Full-Doc Jumbo (HNW Self-Employed)self-employedfull-docjumbo
Toorak Specialist Physician, Pty Ltd: $2.5M Jumbo Full-Doc Upgrade
Toorak specialist physician (12yr Pty Ltd) + academic spouse upgrade to $3.35M. Jumbo hit big-4 DTI + Pty Ltd haircut + valuation. Halo Loan routed private-bank-style — $2.5M @ 5.94%, 74.6% LVR.
- Loan amount
- $2,500,000
- LVR
- 74.6%
- Turnaround
- 14 business days
Client Profile
- Industry: private-practice specialist physician (medical specialty — cardiology / orthopaedic / dermatology), Pty Ltd structure
- ABN tenure: 12 years 4 months (continuous practising-physician registration)
- Corporate structure: main practice Pty Ltd + family trust ownership + service-entity optimisation
- Taxable income (avg of last 2 years' ITR + NOA): ~$480,000
- Spouse: PAYG associate professor / researcher, $115,000 (incl. research grant stable component)
- Existing portfolio: prior owner-occupied home in Carnegie $1.6M (unencumbered, considering sale or rent-out) + 1 investment property in Mount Waverley $1.1M ($480k loan outstanding)
- Deposit: $850,000 (cash savings $550k + Pty Ltd dividend distribution $300k)
- Target: upgrade to a Toorak 4+3 detached family home, $3.35M
What Blocked Them
The client first approached a big-4 private-banking team:
- Hard DTI cap: $2M+ jumbo loans hit the big-4 DTI ≤ 6x ceiling. $480k + $115k = $595k income, 6x = $3.57M max debt → existing $480k investment-property loan + new $2.5M = $2.98M, technically passes but leaves no headroom
- Pty Ltd add-back haircut: big-4 servicing treats Pty Ltd retained earnings + service-entity distributions as "non-repeatable" income, applying a 70% haircut → calculated $336k instead of $480k
- Conservative valuation: in-house valuer marked the Toorak property at $3.15M (vs market $3.35M), pushing LVR to 79.4% → triggers LMI (jumbo LMI quote at $2M+ is $45k+)
- Core friction: a long-tenured high-income professional should be the "premium client", but jumbo + Pty Ltd self-employed + upgrade buyer compounds across multiple big-4 retail-channel risk rules
What Halo Loan Did
| Action | Reasoning | Day |
|---|---|---|
| Assessed via specialist private-bank-style + second-tier private-channel lenders | Their jumbo pools have specialty servicing algorithms for long-tenured Pty Ltd professionals; Pty Ltd retained earnings calculated at 90% instead of 70% | Day 1 |
| Coordinated with client's accountant + tax adviser to repackage the ITR submission | Combined main-practice Pty Ltd financials + service-entity distributable income to show the lender the full income picture | Day 2-3 |
| Two jumbo-friendly lenders for indicative offers | One specialist non-bank + one second-tier private channel — compared rate / LVR appetite / valuation lean | Day 4 |
| Arranged independent valuer (lender-panel) for on-site inspection | The Toorak 4+3 layout has solid comparable market support; valuation came back at $3.35M, LVR settled at 74.6% (clear of the LMI trigger line) | Day 7 |
| Pty Ltd structuring: main-practice income + spouse PAYG joint servicing | Kept the $480k investment-property loan separate; new jumbo on its own facility, no cross-collateralisation | Day 9 |
| Negotiated rate: jumbo size + long-term deposit relationship → 30bp private-channel discount | Standard full-doc 6.04% rate → 5.94% executed | Day 11 |
| Formal approval | LVR 74.6%, no LMI, 25% valuation buffer | Day 14 |
The Outcome
- Loan amount: $2,500,000 (owner-occupier upgrade jumbo)
- LVR: 74.6% (cleared the 80% LMI trigger, saved $45k+ in LMI)
- Rate: 5.94% p.a. variable (full-doc base 6.04% - 30bp private-channel discount)
- Monthly repayment: $14,925 (30-year P&I)
- Facility structure: jumbo owner-occupier facility + existing investment-property facility independent, no cross-collateralisation
- Formal approval: 14 business days
- Total saved: LMI $45k + rate 30bp = ~$7,500/yr interest ≈ $120k saved over 10 years
Related Reading
- Self-employed home loans hub — full 4-pathway comparison (jumbo typically goes full-doc)
- Purchase scenario page — owner-occupier servicing + LVR framework
- Alt-doc home loan pathway — not applicable to jumbo but common in other self-employed cases
- 5-step application process — mobile pre-check to settlement
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