'Medico' package (85%+ LVR with no LMI) for IT workers

Discussion in 'Property Finance' started by DavidMc, 16th Jun, 2015.

  1. DavidMc

    DavidMc Member

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    Hello brokers! (and forum),

    Has anybody had any success getting some kind of medico style deal for an IT worker?

    i.e. Investor loan, 85-90% LVR with no LMI?

    I've heard mixed reports.

    David.
     
  2. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    No.

    Here is the list of professions:

    1. Medical Pracs
    2. Accountant
    3. Solicitors/Judges
    4. Politicians
    5. Celebrities
    6. Athletes with current running contracts
    7. Engineers
    8. Bank employees
    9. Actuaries
    10. Auditors
    11. CFOs
    12. Surveyors
    13. Geologists

    Each profession has certain criteria that need to be met.
     
  3. D.T.

    D.T. Property Lookerafterer

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    What about athletes of other disciplines?
     
  4. sash

    sash Member

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    Politicians...seriously.....

    And below don't really have stable jobs....
    5. Celebrities
    6. Athletes with current running contracts
    11. CFOs


     
  5. S.T

    S.T Member

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    Are you a member of the ACS? If so, might be worthwhile to check with them to see if they have any lenders that offer specials for members.
     
  6. Redom

    Redom Mortgage Broker

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    I've never written one of these before (or celebrity unfortunately), but i believe the athlete will need a decent income with a contract thats still in place and isn't expired.

    Pretty sure it can include many sports (not just athletics). Basically cant be a free agent.
     
  7. Terry_w

    Terry_w Member

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    What about contracts for football?

    Some IT people are engineers - chartered membership of Engineering Australia will do it.
     
  8. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    I meant an active/current sporting contract. It cannot be an athlete that is off contract.
     
  9. Jess Peletier

    Jess Peletier Mortgage Broker, Perth

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    Have a look at Suncorp's Specialist range (you can google it) they cater to some professions that fall outside the 'normal' ones.

    Brokers don't have access to it though so not sure if IT is included.

    There are a couple of lenders who will do 85% no LMI for everyone - Citi and Pepper and I think the Rock may still do it. But whether they are a good fit is another question. Citi have relatively high rates, and Pepper are a bit of a red flag on your credit file so it has to be weighed up in the context of everything else.
     
  10. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    Celebrities need to be on a contract as well so as of today Chris Bath wouldn't be eligible for the 90% lmi waiver.
     
  11. remingbi

    remingbi Member

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    Is there any medico 90% no lmi out there with decent servicibility calculators
    Thanks
     
  12. Terry_w

    Terry_w Member

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    Sorry - I was just joking.
     
  13. Terry_w

    Terry_w Member

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    Westpac is still good.
     
  14. Jamie M

    Jamie M Mortgage Broker - Oz Wide

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    CBA are ok....but changes to their servicing calc could happen soon.

    Cheers

    Jamie
     
  15. Terry_w

    Terry_w Member

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    St G just announced a tightening up.
     
  16. Beelzebub

    Beelzebub Member

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    What's a medico style deal? and do teachers meet the requirements?
     
  17. Brady

    Brady Big 4 Banker

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    18/6 it's happening
     
  18. remingbi

    remingbi Member

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    how does their servicing calculator for own debt and ofi debt compare with cba for medicos atm before the cba change due on 18/6/15

    thanks
     
  19. spludgey

    spludgey Member

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    What are the conditions for CFOs? I'm assuming I can't start a company, make myself CFO and then claim it?
     
  20. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    For medical professionals. As much as I think teachers deserve no LMI @ 90% its not on the list.