We know Accountants are busy people and your passion is in your numbers and in your clients. We specialise in putting time back into your day, by managing the entire loan process for you and being a mortgage broking firm that actually understands the numbers and complex structures. In addition to Accountants, we have helped many Actuaries and CFA’s finance their dream home, build their investment portfolios and optimise their current lending.
What is the maximum LVR I can borrow at as an accountant, actuary or CFA?
Upon meeting certain criteria, Accountants, Actuaries and Chartered Financial Analysts (CFAs) are able to borrow at a 90% LVR without incurring Lenders Mortgage Insurance (LMI). Banks usually label this benefit an “Industry Professional Offer”.
What is lenders mortgage insurance (LMI)?
Lenders Mortgage Insurance (LMI) is a one-off fee that you pay to an insurance provider for borrowing above a certain Loan to Value Ratio (LVR). Typically this LVR is 80%. This premium is for the Bank’s benefit where, in the worst case, they need to sell your property and they make a loss on the loan. The Mortgage Insurer then protects the bank by reimbursing them on the loss.
Why do banks waive LMI for certain professionals?
Accountants, Actuaries and CFA’s with the relevant professional experience, qualifications and income are viewed by banks as higher and more stable income earners, and therefore having less risk of default than other professions.
What are the main criteria or paperwork required?
You will need to prove you are registered to practise as a CA, CPA, CFA or FIAA in Australia.
This is evidenced by proving Current membership of:
- Chartered Accountants Australia and New Zealand (including members of the Global Accounting Alliance);
- CPA Australia (or a comparable international accounting body with evidence of mutual recognition by CPA Australia);
- Chartered Financial Analyst Institute Australia;
- Current Fellowship of the Institute of Actuaries of Australia
A minimum income of $150,000 will usually apply. In some cases this can include your investment income or your partner’s income. We will advise if this applies when we assess your scenario.
Which roles and professions are allowed to borrow at 90% LVR without LMI?
Banks who offer LMI waiver for Accountants, Actuaries and CFA’s will usually have a list of eligible roles and professions. The typical job titles are:
- Accountant
- Actuary
- Auditor
- Chief Financial Officer
- Director
- Finance Director
- Finance Manager
- Financial Controller
- Partner
What if my job title is not on this list?
If your job title is not on the list, you still may be eligible for the LMI waiver if it is a small variation or you can establish that you still do the same work as any of the above. For example, if your title is Tax Accountant, Internal Auditor, or you work in Financial Planning & Analysis, and hold the above qualifications you will still be eligible.
Are there any restrictions that I need to be aware of?
Yes, some restrictions may include:
- The amount of income you earn
- Applying for Interest Only lending
- The postcode and property type
- Maximum loan size as an absolute value
- Maximum loan size as a multiple of total income in your application
We will let you know in our assessment if any of these restrictions apply.
What benefits are there to accountants, actuaries or CFA’s if I want to start or I run my own practice?
The benefits of a higher LVR also extend to Accountants, Actuaries and CFA’s in Commercial Lending. Please contact us if you would like to make a Commercial enquiry in relation to financing your own accounting, actuarial or financial practice or any related expenses. This includes financing for fit-outs and motor vehicles.