September 20, 2016
The lucky ones
Accountants, lawyers and teachers are commonly eligible for home loan discounts, or particular loan types without fees, based on their professions. The benefits differ depending on specific professions. It depends on what industry the lenders decide to target as it’s a constantly changing situation, so what’s here today may not be around tomorrow.
An example of this is the slowing down of the mining industry in 2015, which saw mining engineers lose their ‘in demand’ status and their profession-based discounts.
Doctors take the cake
Lenders have their own target lists of professions, but doctors are the big winners. They'll get waived Mortgage Insurance fees, lower interest rates and, in many cases, banks will even go outside of their normal policy to get their loans approved. However, not all medical professionals, such as psychiatrists, chiropractors, vets and pharmacists, are accepted by all lenders so it’s always advisable to confirm.
How the perks work
Simply being in a certain profession won’t automatically save you on your home loan. To qualify you must apply with a lender that offers your profession a special discount and meet that lender’s criteria. You’ll often need to provide evidence of membership of a certain industry body such as the Australian Medical Association. Waived LMI is usually approved without any problems if you meet the criteria, however we may need to negotiate to get a better interest rate as well.
Because lenders don’t publish these better interest rates, to benefit from the discounts it’s best to have someone like us by your side. Not only do we know which lenders to apply to, we will also assist you with pricing requests and negotiating the best possible interest rate.
We are industry leaders who have the knowledge and expertise to find the most appropriate loans for even the most complex financial scenarios, including profession-based discounts.