ANZ joins the Medico LMI Waiver Party

[Shahin_Afarin]

This just came out today - lets hope some of the second tier lenders follow suit.

Effective Monday 25 November 2013, ANZ will waive the LMI requirements including the premium, up to a maximum LVR of 90%, where the customer meets the eligibility criteria and is in an eligible profession. This applies to first or subsequent purchases.

A quick snap shot of the criteria are:

At least one of the applicants must be engaged in an eligible Medical profession - either Medical Practitioner, Dental Practitioner or Medical Specialist
The eligible applicant must have a current status of ?Registered? verified via ?Australian Health Practitioner Regulation Agency?.
The application can be in an Individual / Trust or Company name
Where the applicant is a Company or Trust, the eligible applicant must hold 25% or greater ownership in that entity

 

[imbi3]

Just like pre GFC

 

[Shahin_Afarin]

As much as I dislike St George - they are one of the few lenders that offer this but they also include Accountants and Solicitors (Flame Brokers only).

 

[starter]

As much as I dislike St George - they are one of the few lenders that offer this but they also include Accountants and Solicitors (Flame Brokers only).

At a high income though, 150k or above.

 

[Rolf Latham]

ANZ have had a medico package previously, lets see if this one is worth the post settlement maintenance stress

ta
rolf

 

[Rolf Latham]

At a high income though, 150k or above.

yes because high income pre disposes the loan to a lower risk of default.......... hang on, thats not what the LMI recovery stats may tell us

ta
rolf

 

[Aaron_C]

Looks like the credit cycle is starting to loosen up. Good news for Medicos. I wonder how the banks make (better) money on these deals - docs tend to demand the lowest rates and LMI waiver is not cheap for a bank to absorb...

 

[Corey Batt]

Looks like the credit cycle is starting to loosen up. Good news for Medicos. I wonder how the banks make (better) money on these deals - docs tend to demand the lowest rates and LMI waiver is not cheap for a bank to absorb...

Attempting to onsell other products perhaps?

 

[D.T.]

When are lenders going to jump on payg IT industry

 

[Rolf Latham]

When are lenders going to jump on payg IT industry

PAYG it ??

is there any of you left ?

like australian textile workers


ta

rolf

 

[D.T.]

Well if we're rare, then thats less for them to lose by giving it a go

 

[datto]

When are lenders going to jump on payg IT industry

After the dole bludgers (well after), wait your turn

 

[westminster]

When are lenders going to jump on payg IT industry

I'll vote for that. I think they should give it to high earners who less likely to be sued and go to the wall - so YES for all those boring high earners!!

 

[RPI]

I have multiple Dentists at the moment as clients who have been able to get 100% lends and multiples thereof.

Very high incomes though.

 

[Colin Rice]

I have multiple Dentists at the moment as clients who have been able to get 100% lends and multiples thereof.

Very high incomes though.

There is a specialist lender who does that whos name escapes me atm.

Nice credit if you can get it.

 

[jonmardell]

At a high income though, 150k or above.

The income level can be based on future income potential and total joint income between applicants. A couple of examples is single applicant earned 110K in 2010, 120K in 2011, 130K in 2012 there is a good case to argue that they would be above the minimum income requirement in the near future based on past increase. A second scenario is the primary applicant earns 100K and the second applicant earns 50K you have now reached the income requirement.

 

[Marty McDonald]

I have multiple Dentists at the moment as clients who have been able to get 100% lends and multiples thereof.

Very high incomes though.

I believe its Investec.

It's done with 80% funding through St George and 20% through Investec all branded as an Investec loan. Nightmare post settlement apparently if they want to discharge but they are gaining traction as they are very much relationship banking ie don't make the dentists jump through many hoops at all once the first loan is done and provide all the equipment finance etc as well.

 

[traceyim]

90% no lmi

St George flame includes Engineers, Surveyors, Geologists, Geophysicists too in mining, energy and resources industry. Must earn over $150k gross p.a. income.

 

[Blacky]

St George flame includes Engineers, Surveyors, Geologists, Geophysicists too in mining, energy and resources industry. Must earn over $150k gross p.a. income.

Do they include expats in that? I had all sorts of drama a few years back with SGB just trying to get a loan approved as Im an expat.

 

[bumskins]

St George flame includes Engineers, Surveyors, Geologists, Geophysicists too in mining, energy and resources industry. Must earn over $150k gross p.a. income.

Aren't geologists getting smashed at the moment? I can understand medical but resources is very boom and bust.