No LMI home loans for accountants
Qualified accountants who are members of a recognised professional body can access LMI waivers up to 90% LVR at a number of lenders, subject to income criteria.
Max LVR without LMI
Up to 90%
Deposit from
$90,000
LMI avoided
≈ $17,415
Indicative only. LMI waivers depend on each lender's current professional list, your registration or membership, income, the property and full credit assessment. An XLOANS broker confirms which panel lenders currently waive LMI for you.
Why lenders waive LMI for accountants
Professional-body membership signals a qualified, regulated career with stable earnings — the same reason lenders offer waivers to medicos and lawyers.
Who is usually eligible
- Members of CA ANZ (Chartered Accountants)
- Members of CPA Australia (CPA or FCPA)
- Members of the IPA at some lenders
Conditions to know
- Full membership is usually required — associate or student members often don't qualify
- Most lenders set a minimum income, which varies by lender
- Waiver is usually up to 90% LVR
- Standard serviceability and credit checks still apply
Documents lenders ask for
- Current membership certificate from CA ANZ, CPA Australia or the IPA
- Payslips or an employment contract
- Tax returns and financials if you are a partner or run your own practice
Common mistakes
- Working in finance without full membership of a recognised body
- Assuming every lender recognises the same bodies — IPA in particular varies
- Self-employed practitioners not giving enough financial history
Questions
Can accountants avoid LMI?
Yes, at a number of lenders. Full members of CA ANZ or CPA Australia (and the IPA at some lenders) can often borrow up to 90% with no LMI if they meet the income requirement.
Does a CPA candidate qualify?
Usually not. Most lenders need full membership, so it can be worth waiting until your membership is confirmed.