big banks 85 no LMI?

I'm with Westpac and waiting on evals on my portfolio to hopefully release equity and go shopping :)

Im currently on 72% LVR on approx $1.8m but have been using 80% LVR in my calcs.

Interested in going to 90% LVR if it means I can skip on LMI.

What boxes do I need to tick? I'm a systems engineer with 12 years experience on $120k excluding comms and bonuses.

Do they take my wife's income into consideration for LMI?

1. Must have at least $150k in income (your income only and not combined with your wife) but rental income can be used as part of the $150k minimum requirement.

2. Must be working for an australian mining company in Australia not overseas

3. Must have engineering certification/membership
 
Does anyone have a link to more info for 'medical professionals' for 90% no LMI and lenders that do it for them?

CBA, ANZ, Westpac, NAB/Medfin, St George and Macquarie do it. Different lenders accept different professions. Macquarie doesn't have as a varied list of professions as the other lenders.

I have never used to ANZ medico policy because I rarely use ANZ as a lender but all the other lenders have excellent medico policies. Westpac and Macquarie do decent pricing on their medico 90% products.
 
I just received an email from NAB on their medico policy:
To be eligible for an LMI waiver under this new policy:

The customer must be an eligible Medical or Dental Practitioner (this can confirmed by checking and providing registration status with the Australian Health Practitioner Regulation Agency via https://www.ahpra.gov.au/ and selecting Medical Practitioner or Dental Practitioner as applicable Health Profession)
The maximum LVR available is 90%
The customer?s total aggregated NAB consumer lending must not exceed $4.5m and no individual security supporting the lending exceeds $2m in Market Value
 
Heaps of lenders do these now - what do you want to know?

I've got a friend who was a nurse, then moved up into admin but still in the hospital etc... His broker didn't let him know about this option. I remembered hearing about it but hadn't seen a source. Anyone know if it ranges from nurses to doctors that are eligible?
 
CBA, ANZ, Westpac, NAB/Medfin, St George and Macquarie do it. Different lenders accept different professions. Macquarie doesn't have as a varied list of professions as the other lenders.
I have never used to ANZ medico policy because I rarely use ANZ as a lender but all the other lenders have excellent medico policies. Westpac and Macquarie do decent pricing on their medico 90% products.

Thanks for the details Shahin!
 
Do you have a source that I can look at?

26.2.1 Medical professional
For the purpose of this policy the definition of a medical professional (?Medico?) includes the
following:
 Dentists;
 General Practitioners;
 Hospital-employed Doctors; (eg Intern, Resident, Registrar, Staff Specialist)
 Medical Specialists - refer to List of Australian Recognised Medical Specialties for
the list of acceptable that fall under Medical Specialties;
 Optometrists;
 Pharmacists;
 Veterinary Practitioners.
There is no authority to extend to other occupation types. (Physiotherapists, Psychologists,
Nurses and Paramedics do not qualify for Medico policy.)
 
There's nothing out there that says nurses are not eligible, but there's nothing out there that says they are eligible. Thus they're not eligible.

My observation is that LMI waivers in the medical professions tend to be focused on those who can write prescriptions. Doctors, dentists, even vets. Not nurses.
 
26.2.1 Medical professional
For the purpose of this policy the definition of a medical professional (?Medico?) includes the
following:
 Dentists;
 General Practitioners;
 Hospital-employed Doctors; (eg Intern, Resident, Registrar, Staff Specialist)
 Medical Specialists - refer to List of Australian Recognised Medical Specialties for
the list of acceptable that fall under Medical Specialties;
 Optometrists;
 Pharmacists;
 Veterinary Practitioners.
There is no authority to extend to other occupation types. (Physiotherapists, Psychologists,
Nurses and Paramedics do not qualify for Medico policy.)

Thanks Watson, do you have a source for this source? ;)
 
There's nothing out there that says nurses are not eligible, but there's nothing out there that says they are eligible. Thus they're not eligible.
My observation is that LMI waivers in the medical professions tend to be focused on those who can write prescriptions. Doctors, dentists, even vets. Not nurses.

Thanks Peter. How about people that are between nurses and doctors?
Like people who started as a nurse and moved up eg. High level administration, investigations, donor tissue (dead bodies don't want prescriptions ;)) etc...
 
Like people who started as a nurse and moved up eg. High level administration, investigations, donor tissue (dead bodies don't want prescriptions ;)) etc...

Is high level administration or investigations the same as being a doctor?

I believe the qualifying criteria that the banks look to is are they currently a member of the AMA?

In truth, I don't recall any clients recently who qualify but want a loan above 80%.
 
Is high level administration or investigations the same as being a doctor?
I believe the qualifying criteria that the banks look to is are they currently a member of the AMA?
In truth, I don't recall any clients recently who qualify but want a loan above 80%.

Higher than a senior nurse. Higher than a junior doctor - in terms of pecking order. Investigations would scare even senior doctors ;)
It would be good to see something in writing, I've only got Terry's link above to go on so far. The wording there doesn't seem ambiguous either, if they are on there, they should qualify.
 
Chartered member of Engineers Australia? Wife's income can be accepted if she is on the loan.

Well I'm on the registry with Engineers Australia but have to pay the annual fee to be a chartered.

Starting to doubt whether its worth it. Especially when always calculating around the magical 80% figure.
 
Well I'm on the registry with Engineers Australia but have to pay the annual fee to be a chartered.

Starting to doubt whether its worth it. Especially when always calculating around the magical 80% figure.

The annual fee is minimal I believe. You could use this to borrow up to 90% instead of 80% and keep more cash in the offset for cashflow buffer.

Alternatively you could start at 80% get a few and then join and increase LVRs to 90% all in 1 year to save paying the fee over more than the 1 year.
 
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