Mortgages for accountants
Accountants are professionals that the banks consider to be low risk, due to high income earning potential and good job availability. Many lenders have discounts and other offers for accountants.
What home loan offers are available for accountants?
Often when you borrow more than 80% of a property’s value, you will be required to pay Lender’s Mortgage Insurance. This is where offers for accountants come in:
Borrow up to 90% of the value of the property without needing to pay Lender’s Mortgage Insurance on loans up to $2 million
Borrow between 100% to 105% of the property value with a guarantor
Your may be eligible for discounts on your interest rate
See below for how much you could save by not having to pay Lender’s Mortgage Insurance on a loan with a 10% deposit and 90% loan-to-value ratio:
$500,000 Property: $8,680
$1,000,000 Property: $22,392
$1,500,000 Property: $36,858
$2,000,000 Property: $49,144
Eligibility Requirements
Accounting Qualification
You must be a CPA, CA, CFA or FIAA and be registered with one of the below accounting industry associations:
Chartered Accountants Australian and New Zealand (CAANZ)
CPA Australia (CPA)
Chartered Financial Analyst Institute Australia (CFA)
Institute of Actuaries of Australia (FIAA)
Institute of Public Accountants (IPA)
Minimum Income Requirements
Some, but not all banks require a minimum annual income in order to be eligible for offers for accountants. St George, CBA and Westpac for example require:
Income of $120,000 or higher in SA, NT, WA and TAS or $150,000 in NSW, ACT, QLD and VIC to get waived LMI
Income of your spouse is not included (unless they are in the accounting field). However, rental income is allowed
If you fall under this income requirement, then your combined income with your spouse and rental income must be a minimum of $150,000
What documents will I need to provide?
In order to verify your income and occupation, you will need to provide the following:
Industry Membership Evidence
Receipt for payment of annual membership
Current valid membership card
Written confirmation from the listed association
Practicing Certificate
Income Verification
If you work for a firm:
Your two most recent payslips
If you are a partner in a practice:
As a partner, you will need to show two years’ worth of tax returns and notice of assessments.
If your salary is high enough to service the debt or you work for a larger accounting firm, recent payslips on their own may be enough.
How do I access a home loan offer for accountants?
Our role at Unbroke is to assess your needs and situation, help you compare all of the loans you’re eligible for as an engineer, including cashback offers, finding the lowest interest rate and loan features. Our services are free to use, we simply receive a commission from the bank once your loan is settled.
Contact us via our website, email or social media to book in a call and get started with your property journey. If you already have a home loan, we can also help you refinance your home loan.
Is accountant the only role that qualifies for the LMI waiver?
Accounting isn’t the only role title eligible for an LMI waiver. Other job titles in the broader accounting and finance industry are also eligible under the same requirements. These include:
Actuary
Auditor
Chief Financial Officer
Director
Finance Director
Finance Manager
Financial Controller
Partner
A Financial Firm’s Administration Manager
Tax Accountant
Roles in other industries may also be eligible for an LMI waiver. These include:
Lawyers and conveyancers
Doctors and surgeons
Nurses and midwives
Veterinarians
Professional athletes
Dentists
Engineers
Financial planners
Mining specialists
Some entertainment professionals
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. Information in this article is up to date as of 10 January 2023.
