Borrow up to 90% with no LMI

[datto]

Found this:

http://www.homeandcarloans.com.au/?...ALVpGFUHHpvIfRurbCTSQaAp0i8P8HAQ#!nolmi/c1x2z

Seems interesting

Might help some one

Apologies if this has already been talked about

 

[Shahin_Afarin]

Some of those non medical professions come with certain criteria so not that simple.

Also there is a few more professions that are eligible that are not covered in the list.

 

[datto]

Yes interesting

But based on postcode and not profession one can get an 85% lvr loan with no LMI....and a pretty good interest rate.

 

[Terry_w]

Medical professionals (includig pharmcists and vets!), lawyers, accountants, engineers etc all qualify.

 

[D.T.]

Medical professionals (includig pharmcists and vets!), lawyers, accountants, engineers etc all qualify.

1 sec, I'm just updating my online dating profile with these desired professions

 

[serendip]

What's the theory behind these professions getting an LMI exemption?

 

[spludgey]

What's the theory behind these professions getting an LMI exemption?

Risk profiling. It's much more unlikely that someone in a profession like those defaults on a mortgage than a teacher or a nurse, for example.
Might sound like rubbish at first, but professions tend to attract certain types of people. There's a reason that you stereotype engineers for example.

 

[DaveM]

Product 3 looks like excellent value

 

[Peter_Tersteeg]

Note that they say, "Rates from 4.99%".

I guarantee they're not going to give you 90% with no LMI loans at 4.99%. These products are usually significantly more expensive. There is still LMI on them but the financier pays, making it back several times over on the extra interest charged. They've also done the figures and know you'll be forced to stay with them for X years otherwise refinancing would cost you LMI.

There's no free lunch.

 

[serendip]

Risk profiling. It's much more unlikely that someone in a profession like those defaults on a mortgage than a teacher or a nurse, for example.
Might sound like rubbish at first, but professions tend to attract certain types of people. There's a reason that you stereotype engineers for example.

Yeah, I guess stats talk. There are dodgy *******s in all professions of course.

 

[D.T.]

Yeah, I guess stats talk. There are dodgy *******s in all professions of course.

Hence why IT isn't on the list

 

[Blacky]

What's the theory behind these professions getting an LMI exemption?

For most of them I can understand. As others have said it is a risk profile. Also many of them must be associated with an industry body. It makes finding them easy, and also it would be damaging if the industry found out about your indescrssion.

I don't understand engineers being on the list though.

I definitely understand I.T not being on the list

Blacky

 

[Scott_Snap]

I'm with Peter on this one. Had a couple of these types of deals come through and not all that glitters is gold. I would be looking for the teeth they will be there somewhere it just where.

 

[VaSSagO]

Note that they say, "Rates from 4.99%".

I guarantee they're not going to give you 90% with no LMI loans at 4.99%. These products are usually significantly more expensive. There is still LMI on them but the financier pays, making it back several times over on the extra interest charged. They've also done the figures and know you'll be forced to stay with them for X years otherwise refinancing would cost you LMI.

There's no free lunch.

I got a free lunch

4.69% variable @ 90% LVR and no LMI (with offset acc etc)

Accountant through St G and negotiated by Jon Mardell

 

[Paul@PFI]

What's the theory behind these professions getting an LMI exemption?

These people can be struck off if they are bankrupts. Arguably I would think is a negative since they stand higher risk of losing all income but then I don't know too many who choose to end their career through financial implosion.

 

[Jaggannath]

I don't understand engineers being on the list though.

Blacky

Good looking, intelligent, witty, and modest to boot... what's not to like?!

You also have to be a CPEng or equivalent, not just an engineer.

 

[Swearengen]

Risk profiling. It's much more unlikely that someone in a profession like those defaults on a mortgage than a teacher or a nurse, for example.
Might sound like rubbish at first, but professions tend to attract certain types of people. There's a reason that you stereotype engineers for example.

Most engineers I know are hopeless with their own money and half the time with the company's money. I don't think its about the sort of people the profession atracts I would suggest it's more about demand for those professions and income levels and risk of unemployment being lower than others.

We got 90 no lmi through macquarie, I have two ip's through them.

 

[spludgey]

Most engineers I know are hopeless with their own money and half the time with the company's money. I don't think its about the sort of people the profession atracts I would suggest it's more about demand for those professions and income levels and risk of unemployment being lower than others.

We got 90 no lmi through macquarie, I have two ip's through them.

I take personal offence to that!
Maybe engineers as a whole aren't that great with money, but I don't personally know any engineer that has filed for bankruptcy. We seem to be fairly focused on making sure that we can meet our obligations.

 

[Jaggannath]

Most engineers I know are hopeless with their own money and half the time with the company's money.

Generalise much? Besides, as I said earlier we're good looking, intelligent, witty, and modest, how could they refuse us?!

 

[Swearengen]

I take personal offence to that!
Maybe engineers as a whole aren't that great with money, but I don't personally know any engineer that has filed for bankruptcy. We seem to be fairly focused on making sure that we can meet our obligations.

Any obligations other than a critical path or a budget perhaps

I agree though I susoect engineers and the other professions are on that list because employment demand is very strong at the moment, particularly on the east coast.