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  • Insights, Loan basics
Are you a professional?

Oktay Sengoz

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25/10/2022

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1 min read

Did you know lenders offer certain professionals discounts and additional loan features that they don’t offer the other borrowers?

Medical Professionals (doctors, surgeons, dentists, optometrists, physiotherapists), sports and entertain professionals, legal professionals and accountants meeting a certain criteria are offered higher loan amounts, better interest rates and don’t pay lenders mortgage insurance.

The banks view these professions as low risk and assess their situation more favourably.

Here are the benefits

No lenders mortgage insurance (LMI)

LMI is an insurance policy that the bank takes out to protect themselves, but makes the borrower pay for the premium. Professionals don’t pay this premium, which could save them up to $50,000 in LMI when considering they spend more on property or buy more properties as their income allows for it.

Higher loan amounts

Professionals usually earn higher incomes and have a taste to match. This means they are spending more on property and usually need to borrow more. The lender allows for a higher loan amounts for professionals.

Better interest rates

Professionals are more likely to invest, borrow or save more than the average customer. The lender rewards the professional with lower interest rates to entice them to come back to the bank the next time they choose to make a financial decision that involves investing, saving or borrowing money.

Talk to us today if you are a professional and see how our lenders can compete for your business.

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