The waiver of LMI is particularly advantageous for accountants as it allows them to swiftly expand their investment property portfolio by purchasing multiple properties with smaller deposits. Meeting certain income criteria and borrowing up to 90% of the property value are prerequisites for qualifying for waived LMI. Additionally, evidence of your degree or industry membership may be requested. Recognized industry memberships include CAANZ, CPA, CFA, and FIAA. Proof of membership can be established through showing your practicing certificate, although there are other methods.
If you are a partner in a selected larger accounting firm, you may have the option to provide income verification through a letter or email from the firm’s Administration Manager when applying for a residential home loan. This alternative documentation will serve the purpose of confirming your income, alleviating the need for standard self-employed income records like tax returns.