Home Loans For Professionals - Pearl Financial

Home Loans For Professionals

By Shane | Fundamentals

Oct 14
Home loan for professionals

The savings that could be achieved by using these home loans for professionals could potentially be tens of thousands of dollars. I don’t know about you, but I prefer to see more money in your pocket, rather than in banks coffers. 

If you’re a professional and would like to save on your home loan, then you need to do two things…

  1. Fill in this form 
  2. Keep reading this blog

Professionals Only Interest Rates

Some banks and lenders understand that professionals that meet certain criteria are lower risk than non-professionals. Professionals tend to have in-demand skills that result in them having both stable employment and higher than average earning capacity. Because of this, banks and lenders will literally “fight” over professionals as they want low-risk professionals to be borrowing money from them, rather than another lender. They do this by offering lower interest rates and other incentives that have the potential to save money over the life of your loan.

professional photo

Waived Lenders Mortgage Insurance (LMI)

LMI is an insurance that protects the lender in the event that a borrower defaults on their home loan.

(Related reading: The Lowdown on Lenders Mortgage Insurance (LMI))

Certain lenders are willing to waive LMI premiums up to 90% LVR for some professionals, whilst others may qualify up to 85% LVR. In either case, this is a win for you if you qualify since lenders will usually charge an LMI premium for any home loan that is over 80% LVR. You can learn more about LVR (or loan to value ratio here).

This can be a gigantic saving. With the average house price in Sydney floating around the $1,000,000 mark, this could mean a saving of $20,000+. If potentially saving $20,000+ sounds appealing to you, and you didn’t fill in the form above, I’m giving you a second chance to fill it in now…

female professional photo

What Professions Could Potentially Qualify?

The following is a brief, but not exhaustive, list of professionals who may have special packages available to them.

Medical Professionals

  • Doctors
  • Surgeons
  • Dentists
  • Pharmacists

Allied Health Professionals

  • Physiotherapists

Legal Professionals

  • Lawyers
  • Barristers
  • Solicitors

Accounting & Finance Professionals

  • Accountants
  • Auditors
  • Finance Managers
  • Actuaries

Engineering Professionals

  • Mining Engineers
  • Other Engineers

Other Professions

  • Contact us to see if there is an option for your profession

This list is not exhaustive. So if you’re wondering whether you qualify for bigger discounts or waived LMI, then please get in contact with us.

Important Note…

Not all mortgage brokers or lending professionals are familiar with the specific professional policies of each of the lenders. Be sure to work with a specialist firm… like us!

 

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About the Author

Shane specialises in helping Gen Y professionals and business owners make an impact by accumulating more assets, generating more income, and having more time to enjoy life. He has a Master of Applied Finance, an MBA, and a Master of Financial Planning. He is also a terrible golfer.

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