What is it?

This specific loan is for specific professions (eg, doctor, dentist, accountant, or other highly-paid medical or other professional), you could potentially get a lower interest rate and LMI waived with your home loan.

Apart from assessing the financial history and credibility of a borrower, lenders also recognize low-risk borrowers and in turn, will offer special consideration. If you are in a medical profession, Account, Lawyer, or other highly-paid professional career, you could be eligible for some attractive discounts, including discounted fees, better interest rates, higher loan-to-value ratios (LVRs), and the ability to avoid lenders’ mortgage insurance (LMI) payments altogether.

How Does it Work?

These types of loans are set up very much like the regular home but depending on your profession and if it reflects that you're a low-risk borrower, you'll be offered a range of attractive benefits.

For instance, you are allowed to borrow up to 90% of property value, at times more without having to be liable for LMI (lenders’ mortgage insurance). Under a regular home loan, paying for LMI would have been compulsory if you are borrowing more than 80% LVR. Some lenders will even lend you 100% if you’re an owner-occupier.

However, as each lender offers different benefits, we would advise that you speak to one of our Brokers to understand if you are eligible.