Home Loans for Accountants

It is the same class of concession that doctors and lawyers get, typically on a loan up to 90 percent of a property's value. If you also work in public practice, there is a second angle around how your income is presented that can matter just as much.

The LMI waiver for accountants

Borrow above 80 percent on a normal loan and you pay LMI, an insurance premium that protects the lender. For eligible accountants, select lenders remove it, so a 10 percent deposit can be enough without the cost. Lenders typically want current membership of an eligible body such as CA ANZ, CPA Australia or the IPA, plus a minimum income that often sits around $120,000 to $150,000. Both the accepted memberships and the income floor differ by lender and change over time, so I check live policy rather than guess.

In public practice or self-employed

If you run your own practice or work as a contractor, your income is assessed as self-employed. Ironically, you probably minimise your taxable income better than most, which can make you look like you earn less than you do. That is where legitimate add-backs come in, things like depreciation and one-off costs added back to show your real earning capacity. Presented well, your borrowing power can look very different to the figure at the bottom of your return.

• Employed accountants are assessed on payslips, which keeps it simple.
• Self-employed accountants usually provide one to two years of financials.
• Add-backs can lift your assessed income once they are documented properly.

If you are buying your first home, start with first home buyer support. If you are eyeing an investment or want to sharpen an existing loan, see investment property loans or refinancing.