Had a call from my bank today...

[VaSSagO]

Conversation started with "We have had a change of policy today and just calling to let you know..."

I thought oh ****, what have they done!

Next I hear "we can now do 90% with no LMI for you"



Couldn't believe it! That is awesome. Had a chat for a while and there are no catches. No increase in interest rate (they are currently doing 4.89% variable for me), no extra fees and includes construction & land loans (I forgot to check about commercial).

If only this had happened a couple of weeks ago as I am halfway through the process of refinancing a couple of properties to another bank (and paying LMI).

 

[Ausprop]

was it a major bank?

 

[VaSSagO]

Yep a major bank...

"Industry Sector Loans for Accountants"

 

[mattnz]

Just for you or general policy? Which bank?

 

[MC1]

Wbc? ......

 

[Rolf Latham]

wbc 99 %sure

ta
rolf

 

[Mick C]

Yep sounds like a WBC deal.

 

[Colin Rice]

WBC go 90% no LMI for medicos as well. Looks like they have opened up it to accountants as well. Mortgage brokers could be next

 

[Rolf Latham]

WBC go 90% no LMI for medicos as well. Looks like they have opened up it to accountants as well.

More that WBC have had a 90 % no lmi since pre 2000 (i recall)for clients of certain accountancy groups.

ta
rolf

 

[D.T.]

IT people next please

 

[spludgey]

IT people next please

No engineers or public servants!

 

[Colin Rice]

More that WBC have had a 90 % no lmi since pre 2000 (i recall)for clients of certain accountancy groups.

ta
rolf

Didnt know that! Thanks Rolf

 

[jonmardell]

No engineers or public servants!

certain types of engineers are included in the policy. This is not westpac as others have mentioned. General overview of what is available is below, it is not available through all channels and only a select partners of the bank have access.

90% no LMI
NO 5% genuine savings required
Industry Professions
Accounting
Legal
Mining, Energy & Resources
Medico
Upfront valuations available

 

[sunshine]

certain types of engineers are included in the policy. This is not westpac as others have mentioned. General overview of what is available is below, it is not available through all channels and only a select partners of the bank have access.

Hi Jon

Would it be possible please for some more detail, by PM if need be.

Many thanks
Sunshine

 

[WilliamB]

John,

I would also like some more information if possible to pm as well.

Thanks mate,

Cheers,

 

[BFT]

What's with the encryptic talk? Who is the bank?

 

[WilliamB]

John,

I would also like some more information if possible to pm as well.

Thanks mate,

Cheers,

 

[rodimus]

Which bank is it? Come'on guys, it's not like we're fighting for the 200 free limited edition of Hello Kitty or Minion

 

[rowena]

certain types of engineers are included in the policy. This is not westpac as others have mentioned. General overview of what is available is below, it is not available through all channels and only a select partners of the bank have access.

90% no LMI
NO 5% genuine savings required
Industry Professions
Accounting
Legal
Mining, Energy & Resources
Medico
Upfront valuations available

Keen to know for Energy and resources, would that include places such as origin, agl, energex, ergon, ausgrid, and power generators like stanwell... Just to name a few?

Or is there a specific in the energy and resource sector?

 

[jonmardell]

What's with the encryptic talk? Who is the bank?

I did not really want to post all the info up as it is not available through all brokers or channels of the bank. But due to the interest here i go. The bank is St George and this is only available through FLAME brokers (i am lucky enough to be one) St George segments their brokers based on volume and quality so they have made this policy available to their top category only.

Professions - Medico

General Practitioners
Hospital-employed Doctors; (e.g. Intern, Resident, Registrar, Staff Specialist)
Medical Specialists
Dentists
Veterinary Practitioners
Optometrists
Pharmacist

Professions - Accounting
Accountants
Finance Managers
Auditors
Actuaries

Professions - Legal
Lawyer
Solicitors
Barristers

Professions - Mining, Energy & Resources
Engineers
Surveyors
Mine Surveyors
Quantity Surveyors
Geologists /
Geophysicists

Upfront valuations available

Basically they will not insure loans up to 90% for these professions, there is some more fine print but i cant post the whole policy here.

thanks
Jon