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.