BOQ - No LMI

Morning members,
Applied for a loan today with Bank of Queensland
I am a Chartered Accountant by profession..

Many lenders have special packages for medical professionals and some do for Accountanrs, however the Accountants packages usually have a minimum salary requirement of $150k.. AMP might be one that does not though..

I secured a deal for 95% lend @ 4.65% on a 292k borrowing with no LMI.

For my purchase here in melb I'm looking at 480k borrowing @90% lend with no LMI @ 4.44%.

I must acknowledge that higher lvrs place more pressure on the borrower, but it suited our circumstances as we have no problem serving debt, but we only had limited equity and deposit, so this worked well with our strategy and has potentially saved us 15k +. In addition, the rate is very competitive so I don't feel that by not being charged LMI we are paying a higher rate.

Just thought id share this with members.
 
Nice one.

Is that through BOQ Specialist? If so, good to note it's DIY and not available through the broker channel.

Jess it is.
A fellow chartered accountant pointed it out to me. So given our serving is not an issue in our accumulation phase it is very helpful using it to acquire higher yielding properties.
 
If a bank can xcoll they will everytime and so will the majority of brokers. Accept for Advantedge white label who dont allow xcoll!

My pet peeve is banks saying "get accredited and distribute our products, but not these ones".
 
but it suited our circumstances as we have no problem serving debt, but we only had limited equity and deposit...

Stupid question I know but if you have no problem servicing the debt why aren't you able to save the deposit? (Change your spending habits for a couple of months).
 
Stupid question I know but if you have no problem servicing the debt why aren't you able to save the deposit? (Change your spending habits for a couple of months).

General answer is time. Most first timers/young entrants can comfortably afford to pay down a home loan and service debt (even at higher rates) - but saving a $50k deposit + can take years to do.
 
CPA sent this offer to my email maybe 6 months ago.

BOQ Specialist is just Investec and I assume they do the two tiered interest rate where the 80% is at X rate and the remainder is at a higher rate.

Not something brokers can offer as far as I am aware of.

Pretty sure the old adage "too good to be true" applies to this deal.

Otherwise I would get more out of my membership and not just paying $690 to certify docs...

The STG 90% proposal is much better than BoQ structure, however, would come in handy for those grads who don't qualify for the waiver.
 
pretty tight policy though

eg a CPA working as a CEO for a mining co wont qualify, but the graduate geo will : )

ta

rof

It wasnt because of the industry but rather he CEO wouldnt be using his skills as an accountant in his role as CEO.

I have never had MCT reject any of my waiver deals even when they work in a different industry.

You just need to link their role with their specialisation.

I remember first reading the examples a couple of years ago and thinking how ridiculous a project manager who is an engineer working in a mining company was not eligible due to his job requiring different set of skills.
 
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