Who this covers: solicitors and barristers, chartered and CPA accountants, actuaries, engineers and in some policies architects, surveyors and management consultants.
What lenders do differently
LMI waivers
Several lenders waive LMI to 90 per cent for listed professions with membership of the relevant body and a minimum income; fewer go to 95 per cent than for medical professions. The lists differ by lender, which is where the choice of lender is made.
Partners and distributions
Partnership and trust distributions are assessed on two years of the entity's returns and the partner's own; a new partner's first partial year is read against the firm's letter of appointment and the drawings. Barristers' income is assessed like a sole trader's, usually on two years.
Bonuses
A bonus is counted with two years of history, usually at the lower year and often at 80 per cent. A sign-on bonus is not counted.
Salary sacrifice and benefits
Packaged cars and extra super are added back as income by most lenders; a novated lease is treated as both an expense and a benefit depending on the lender.
Worth knowing before applying
Practising certificate and membership are checked for the waiver; HELP debt from a long degree reduces capacity; and the deposit and LMI calculator shows what the waiver is worth at each deposit level.
The tools that fit
Policies on all of the above differ lender to lender and change without notice; the value of the conversation is knowing which lender's policy reads your payslip best on the day. Understanding how your income is read before you apply is what makes the application calm.