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Lenders Mortgage Insurance (LMI): What is it?
Lenders Mortgage Insurance (LMI) is a single payment to an insurance company when your LVR exceeds 80%. This fee protects the bank, not the borrower. The mortgage insurance covers the bank’s loan loss if it sells your property. LMI reduces the bank’s risk when lending to low-down-payment borrowers.
What is the Highest LVR I Can Loan as an Accountant, Acute, or CFA?
When borrowing up to 90% Loan to Value Ratio (LVR) without paying Lenders Mortgage Insurance (LMI), accountants, actuaries, and Chartered Financial Analysts (CFAs) who meet certain requirements can do so. Because these occupations are known for their stability and low risk, banks usually refer to this advantage as a “Industry Professional Offer.”
Why Do Banks Waive LMI for Specific Professionals?
Accountants, Actuaries, and CFAs with the appropriate professional experience, qualifications, and income are considered by banks to be higher and more stable income earners. As a result, they are viewed as lower risk for default compared to other professions.
Our Professional Loans for Accountants offers:
- Lower Interest Rates
- Higher Loan Amounts
- LMI Waivers
- Flexible Repayment Options
- Special Loan Features
- Faster Approvals
Exclusive Professional Loans for Accountants - Smooth Home Loans
Professional Loans for Accountants offer tailored financial solutions with benefits like higher loan limits and lower interest rates. Contact us today to learn more and see how we can assist with your financing needs.
To qualify, you must demonstrate registration to practice as a CA, CPA, CFA, or FIAA in Australia.
You can do this by showing current membership with:
- Chartered Accountants Australia and New Zealand (including members of the Global Accounting Alliance)
- CPA Australia (or an equivalent international accounting body recognised by CPA Australia)
- Chartered Financial Analyst Institute Australia
- Fellowship of the Institute of Actuaries of Australia
Typically, a minimum income of $150,000 is required, which can sometimes include your investment income or your partner’s income. We will inform you if this applies during our assessment of your situation.
Banks that provide LMI waivers for Accountants, Actuaries, and CFAs typically have a list of qualifying roles and professions. Common job titles include:
- Accountant
- Actuary
- Auditor
- Chief Financial Officer (CFO)
- Director
- Finance Director
- Finance Manager
- Financial Controller
- Partner
There may be some restrictions, such as:
- Your income level
- Applications for Interest Only loans
- The property’s postcode and type
- The maximum loan amount in absolute terms
- The maximum loan amount relative to your total income
We will inform you if any of these limitations apply during our assessment.
If your role closely resembles one of the roles listed, or if you can show that your work is similar, you may still be eligible for an LMI waiver even if your job title isn’t on the list. Titles such as Internal Auditor, Tax Accountant, or Financial Planning & Analysis jobs, for example, may still qualify if you meet the requirements.
Higher LVR benefits also apply to Accountants, Actuaries, and CFAs in Commercial Lending. For inquiries about financing your accounting, actuarial, or financial practice, or related expenses such as fit-outs and motor vehicles, please reach out to us.
Why choose Smooth Home Loans?
Australian based
Seek support from our friendly Australian-based lending specialists.
Flexible options
Exploring offset savings or extra repayments? Our diverse loan features fit your needs.
Low interest rates
As an online lender with lower overheads, we pass on savings to you, our customers.