Home Loans With Advantages To Accountants

As an accountant, you may be eligible for discounts and other benefits when applying for a home loan. Lenders are keen to attract accountants due to great long term career prospects, high income and because they rarely default on their home loans.

These lower risk factors make you eligible for a range of special benefits on your home loan, exclusively for teachers and educators like you.
Some lenders will waive Lenders Mortgage insurance with only a 10% deposit of the property value without needing to pay Lender’s Mortgage Insurance (LMI) and without the need for a Parental guarantor.

Advantage exists for owner occupiers and investment.

Added benefit of fee waivers on your home loan.

What May be Available to you

Benefits Available to Accountants, Auditors, Actuaries & Finance Managers

Waived Lenders Mortgage Insurance (LMI) for up to 90% of the property value, saving you thousands
Lower discounted interest rates
Either applicant may be an accountant and still qualify
Potential discounts on application fees and package fees
Borrow up to 110% of the property value if you have a guarantor.

What is the Eligibility to Qualify

Australian residency or citizenship.
Good Credit Score and no defaults
Have a registered qualification with a recognised body – full list below:
Have sufficient deposit of 10% plus enough savings to cover your purchasing costs
5% of your deposit must be genuine savings.
Stable employment history, usually at least 3 to 6 months in your position.
Self-employed accountants must provide two years of tax returns,

**Only certain lenders offer these benefits, and each lender has differing requirements around income level. Contact our expert mortgage brokers so they can walk you through this and secure the best deal for you.**

How you can refinance your home & get access to cash and a deposit for an Investment Home

Depending on the value of your existing home and the amount of your mortgage, this type of loan permits you to refinance your existing home loan to 90% without paying LMI, allowing you to release equity from your property into cash.
The surplus cash can be used as a deposit for an investment property. You will qualify for an LMI waiver providing the total loan amount of the combined properties is less than $2 million.
Our Mortgage Brokers can quickly calculate your position and advise you on all other benefits to teachers and those in the teaching profession.

Should I go direct to a Bank or via a Mortgage Broker

Mortgage Brokers are full-time dedicated professionals with a manageable number of clients. Lender’s representatives are often managing large numbers of clients and are not trained in specialist fields like education.
With over 70% of lending through Mortgage Brokers in Australia, it has become evident that clients are looking for a good deal, but also require professional service and experienced individuals to guide them through the complex maze of loan opportunities across many lenders.
Individual bankers only have access to loans through their Bank. Mortgage Brokers have access to all loans available through most of the lenders in the market, which allows them to offer you choices depending on your specific situation.

Brisbane Home LoansHome Loan For Accountant

Do I need to be a member of an industry association?

Most lenders will require evidence of one of the following memberships:

(CS) Institute of Chartered Accountants of Australia
(CPA) Certified Practising Accountant
(FIAA) Fellowship of the Institute of Actuaries of Australia
(CFA) Chartered Financial Analyst Institute of Australia

Some lenders will require copies of degree and evidence that you are registered member.

What is Lender’s Mortgage Insurance (LMI)

Lenders Mortgage Insurance (LMI) is a one-off insurance fee that lenders require from borrowers that borrow more than 80% of the property value.
LMI provides lenders, insurance against individuals failing on their mortgage.
As LMI is added to the value of the loan and the cost is dependent on the value of the property, it can add considerable cost to your home loan, which is why an LMI waiver can save you thousands of dollars over the life of the loan.

Which accountants are eligible for an LMI waiver?

Minor variations to the job titles above are acceptable, speak with us for details

Checklist for accountants looking for a mortgage

Waived Lenders Mortgage Insurance (LMI) for up to 90% of the property value or the contract price, whichever is the lower.

Flexible credit criteria and potential to negotiate lower interest rate

Available to accountants, Actuaries, Certified Practising Accountants, Chief Financial Officers and more. Contact us for a full list.

Potential to establish the loan in the name of a trust or a company

Varying income requirements between lenders (chat with us to understand which lender works in your financial situation)

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What if I need to borrow less than 80% of the property value?

If you are in a strong financial position with a larger deposit available, you may qualify for even more savings on rates, fees/packages and other benefits.

Why are some lenders waiving LMI for accountants?

History shows that accountants are very low risk borrowers. Lenders Mortgage Insurance (LMI) is required predominantly to protect the lender against loss in the instance of mortgage default. Therefore, some lenders are prepared to waive this requirement for accountants.

What if I am purchasing the property with another person?

Each lender has their own specific policy, they offer different discounts and waivers. Accountants must still meet all of the lending criteria for the specific lender. If you are purchasing with another person, you will need to hold at least 50% interest in the property.

Which lenders offer loans for Accountants?

Speak to one of Brisbane Home Loans Mortgage Brokers today to find the right lender to suit your needs and objectives.