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The Benefits of Using a Mortgage Broker

Navigating the labyrinth of home loan options can be a daunting task, but a mortgage broker can be your invaluable guide through the maze, especially when you choose to work with Professional Home Loans.

Why Choose a Mortgage Broker?

Mortgage brokers can offer a plethora of benefits for various professionals, be it lawyers, engineers, pilots, or medical professionals. They can help you find the most suitable loan options, saving you time and potentially money.

Diverse Loan Options

Mortgage brokers have access to a wide range of loan options, including construction loans and loans for vacant land. They can also assist Australian expats and non-residents in securing home loans, ensuring that everyone has the opportunity to find their ideal property.

Expert Advice and Support

Mortgage brokers provide invaluable advice and support, especially for financial planners and accounting finance professionals, guiding them through the complexities of home loans and helping them make informed decisions.

Specialized Services for Professionals

Different professions have unique needs, and mortgage brokers understand this. They offer specialized services for doctors, dentists, pharmacists, and police officers, ensuring that the specific requirements and challenges of these professions are addressed.

FAQ Section

Q: Can mortgage brokers help overseas buyers with home loans?

A: Yes, mortgage brokers can assist overseas buyers in finding suitable home loan options.

Q: Do mortgage brokers offer services for engineering and mining professionals?

A: Absolutely, mortgage brokers provide specialized services catering to the unique needs of engineering and mining professionals.

Q: Can I get advice on how my profession can save me money when buying property?

A: Yes, mortgage brokers can offer expert advice on how your profession can impact your home loan options and potentially save you money.

Q: Are there home loan options for 491 visa holders?

A: Yes, mortgage brokers can assist 491 visa holders in securing home loans.

Conclusion

Choosing a mortgage broker, especially one that understands the unique needs of professionals, can make the home loan process smoother and more manageable. Whether you are a general practitioner, ambulance officer, or chiropractor, a mortgage broker can help you navigate the myriad of home loan options available, ensuring you find the one that best suits your needs.

For more insights and information, feel free to explore our blog or contact us for a consultation.

Tapping into Super for Your First Home

Tapping into Super for Your First Home

Embarking on the journey to homeownership is exciting but can also be fraught with financial hurdles, especially for first-time buyers. One potential solution often debated is whether Australians should be allowed to access their superannuation to ease homeownership’s financial burden.

A recent survey by Finder reveals that 56% of Australians would consider accessing their superannuation early if it were an option, with rising costs being the primary motivator. For first-time homebuyers, the ability to tap into super funds could potentially alleviate the substantial financial pressure associated with purchasing a home.

Understanding Superannuation:

Superannuation is intended to fund Australians’ retirement, ensuring financial stability in the later stages of life. However, the rising cost of living and the housing affordability crisis have intensified debates around early access to super funds.

The Debate:

Experts like Bianca Patterson, director of Calculated Lending, and Alison Banney, superannuation expert at Finder, caution against viewing early access to super as a panacea for homeownership hurdles. They emphasize the importance of preserving super funds for their intended purpose—securing a stable retirement.

The Impact of Early Withdrawal:

Early withdrawal can have significant repercussions. For instance, withdrawing $10,000 at 25 could potentially equate to a loss of $217,200 by retirement age, based on average returns. Despite the stringent conditions for early access, there are concerns about the misuse of such provisions, with some Australians utilizing the funds for unintended purposes like vacations and cosmetic surgery.

A Potential Middle Ground:

While the debate continues, some propose conditional access to super funds, particularly for first-time buyers struggling with initial deposits. Simon Pressley, head of research from Propertyology, suggests allowing first-time buyers to access up to $50,000 of their superannuation money, provided it is matched dollar-for-dollar and used directly towards a property deposit.

Legislative Changes and Financial Literacy:

Pressley also advocates for legislative changes allowing individuals with substantial net assets to access their superannuation from age 55 onwards. He emphasizes the importance of financial literacy and responsible financial decisions in achieving a sustainable retirement strategy.

For first-time homebuyers, the possibility of accessing superannuation early presents both opportunities and risks. While it could provide immediate financial relief, the long-term implications on retirement savings are substantial. Striking a balance between immediate homeownership needs and future financial stability is crucial, necessitating informed decisions and responsible financial management.

The Benefits of Using a Broker

Navigating the labyrinth of home loan options can be a daunting task, but a mortgage broker can be your invaluable guide through the maze, especially when you choose to work with Professional Home Loans.

Why Choose a Mortgage Broker?

Mortgage brokers can offer a plethora of benefits for various professionals, be it lawyers, engineers, pilots, or medical professionals. They can help you find the most suitable loan options, saving you time and potentially money.

Diverse Loan Options

Mortgage brokers have access to a wide range of loan options, including construction loans and loans for vacant land. They can also assist Australian expats and non-residents in securing home loans, ensuring that everyone has the opportunity to find their ideal property.

Expert Advice and Support

Mortgage brokers provide invaluable advice and support, especially for financial planners and accounting finance professionals, guiding them through the complexities of home loans and helping them make informed decisions.

Specialized Services for Professionals

Different professions have unique needs, and mortgage brokers understand this. They offer specialized services for doctors, dentists, pharmacists, and police officers, ensuring that the specific requirements and challenges of these professions are addressed.

FAQ Section

Q: Can mortgage brokers help overseas buyers with home loans?

A: Yes, mortgage brokers can assist overseas buyers in finding suitable home loan options.

Q: Do mortgage brokers offer services for engineering and mining professionals?

A: Absolutely, mortgage brokers provide specialized services catering to the unique needs of engineering and mining professionals.

Q: Can I get advice on how my profession can save me money when buying property?

A: Yes, mortgage brokers can offer expert advice on how your profession can impact your home loan options and potentially save you money.

Q: Are there home loan options for 491 visa holders?

A: Yes, mortgage brokers can assist 491 visa holders in securing home loans.

Conclusion

Choosing a mortgage broker, especially one that understands the unique needs of professionals, can make the home loan process smoother and more manageable. Whether you are a general practitioner, ambulance officer, or chiropractor, a mortgage broker can help you navigate the myriad of home loan options available, ensuring you find the one that best suits your needs.

For more insights and information, feel free to explore our blog or contact us for a consultation.

How your profession can save money when buying property

How your job can save you money when buying property

Your profession isn’t just a means of earning; it can also be a pivotal factor in saving you money when securing a home loan. This is because your career can influence not only who will lend to you but also how much and under what conditions.

It’s a little-known secret in the mortgage industry that if your profession is one of your lender’s preferred, you can access better loan conditions and more favorable interest rates. This is all about the risk factor; if you can prove to your lender that you are a ‘low risk’ purchaser, they are more likely to offer you attractive terms to secure you as a client.

Preferred Professions by Lenders

Lenders generally favor professions that are deemed stable and well-paying, such as:

Lawyers

Accountants

Medical practitioners

Veterinarians

Pharmacists

Engineers

Geologists

Optometrists

Dentists

Financial Planners

Pilots

Police Officers

Ambulance Officers

Chiropractors

Mining Employees

General Practitioners

Special Considerations for Medical Professionals

Medical professionals are often considered ‘low risk’ by lenders due to the stability and lucrative nature of their jobs. If you are in the medical field, you may be eligible for waived Lenders Mortgage Insurance (LMI) at LVRs of up to 90% and could potentially borrow up to $4.5 million without extensive scrutiny. Additionally, qualifying for a professional home loan package can provide more flexible loan conditions and further savings on interest rates and fees.

Legal and Finance Professionals

Legal and finance professionals, along with teachers, scientists, and government employees, are also seen as low risk by most lenders, often qualifying for waived LMI on home loans up to 85% and access to professional home loan packages. However, those in ‘high risk’ professions such as casual workers, contract workers, and the self-employed may face challenges and may need to provide additional documentation to qualify for competitive home loans.

Conclusion

Whether you are a legal professional, engineer, or medical practitioner, leveraging your profession can help you secure better mortgage terms and save money in the process. Regardless of your profession or the property you are eyeing, contact us today at 1300 55 44 97; we are here to help you make the most out of your profession to secure the best possible home loan.

Professional loans can save you money

How a professional loan could save you $20,000

If you shuffle between important meetings at work and are responsible for making big decisions, then the odds are, you’re working in a professional capacity. And if this is the case, you could stand to save tens of thousands of dollars when you decide to buy your next home or investment property.

A professional home loan package can help save you a significant amount off the cost of your loan. Why? Because lenders want to attract low-risk borrowers and high-income earners, so they offer special features and rates that aren’t always available to the general public.

Could You Qualify for a Professional Home Loan Package and What Are the Benefits?

Who is Considered a Professional?

Professional home loan packages were once restricted to medical professionals like doctors and dentists, lawyers, and accountants, but now they are available to a broader range of professionals. Teachers, nurses, defense force personnel, scientists and engineers are among the most widely recognized professions.

Interest Rate Discounts

People who qualify for a professional home loan package are eligible for significant interest rate discounts. This can lead to substantial annual savings.

LMI Waivers

Many professionals can qualify for waived Lenders Mortgage Insurance (LMI) up to certain Loan-to-Value Ratios (LVRs), leading to significant savings.

Reduction of Fees

Lenders often waive application fees on professional home loan packages, leading to further savings. Additionally, bundling different products can lead to reduced fees and interest rates.

More Options

Professional packages often come with added flexibility, such as offset accounts and the option to make additional payments without penalty.

At Professional Home Loans, we have developed strong relationships with various lenders who offer options tailored to professionals. If you’re ready to buy and you want to save money on your home loan, call us today on 1300 55 44 97 to discuss your options.

Overseas buyers: Deposit

How much deposit do overseas buyers need?

Most overseas buyers who are looking to buy real estate in Australia – whether as an Aussie expat, a temporary resident or a foreign citizen – need to save a minimum 20% deposit to purchase property in Australia.

Of course, there are exceptions to every rule, so while a 20% deposit is preferred by most lenders, there are certain financiers in the market who will accept smaller deposits and higher LVRs, depending on the strength of your application.

At Professional Home Loans, we work with these lenders every day to make sure we can source the best value loans on behalf of our customers. We also negotiate hard to try and secure you the best possible rates and conditions. If your situation falls into one of the ‘exception’ categories listed below, you may be in luck.

For Australian expats wanting to buy Australian property, a strong employment history, current stable job, clean credit history and earning a currency that is approved by Australian lenders can help you put forward your case to borrow more than 80% LVR.

For example:

  • Non-resident Australian citizens living overseas can get loans for up to 90%, or even 95%, of the property value.
  • Australian Permanent Residents who are living abroad are eligible for up to 90% LVR.
  • Australian citizens living abroad with a foreign spouse can access up to 90-95% LVR.
  • Australian citizens living abroad with a permanent resident spouse can obtain up to 95% LVR.
  • Australian citizens with dual citizenship may be able to borrow up to 95% LVR.
  • Self-employed Australian citizens living abroad have a more difficult time getting approved for a loan, as they are seen as higher risk, but with sufficient details from an accountant and a strong application, it is possible to borrow up to 90% LVR.

International buyers who want to buy Australian property will face further challenges, because regardless of how much deposit you have or need as an international buyer, you can only purchase certain real estate types.

This is because the specific properties that you are permitted to purchase are governed by the Foreign Investment Review Board (FIRB), the regulating body of Australian investment, so you will therefore need their permission before proceeding with any deal.

Assuming your property is FIRB approved, foreign buyers may be able to access various LVRs as follows:

  • Foreign citizens who live abroad can generally borrow at 80% LVR.
  • Foreign citizens living abroad, but who are married to an Australian citizen, can access up to 95% LVR.
  • New Zealand citizen living in Australia (461 visa) is treated as a permanent resident and eligible for a loan of up to 95% LVR.
  • New Zealand citizen living in New Zealand can borrow up to 95%.
  • New Zealand citizen living elsewhere abroad can access up to 80% LVR.

Foreign citizens living in Australia will require a temporary visa in order to earn an income locally. The conditions of purchasing property when living in Australia on different temporary visas are outlined below:

  • An international student visa is generally restricted to 80% LVR if they purchase with their parents. They can’t really prove income so lenders see them as high risk.
  • 457 and 482 visa: up to 90% LVR
  • 487, 489 and 491 visa (skilled regional sponsored visa): 90%
  • Self-employed temporary resident (subclass 160, 161, 162, 163, 164 or 165): generally limited to 80% with at least 2 years financials available.
  • Medical Practitioners/Doctors of Medicine: 90% plus they may be excluded from needing to pay Lenders Mortgage Insurance (LMI)
  • Spouse visas (subclass 309/100 and 820/801) – up to 95%
  • Permanent residents – 95%

This can be a tricky process to navigate, so feel free to contact us at Professional Home Loans if you have any questions. You’ll benefit from our broker’s position as one of Australia’s top 100 mortgage brokers, meaning you’ll have unrivalled access to Australia’s lenders.

Enquire now for a free, no-obligation phone call to explore your options!

Can expats get a mortgage in Australia?

If you have plans to take your career in an international direction – or if you are already globetrotting, and wish to dip your toe into the Australian property market – there are plenty of options available to you. Importantly, these are available without you having to put up with uncompetitive interest rates or high deposit amounts.

In fact, by purchasing an investment property back in Australia while you are overseas, you can even benefit from attractive tax benefits*, which makes this prospect even more attractive.

So how does it work from afar?

  • Confirming eligibility
  1. The first step is to confirm your eligibility. Non-resident Australian citizens who live overseas are often eligible for the same loans and financing as those who live locally. Factors that will be taken into consideration include:
  2. The country you are living in and the currency you are earning. Different lenders accept different countries and currencies.
  3. Your income: your income needs to be sufficient to cover mortgage costs and leave a buffer for fluctuating currency exchange.
  4. Job stability: it is looked upon favourably if you have been with the same employer for over two years.
  5. Clean credit: ensure your Australian credit history is clear. Overseas credit isn’t checked, although lenders may ask to see some statements.
  6. Genuine savings and assets: it is important for lenders to see that you can manage money well.
  • Sourcing 
  1. By getting a verified pre-approval through a qualified mortgage broker such as Professional Home Loans, you can be confident that you will have the best chance of finding the right loan for your needs. When you have pre-approval in place to purchase a property in Australia, it’s time to start looking for the right house. Verification generally lasts 3-6 months, allowing you plenty of time to find a property while still overseas. Websites like realestate.com.au or domain.com.au are handy tools to narrow down the choices, then you can work with family and friends or a buyer’s agent to help you make the final decision. Be careful and do your due diligence and consider flying back to personally view the property yourself, if you’re not using the services of a trusted and professional buyer’s agent.
  • Processing 
  1. You don’t need to come back to Australia to manage the paperwork and legal documents involved in purchasing a home. The majority of the process can be completed and shared via fax, phone and internet. Settlement usually takes place 30-45 days after signing your contract. It is often not advised to advertise your status as an expat buyer when you are making an offer on a property, as there are lenders and agents who will use this information to try and take advantage of your situation. This is why it is vitally important to have the right team to get home loans for Australian expats around you from the very start, to ensure you get the best property for the best rate, best price and least fuss.
  • Maintaining
  1. Once you have settled on a property it is officially yours! It’s time to celebrate, but it’s also time to find tenants and maintain. You can ask trusted family members or friends to help with the maintenance side of it, although our advice is always to choose an investment real estate specialist to take care of it for you.

Whether you are at the dreaming stage, actively researching, or you’re ready to put an offer on a property, Professional Home Loans can help you become an Aussie expat property owner. We have extensive experience working with expats, along with relationships with lenders who won’t shy away from your situation. Contact us for an obligation-free chat on 1300 397 287 or contact us via email.

* Be sure to speak with your accountant to confirm any tax benefits available to you as an expat buyer. We are unable to provide any taxation or accounting advice at this time.

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Getting a home loan was really simple with Professional Home Loans.

“We went overseas during settlement and it was not a problem for them, everything went smoothly and I’m writing this from my new home! “

Jack Clancy

Physio
Well done you made it easy with no BS.

“Couldn’t ask for a better job – until next time (although no time soon, moving was awful). “

Accountant, Mick and Vanessa Renton

90% no LMI Brisbane, QLD.
No LMI for building home in Sydney as well as 90% LVR no lmi for investment proerpty off the plan in Newcastle.

“Professional Home Loans has provided us with a very professional service, communicating all the available options to us and in the process he has literally saved us $75k that we would have otherwise paid. They certainly go beyond the call of duty. “

Hamilton (Accountant) & Nyari (Doctor) Sydney

NSW
Working for QLD Health achieved 90% LVR no LMI at normal rates - From UK. Sunshine Coast, QLD

“We were able to get a loan at a good rate and avoid paying LMI which saved us several thousand dollars that we can now put towards other things. Very helpful and informative about all aspects of the process, not just the loan, which we really appreciated as it made the whole thing a lot easier for us.”

Craig and Louise (Medical Registrars)

Sunshine Coast QLD
On a contracting basis – she got paid roughly 70% of what she billed.

“We assisted Arlyn with a 90% Mortgage with No Lenders Mortgage Insurance payable so she could buy a house and land package Thanks so much. All credits goes back to you as you helped me make all this happen. I couldn’t thank you enough for the job excellently done. “

Arlyn (Doctor)

Townsville QLD