Ovens & Murray Advertiser - North East Regional Extra

Can your profession save you on your home loan?


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, then you may be entitled to special discounts.

The lucky ones

Accountant­s, lawyers and teachers are commonly eligible for home loan discounts, or particular loan types without fees, based on their profession.

“The benefits differ depending on specific profession­s,” an MFAA finance broker explained,

“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 profession­based discounts.

Doctors take the cake

Lenders have their own target lists of profession­s, but doctors are the big winners.

“They’ll get waived Lenders Mortgage Insurance (LMI), lower interest rates and, in many cases, banks will even go outside of their normal policy to get their loans approved,” the broker added.

“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,” the broker said.

“Waived LMI is usually approved without any problems if you meet the criteria, however your mortgage broker 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 your broker by your side.

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.

MFAA accredited finance brokers 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.

Your local MFAA Accredited finance broker, Win Securities Limited is at 37 Reid Street Wangaratta.

Call today on (03) 57215200 or email info@winsec.com.au.

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HELPFUL: A broker can help clients in certain profession­s find lenders with the best interest rates.
with Winsec Savings & Loans HELPFUL: A broker can help clients in certain profession­s find lenders with the best interest rates.

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