Home loans for Brisbane-area Doctors, Dentists, Accountants & other professionals
If you’re a Doctor, Dentist, Accountant or other highly-paid professional, you could get a lower interest rate and LMI waived with your home loan.
Before lending money to any borrower, every financial institution will consider a loan applicant’s financial history and credit record to determine their ability to repay the loan amount.
Certain borrowers are seen as lower-risk by lenders, and are afforded special consideration. If you're a Doctor, Dentist, Account, Lawyer or other highly-paid professional, you could save thousands on your home loan.
Some lenders offer specialist home loans for professionals with a range of attractive discounts, including discounted fees, better interest rates, higher loan-to-value ratios (LVRs) and the ability to avoid lenders’ mortgage insurance (LMI) payments altogether.
How do home loans for these professions work?
These types of loans can be used to buy your first home or your next home, to switch from your current mortgage to a better one, to purchase an investment property or to build a new home.
However, while they’re set up in much the same way as regular loans, if you’re a highly-paid professional you can get a home loan with a range of attractive benefits and features to reflect the fact that you’re considered a low-risk borrower.
For example, some lenders will allow you to borrow up to 90% of the value they plan to purchase (and sometimes more) without having to take out LMI (lenders’ mortgage insurance). Under a regular home loan, however, this type of insurance is usually compulsory if you need to borrow more than 80% LVR. Some lenders will even lend you 100% if you’re an owner occupier, but note that you’ll need to pay LMI if you borrow this much.
Other potential benefits of home loans for professionals include discounted interest rates and waived loan fees.
Contact us today!
Call Derek McLeod at Mortgage Choice in Carindale today on 07 3398 8044 for a free no-obligation appointment if you're a professional and want to talk through your property finance needs.