90% Boroow - no LMI

Discussion in 'Property Investment - Other' started by jackbak, 22nd Jan, 2014.

  1. jackbak

    jackbak Member

    Joined:
    27th Feb, 2012
    Messages:
    847
    Location:
    Melbourne, VIC
    Hope this isn't old news but just had an email back from my broker advising we don't have to pay LMI if we borrow 90% because there has been a change whereby if you work in accounting, legal or mining you can borrow up to 90% without LMI.

    Anyone heard of this?

    PS sorry for the heading, unable to edit the spelling...
     
    Last edited: 22nd Jan, 2014
  2. Jake D

    Jake D Hi Vis CAD nerd.

    Joined:
    12th May, 2011
    Messages:
    1,387
    Location:
    WA
    Define "working in mining"
     
  3. Rickardo

    Rickardo Member

    Joined:
    23rd Apr, 2003
    Messages:
    507
    Location:
    Melbourne
    Take a look at this thread.

    Make the brokers can provide some guidance on how banks define professionals and what level of income is required, ie, membership to a particular professional body? A degree? Working in a particular field with a particular job description? etc
     
  4. Rolf Latham

    Rolf Latham Member

    Joined:
    2nd Mar, 2001
    Messages:
    18,791
    Location:
    Confused = Sydney, Brisbane and Gold Coast