When it comes to saving on your mortgage, some of you may not have to look further than your job. If yours is a profession that classifies you as a ‘low-risk’ borrower in the eyes of lenders, you may be entitled to special discounts.
Doctors, accountants, lawyers and teachers are commonly eligible for home loan discounts, or particular loan types without fees, based on their professions.
The benefits on offer differ depending on the lender and the industry. Most of the benefits arise from low to no establishment fees and waiver of lenders' mortgage insurance (LMI).
We recently completed a loan for a veterinarian in Bathurst who managed to save $14,841 on LMI and have access to a lower rate which saved $45,979 over the life of the loan.
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.
For example, doctors will often need to provide evidence of membership in a certain industry body such as the Australian Medical Association.
Because lenders don’t publish these better interest rates, to benefit from the discounts it’s best to have your broker by your side. Not only will they know which lenders to apply to, but they will also assist you with pricing requests and negotiating the best possible interest rate.
Sparks Finance is one of the most reliable mortgage broker in Bathurst. We can help you understand your interest rate and improve it if needed. Don't hesitate to contact us for questions.
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