If you shuffle between important meetings at work and are responsible for making big decisions, then the odds are, you’re working in a professional capacity. And if this is the case, you could stand to save tends of thousands of dollars when you decide to buy your next home or investment property.
A professional home loan package can save you a significant amount off the cost of your loan. Why? Because lenders want to attract low risk borrowers and high-income earners, so they offer special features and rates that aren’t always available to the general public.
Could you qualify for a professional home loan package and what are the benefits?
Who is considered a professional?
Professional home loan packages were once restricted to medical professionals, lawyers and accountants, but now they are available to all sorts of people with sufficient income and assets. Teachers, nurses, defense force personnel, scientists and engineers are among the most widely recognised professions.
Interest rate discounts
People who qualify for a professional home loan package are eligible for a discount of up to 1% p.a. interest on variable rate loans and 0.25% p.a. interest on fixed rate loans. On a loan worth $600,000, a 1% annual rate discount equates to $6,000 annually in interest savings.
LMI waivers
This is where the savings can really add up. Many professionals who work in recognised industries can qualify for waived Lenders Mortgage Insurance (LMI) for up to 85% LVR, instead of the standard 80%. Furthermore, medical, finance, legal and select mining professionals can qualify for waived LMI up to 90% LVR, provided you belong to an industry association, and meet income requirements and certain financial/property criteria as well. Borrowers can save $5-10,000 in LMI costs alone, on a $500,000 property with a mortgage of $450,000.
Reduction of fees
It is becoming more and more common foe lenders to waive application fees on professional home loan packages, leading to a saving of $500 to $800. In addition, they offer reduced fees and interest rates when bundling different products like transaction accounts, credit cards and insurance policies together in exchange for your loyalty. This offers you yet another chance to lock in savings of several hundred to several thousand dollars.
More options
Often, professionals who qualify for a professional package get the benefit of flexibility in their home loan. Offset accounts are usually set up to enable borrowers to pay their loan off quicker and redraw when necessary. You may also have the option of making additional payments without penalty.
At MAP Home Loans, we have developed strong relationships with various lenders who have a range of options tailored to professionals. If you’re ready to buy and you want to save money on your home loan, call us today on 1300 397 387 to discuss your options.
Justin & TayaWe originally thought it wasn’t possible to get a mortgage with one of us being on a 461 Visa. We contacted Map Home Loans, and was put in contact with Michael, who has been instrumental in not only getting us a mortgage with a great rate, but also providing consistent and invaluable advise throughout the entire process.
The bank gave us a few hiccups along the way, but these were swiftly dealt with by Michael. With both of us being kept in the loop throughout the process.
We have recently completed the purchase of our first home, and couldn’t be happier. Thanks so much to Michael and Map Home Loans. I know we’ll be in touch in future for any home loan adjustments, as I can’t fault the service and it has been a pleasure dealing with Michael along the way.
If you are in a similar visa situation, or you just need some mortgage/home loan advice, I would recommend Map Home Loans & Michael without a doubt. Thanks again!
Jethro and MollyWe worked with Michael and he was absolutely amazing! His communication was clear and he was prompt with his replies and calls. His guidance throughout the whole process was invaluable and we wouldn’t of been able to purchase the property without him! Thanks Michael!
Sandeep & ShartikaMichael was a absolute pleasure to deal with. This was our first time purchasing a property and living in a different state to the property being purchased was a challenge for us. From the moment we first contacted Michael he advised us clearly on what our best options are and also in detail about every collateral that we needed for the Banks. He also gave us direction for what was required from our solicitor and got everything ready for us well before settlement day. If we had any questions he was always free for a call or email and kept us informed throughout the whole process. Thanks once again Michael and I would highly recommend his services along with MAP Homeloans. Cheers
Almost there, please complete the form to request your..
In this Guide, you’ll discover…
Almost there, please complete the form to request your..
In this FREE phone consultation, you’ll discover…
And, much more – We will answer any of your questions!
In this Guide, you’ll discover…
We guarantee 100% privacy. Your information will not be shared.
In this Guide, you’ll discover…
We guarantee 100% privacy. Your information will not be shared.
Almost there, please complete the form to request your..
In this Guide, you’ll discover…
In this Guide, you’ll discover…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
We allow you to…
We guarantee 100% privacy. Your information will not be shared.
Almost there: please complete the form to request your…
We respect your privacy