When it comes to buying your first home in Melbourne, any bit of help you can get regarding your home loan is definitely welcome. What many people don’t know is that their profession may actually allow them to save money on their mortgage. This is bound to be welcome news for many first time home buyers in Melbourne who are looking for a way to make their dream home more attainable.
In some cases, your job may mean you are perceived as a “low risk” borrower by lenders. This could entitle you to special discounts, allowing you greater choice when comparing home loans.
As your reliable loan brokers in Melbourne, Mel Finance Services will strive to find you a competitive home loan rate, taking the stress out of the home loan comparison process for our clients. Whether you are a first time home buyer in Melbourne, are refinancing your home in Melbourne or need an investment property loan, Melbourne locals can count on us for a wide range of home loans.
The best case scenario
For many lenders, accountants, lawyers and teachers are seen as “low risk”, thereby entitling them to home loan discounts or certain loan types without any fees. Bear in mind that the exact discounts will differ depending on your profession, and what industry lenders may be wanting to target. This also means that a discount for your particular profession may not be around for too long, so be ready to seize any good opportunities that come your way! The mining industry, for example, began losing traction in 2015, meaning that mining engineers were not as in-demand and therefore lost some profession-based discounts.
Doctors have the best prognosis
Every lender will have their own target list of professions, but doctors consistently come out on top. They are often waived LMI even at 90% borrowing, receive lower interest rates and often have banks step outside of usual policy boundaries to approve their loans. If you work in the medical industry, speak to Mel Finance Services, the best mortgage broker Melbourne, to see what you may be eligible for.
So how can I get the perks?
Just having a certain job won’t automatically get you discounts on your home loan. In order to qualify, you have to find a lender that offers discounts for your particular profession, as well as meet the lender’s criteria. Often, you will have to be a member of a certain industry body (and provide proof of this), such as the Australian Medical Association.
Of course, lenders do not advertise these discounted interest rates, so make sure to have Mel Finance, by your side. We know which lenders you can apply to, and will also assist with pricing rates and negotiating the best interest rate for your exact circumstance.
As industry leaders, you can count on Mel Finance to have the knowledge and expertise to find an appropriate loan for any financial situation or scenario, including profession-based discounts that are unique to you.