Are you an accountant? Then, we have some good news for you. In fact, accountants meeting certain requirements (based on the bank or lender) are eligible to obtain an LMI waiver of up to 90% of the property value. Continue reading below to determine what benefits you qualify for!
- What benefits apply to accountants working with us?
- Qualifying conditions
- How a broker can help with home loans for accountants
Interested in how much LMI you’ll have to pay on your home loan? Check out our LMI calculator to estimate how much you could be paying. Alternatively, you can also read more about our guide to LMI and LMI waivers.
What benefits apply to accountants working work with us?
Home loans for accountants have never had so many benefits. As a low-risk borrower with a secure occupation, you may be eligible for an LMI waiver for professionals, which could save you thousands on your loan in the long term.
Here are just some of the benefits accountants are receiving with us:
- One shop to navigate the market: As ex-Big 4 bankers, undeniably, we are experts in the mortgage market. Therefore, we know which banks have competitive deals and the likelihood of their approval. As so, you can avoid spending hours researching and the potential risk of getting declined with a black spot on your credit score.
- Asset protection: Purchasing your asset under a company or trust structure helps to protect the asset. Moreover, you can take advantage of tax benefits.
- Tax advantage through us: Every time we do business together, something great happens. Additionally, you get an advantage – a tax advantage! This is because we finance your dream whilst investing up to half of our profits (on your behalf) to empower vulnerable families through microfinance.
Qualifying conditions for accountants
In fact, accountants meeting certain requirements are eligible to obtain an LMI waiver of up to 90% of their property’s value:
Minimum annual income
Income is generally based upon the state you reside in. Generally, $120,000 income is the minimum required for TAS, SA, WA, and NT. On the other hand, $150,000 is the minimum required for NSW, VIC, ACT and QLD.
If this requirement is not met, you may still be eligible if your total application income is a minimum of $150,000. Of course, this can include your partner’s income and potentially rental income.
Accountant occupations eligible for an LMI waiver
- Finance manager
- Chief financial officer
- Financial controller
- Finance director
In order to qualify, you need to be a CPA, CA, CFA or FIAA & registered under:
- CPA Australia
- Chartered Accountants Australia and NZ
*If you’re under another membership, you may still be eligible depending on the lender chosen.
General qualifying conditions apply – need to meet all conditions:
- Minimum annual income
- Eligible occupation
- Industry membership
- Maximum borrowing amount
What do you call an accountant with an opinion? An auditor!
Disclaimer: The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstance and requirements.
Samuel Philipos is founder and principal mortgage broker at Benevolence Financial Group. Samuel is an ex-banker with over 5 years of experience and is currently being supported by Macquarie University Incubator and City of Parramatta Council