WHY DO BANKS GIVE LAWYERS, ENGINEERS & ACCOUNTANTS SPECIAL TREATMENT?
Not many lawyers, engineers or accountants know this but Australian lenders have a bit of a love affair with you guys.
That make you feel strange, what we’re saying is that banks are willing to offer massive discounts on your home loan because they consider these professionals to be low risk borrowers with good incomes.
As former graduates, you know that getting a full-time job in your industry is pretty tough so if you’re working in your dream job right now, don’t you feel like you should be rewarded for your many years of study?
What home loan discounts can you get?
Well, for one, lenders are willing to lend you more than 80% of the property value without charging Lenders Mortgage Insurance (LMI), a one off free usually charged when borrowing more than 80%.
If you have a good asset position and are able to borrow less than 80%, then banks can actually offer you discounted interest rates that are way below the bank standard variable rate instead.
These offers aren’t generally advertised by banks so it’s best to speak to a mortgage consultant about these discounts.
How much can you save
LMI can amount to more than $20,000 for a million dollar property, so you could actually save thousands of dollars that you could use to go on a holiday, buy a new suit or, I don’t know, buy shares if you’re really boring.
What do you need to do?
As long as you’re a qualified, and you’re a member of an approved associations, you should be in with a good chance to qualify for reduced interest rates and waived LMI.
Some lenders don’t require evidence of your membership however they will require a copy of your degree or evidence that you’re currently practicing.
Not sure if you qualify?
Get in touch with one of our mortgage consultants and we can tell if you do!
Call 07 3303 0111, 0476 111 000 or complete our free assessment form today!