There are some professions such as Accountants, Lawyers and Medical professionals (doctors, dentists, vets etc) are commonly eligible for home loan discounts, or particular loan types without fees. The benefits differ depending on specific professions.
Lenders have their own target lists of professions, but doctors are the big winners. Some lenders will provide up to 90% of a property value without Lenders Mortgage Insurance (“LMI”), which is applicable to everyone else. Some medical professionals, such as psychiatrists, chiropractors and pharmacists, are not accepted by all lenders. It is always advisable to confirm with your mortgage broker.
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. Your mortgage broker will be able to provide more details of the lenders and may need to negotiate to get a better interest rate as well.
Lenders may not publish these better interest rates, to benefit from the discounts it’s best to have your broker to assist you. Not only will they know which lenders to apply to, they will also assist you with pricing requests and negotiating the best possible interest rate.
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The information on this website is general information only and is not intended to be a recommendation. We strongly recommend you seek advice from your financial adviser as to whether this information is appropriate to your needs, financial situation and investment objectives.