90% Boroow - no LMI

[jackbak]

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...

 

[Jake D]

Define "working in mining"

 

[Rickardo]

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

 

[Rolf Latham]

Take a look at this membership to a particular professional body? /QUOTE]

usually but not always,membership to the relevant "grey coat" association provides for entry for those peops whose work qualifies

ta
rolf