How your profession can save money when buying property

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.