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Yes. You’re ~1.5 years out, so you could be considered for any level (e.g. 6, 7, 8). The boomerang policy where you can interview without a bar raiser within 12 months has expired, but it would have applied to L7 and below.
Not really. The main thing people tend to care about is the 12 month boomerang rule to allow people to be rehired at the same (or lower) level without a full loop/BR. This doesn’t apply to your situation, but if you were attempting to go up a level (say from L6 to L7), then 18 months is often viewed as being on the shorter end, so you would generally benefit from being away for 2+ years if your current job provided strong examples of operating at that higher level.
Ex Bar Raiser here. There’s no policy reason why you can’t boomerang into a lower level.
You can do it. The HM may have concerns but I'd recommend just assuring them that you are aware thus is a level down and will receive low pay ban but you're excited to get back on the amazon team