Can your job get you a better loan?
Can your profession save you on your home loan?
When it comes to saving on your mortgage, some of you may not have to look further than your job. If your one of the lucky ones you could be entitled to lower rates, fee waivers and able to borrow more without paying Lenders Mortgage Insurance.
The lucky ones
Accountants, lawyers and a large range of medical professions are commonly eligible for home loan discounts, or particular loan types without fees, based on their professions. There are still specific requirements though including being registered with professional bodies such as CPA Australia for finance workers and being registered to a practice for those working in legal occupations.
Doctors take the cake
Lenders have their own target lists of professions, but doctors are the big winners. They can borrow up to 90% of the value of a property without paying for Lenders Mortgage Insurance, lower interest rates and occasionally banks will even go outside of their normal policy to get their loans approved. Veterinarians, gynaecologists and anaesthetists are all commonly on the list also but there are over 35 different medical occupations alone that make on the list so it’s best to ask if your occupation makes the cut.
How the perks work
While most of the battle is won by being in the correct occupation there are still only a select number of lenders that have these enhanced offerings for certain occupations so it’s important to get in contact with me, or whoever your lending professional is, to seek out the lenders that are the right fit for you.
Being an MFAA accredited broker shows I have the knowledge and expertise to find the most appropriate loans for even the most complex financial scenarios, including profession-based discounts.