sector friend qualified for.

  • Joan

    My friend used to work in NAB and she told me that when she was there, they used their own separate list of professions that can qualify for no LMI home loans. Is this true? What’s their policy regarding no LMI home loans?

  • Yes Joan, NAB have their own profession list which works differently to the other banks. They typically lend up to 90% with no LMI home loans. The pricing is usually middle of the market and they sometimes have good rates. Their service is variable so it depends on your loan requirements. You can call us on 1300 889 743 to discuss your situation and loan needs in detail with a no LMI home loan specialist.

  • Cat

    Does being an accountant help with some banks restrictions on low deposits on interest only investment loans? Or do accountants need >20% deposit like everyone else?

  • Hi Cat
    We can sometimes lend 90% with an interest only loan for accountants with waived LMI. However you need to have a strong income and meet several other criteria.

  • Kosten

    I’m an accountant based in Adelaide. I have an existing mortgage with CBA. I couldn’t get a waived LMI loan at that time since I didn’t have eligible income. But now my income has increased to $160k, can I get this loan refinanced to another lender and get my LMI waived?

  • Hi Kosten,
    Waived LMI loans are usually for while buying a home or an investment property. Since you have already paid LMI on your existing loan, they won’t charge you extra LMI on your loan. Please let us know if you want to buy another property, and we could arrange you waived LMI loans for you.

  • Fitoor

    I had taken out a guarantor home loan from Commonwealth Bank and now I have 90% remaining on our mortgage. My parents are looking to invest in another property by using the equity in their house so we need to remove the guarantee. Can we refinance our home? I am a Chartered Accountant at Origin Energy.

  • Yes Fitoor, it is possible to remove the guarantee when you owe 90% or less on your property, although having a Loan to Value Ratio (LVR) of 80% is preferred by most lenders. Though most banks will charge you Lenders Mortgage Insurance (LMI) when refinancing at more than 80% of the property value.

    Are you planning to refinance with Commonwealth Bank? CBA’s mortgage insurer is Genworth, so you’re likely to qualify for an LMI waiver if your annual income is more than $150,000.

  • Steven

    Early next year I expect to become a full member of CAANZ, around the same time I will have at least a 10% deposit plus upfront costs. I believe I will meet the necessary criteria for a no LMI loan, and will no doubt confirm that closer to when I will become eligible. My question is, if I get the no LMI loan, and then pay it off enough to have less than 80% loan to value, am I then eligible for the special interest rates or would I need to refinance the loan to access them?

  • Hi Steven
    Yes we’ve helped several members of Chartered Accountants Australian and New Zealand (CAANZ) to obtain waived LMI loans. It’s accepted by some lenders and not by others.
    When you pay the loan off down to 80% sometimes we can reprice the loan and get a better rate, however in other cases it’s best to refinance. What we usually do is put in a repricing request and if they refuse to match their competitors then we refinance.
    To get technical, APRA requires the banks to put aside more capital for loans > 80% LVR. And even more if there is no LMI. APRA requires the banks to use the original LVR so they cannot use the new LVR to change the amount of capital that they hold. So for a bank it is quite expensive. So for this reason they often refuse to match competitors and we need to refinance.

  • S Ho

    Hi, I am a CPA Accountant earning over 100k and my partner is a CPA works at regional bank doing accounting work (title is not accountant) 100k. CBA has advised we may qualify but does Westpac have the similar policy? Thanks

  • Hi S Ho,
    Unfortunately, we are unable to provide you information on Westpac’s accountant home loan policy because it is subject to change. We CAN tell you that maximising your potential savings, including interest rate discounts and the possibility of avoiding Lenders Mortgage Insurance (LMI), comes down to using a mortgage broker with strong relationships with a number of lenders. We would recommend giving us a call or completing our online enquiry form because there a number of major lenders starting to get more competitive with interest rate discounts and waivers for accounting professionals:

  • Zach

    Hi, I’m a Chartered Accountant earning 110k and my partner earns around 60k. Can I get the LMI waived with our combined income?

  • Hi Zach,

    Yes, if you’re a certified CPA or CA you qualify for a waived LMI home loan however, minimum income requirements still apply. Some of our lenders are okay with combined income that are above $150,000 per annum.

  • Toby

    Hi, I’m an associate member of the CPA in Australia. I was knocked back by my bank (NAB) for a 90% waived LMI home loan, they didn’t specify a reason. Do you know why?

  • Hi Toby, associate members do not qualify under lender’s policy. You need to have a full CPA membership, and your annual income has to be more than $150,000 to qualify for no LMI home loans.

  • Liam Barton

    Hi, I’m a Chartered Accountant qualified with CIMA (Chartered Institute of Global Accountants) earning ~$200k. CIMA isn’t listed as one of your recognised industry memberships. Would I still qualify for waived LMI?


  • Riley

    I’m a CPA accountant earning over 100k and my partner works at a regional bank earning roughly the same as me. We went to CBA and was advised that they will only assess 4 times our income for a waived LMI loan. Are there other banks that do 90% no LMI home loans?

  • Hi Riley,
    That is correct. With CBA, the waived LMI loan amount is limited to only 4 times your assessable income. We have other lenders that are more flexible with their waived LMI policy and will consider 90% no LMI home loans for certified accountants.