Fast Home Loan Approval For Professionals & Save Thousands With Full Waiver Of LMI Premium For Professionals & Save Thousands With Full Waiver Of LMI Premium
- For Professionals in High Demand Industries
- Borrow up to 95% of the purchase price
- Full Waiver of the Lenders Mortgage Insurance Premium
- Competitive interest rates
- No cost, no obligation service
Introduction
If you’re a working professional in fields like healthcare, engineering, law, or accounting, you might qualify for tailored home loan products that offer better rates and more flexible terms. Home loans for professionals are designed to leverage the stability and income potential of high-demand professions, making it easier for you to access financing, even with lower deposits or higher loan amounts.
This guide will cover everything you need to know about securing a professional home loan, including eligibility criteria, common benefits, and the loan application process.
What Are Home Loans for Professionals?
Professional home loans are specialized mortgage products that cater to individuals in certain high-demand professions. Lenders consider professionals to be lower risk due to their stable incomes and job security, allowing these borrowers to access more favorable loan terms, such as:
- Lower interest rates
- Higher borrowing capacity
- Waived or discounted Lenders Mortgage Insurance (LMI) when borrowing up to 95% of the property value
- Lawyers,
- Accountants (including Auditors and Actuaries),
- Medical practitioners,
- Veterinarian (‘Vets’),
- Pharmacists, Optometrists and Dentists
- Nurses
- Psychologists
- Engineering Professionals
Benefits of Home Loans for Professionals
Opting for a professional home loan comes with several key advantages that can significantly reduce the cost of home ownership:
LMI Waivers
One of the most valuable benefits for professionals is the potential to waive Lenders Mortgage Insurance (LMI), which is typically required when borrowing more than 80% of the property’s value. LMI waivers can save you tens of thousands of dollars—up to $40,000 on higher-value properties.Higher Loan-to-Value Ratio (LVR)
Professionals can often borrow up to 95% of the property’s value without paying LMI, which means you can enter the property market with a lower deposit.Lower Interest Rates
Many lenders offer discounted interest rates to professionals. This can make your mortgage more affordable over the life of the loan, potentially saving you thousands in interest payments.Flexible Repayment Terms
As a professional, you may also have access to more flexible repayment structures, including the ability to make extra repayments without penalty, redraw facilities, and offset accounts to reduce interest.
Free 30-Minute Finance Strategy Session For Professionals
Discover How To Get Approved With A Lower Interest Rate & Save Up To $40,000 In Fees
What is the criteria?
See the individual pages for specific information regarding the qualification criteria for your particular profession. The overall main criteria to qualify for this policy is:
- Individual applicant Annual income of $150,000 or more, or will soon be earning at this level (noting medical practitioners do not have to meet this requirement),
- Australian Citizens or Permanent Residents only,
- Can provided evidence of your qualifications and registrations required to practice in your field,
- Owner occupied or investment purpose,
- Maximum loan amount 2 million dollars (5 million for medical practitioners),
- Self-employed applicants acceptable providing last year’s taxable income was $150,000 or more.
How to Apply for a Professional Home Loan
Applying for a professional home loan is similar to the standard loan application process but with some added steps to verify your eligibility for special benefits like LMI waivers and discounted rates. Here are the steps:
Check Eligibility
Start by confirming that your profession qualifies for a professional loan product. You can do this by checking with the lender or a mortgage broker.Gather Documentation
You’ll need to provide standard documentation, such as proof of income, tax returns, and ID. Additionally, you may need to provide evidence of your profession, such as a practicing certificate or membership in a relevant professional organization.Pre-Approval
Once you’ve gathered your documentation, apply for a pre-approval to understand how much you can borrow. This step is crucial before you start searching for a property.Loan Application
After pre-approval, submit your formal loan application. The lender will assess your financial situation, including your income, expenses, and credit score.Final Approval and Settlement
Once approved, the loan goes through the settlement process, and you’re ready to secure your property.
FAQs About Professional Home Loans?
Q: Can I get a home loan as a newly qualified professional?
Yes, many lenders will consider you for a professional loan even if you’re newly qualified, as long as your profession is high-demand and you meet the other eligibility criteria.
Q: Can I use a professional loan to buy an investment property?
Yes, professional loans can be used to finance investment properties, often with the same benefits such as LMI waivers and higher borrowing capacities.
Q: Are professional home loans only for first-time buyers?
No, these loans are available to both first-time home buyers and experienced property investors.
Q: What happens if I change professions?
If you leave your profession after securing the loan, your terms won’t change, but you may not qualify for the same benefits if you want to refinance or take out a new loan.
What is the next step?
This offer is not available to the general mortgage broker market. Further, all applications for LMI waiver are considered on a case by case basis. If you would like to find out if you qualify please give us a call on 1300 55 44 97 or submit an online enquiry or book in for a 30 minute strategy session.
Check our blog to get more general information about home loans.
Free 30-Minute Finance Strategy Session For Professionals
Discover How To Get Approved With A Lower Interest Rate & Save Up To $40,000 In Fees
Home Loan Resources For Professionals
- Home Loans For Medical Professionals
- Home Loans For Legal Professionals
- Home Loans For Accounting & Finance Professionals
- Home Loans For Engineering & Mining Professionals
- For Veterinary Practitioners
- For Other Professionals
- Enquire Now
- Professional Home Loans Blog
- Business Loan Application
- Business Loans
- Add Your Testimonial
- Home Loan for Psychologists
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
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
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
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)
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. “