Hi all, does anyone have any experience getting a loan with a deposit of less than 10%? (5%? 2%?). Does having a CPA membership give you any perks with applying for a loan or help with getting a low deposit home loan?

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I thought ANZ waived the LMI fee for CPA/CA.

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CAs can get a home loan with 10% deposit without LMI. From memory, ANZ, Westpac and CBA offer the loan above but with Westpac and CBA, the CA holder needs to earn over 120-130k. It might be worth checking with those banks to see if CPAs get a similar deal as CAs

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I think the minimum deposit in Australia is 5%, as reflected in the first time buyer schemes.

For the CPA benefits there is one lender with a bunch of requirements according to this link: https://www.homeloanexperts.com.au/waived-lmi/home-loan-discounts-accountants/
- Buy a residential property (only Category 1 and 2 locations accepted)
- Hold a university degree from Australia or overseas.
- Be an Australian citizen or permanent resident living and working in Australia.
- Be employed as an accountant and not on probation.
- Have PAYG income in the industry for at least the last three years; doesn’t all have to be with the same employer but you must be past your probation period.
- Minimum credit score required.
- If self-employed, you need a minimum of two years’ tax returns and full financials; ABN must be registered for at least two years and you must provide evidence of reported profit each year.
- The maximum loan amount is $1 million.

Your main issue with a 5% deposit is that you would be constrained to a $1.05m property. That link implies that you can buy up to a $3m property with the CPA “no LMI” benefits assuming you are earning a minimum of $120,000 in WA, SA, NT and TAS or a minimum of $150,000 in NSW, ACT, VIC and QLD.

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No perks with cpa lol, only doctors and health professionals get benefits with home loans

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I went with ANZ 2 years ago and they waived LMI because I am a CA. Can’t remember prerequisites exactly but recall minimum salary and had to be a full member.

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Looks like they might’ve upped it to 10% minimum deposit but here’s the fact sheet for accountants lawyers and doctors https://www.anz.com.au/content/dam/anzcomau/documents/pdf/lmi-waier-fact-sheet.pdf

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What do doctors get?

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