How Your Profession Can Assist In Getting A Home Loan

How Your Profession Can Assist In Getting A Home Loan

How Your Profession Can Assist with the Home Loan process

In the eyes of lenders, working in certain professions or industries can sometimes earn you special perks or benefits when applying for a home loan.

For instance, Doctors (and some other medical professionals), accountants and solicitors are commonly eligible for particular loan types without fees, and potentially even some discounts or perks – depending on the lender.

The benefits on offer differ depending on the industry and each lender’s policy, and it’s also a constantly-changing situation. 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 profession-based discounts.

How the perks work

Simply being in a certain profession won’t automatically mean you receive special home loan benefits. To qualify, you must apply with a lender that offers special deals for your profession and you must also meet that lender’s criteria.

For example, doctors will often need to provide evidence of membership of a certain industry body such as the Australian Medical Association.

Because lenders don’t often publish these types of benefits or promotions, to make the most of what’s available 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 most advantageous home loan terms.

Contact Priority Home Loans Newcastle to find out if you are eligible for benefits based on your profession.

Priority Home Loans

P: 02 4967 5256