{"id":5463,"date":"2024-08-08T08:38:27","date_gmt":"2024-08-07T22:38:27","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5463"},"modified":"2024-08-08T08:38:27","modified_gmt":"2024-08-07T22:38:27","slug":"does-your-job-come-with-home-loan-perks","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/does-your-job-come-with-home-loan-perks\/","title":{"rendered":"Does your job come with home loan perks?"},"content":{"rendered":"

\"\"Your job can provide more than an income. When it comes to being approved for a home loan, certain roles can enjoy favourable treatment from lenders. So today we\u2019ll look at some of the occupations that can offer up home loan perks.<\/strong><\/p>\n

One of the first things a lender will look at when you apply for a home loan is your ability to manage repayments. And for most of us, that comes down to having a job that pays a regular income.<\/p>\n

However, not all jobs \u2013 and types of income \u2013 are treated in the same way by every lender.<\/p>\n

From nurses and other essential workers \u2013 to lawyers and accountants \u2013 various occupations can enjoy special treatment.<\/p>\n

Essential workers \u2013 additional types of income considered<\/h3>\n

Where would we be without our essential workers \u2013 the nurses, firefighters, police and ambulance officers who play such a key role in our communities?<\/p>\n

Despite the valuable services they provide, essential workers aren\u2019t usually among the top income earners, and they can\u00a0struggle to buy a home of their own near their work<\/a>\u00a0\u2013 especially those within 15kms of Sydney and Melbourne CBDs.<\/p>\n

However, a number of lenders are helping out in a variety of ways.<\/p>\n

Some banks have introduced\u00a0home loans designed for essential workers<\/a>\u00a0that come with lower interest rates. According to\u00a0Mozo<\/a>, this can see essential workers pay some of the lowest rates in the market.<\/p>\n

Other lenders take a more generous approach to the types of income essential workers earn when it comes to determining their loan serviceability.<\/p>\n

For instance, some banks will include\u00a0100% of an essential worker\u2019s overtime pay<\/a>\u00a0in their income calculations. Others will add in allowances received by essential workers.<\/p>\n

The definition of \u2018essential workers\u2019 varies across lenders and policies, but can include:<\/p>\n

\u2013 frontline ambulance officers
\n\u2013 paramedics
\n\u2013 firefighters
\n\u2013 police officers
\n\u2013 corrective services officers
\n\u2013 nurses
\n\u2013 aged care or disability workers
\n\u2013 teachers
\n\u2013 early childhood educators
\n\u2013 defence or military personnel.<\/p>\n

Lenders\u2019 mortgage insurance waiver<\/h3>\n

Several of the big banks offer other types of support that can make home buying more accessible.<\/p>\n

Westpac, for example, may\u00a0waive lenders mortgage insurance<\/a>\u00a0(LMI) for nurses and midwives who only have 10% deposit.<\/p>\n

Usually, LMI is applicable when borrowers have a deposit below 20%.<\/p>\n

A $90,000 per year minimum income is needed for the below professions (casual incomes calculated over 48 weeks) to apply with just a 10% deposit with Westpac:<\/p>\n

\u2013 audiologist
\n\u2013 chiropractor
\n\u2013 midwife
\n\u2013 occupational Therapist
\n\u2013 osteopath
\n\u2013 physiotherapist
\n\u2013 podiatrist
\n\u2013 psychologist
\n\u2013 registered Nurse
\n\u2013 radiographer
\n\u2013 sonographer
\n\u2013 speech Pathologist
\n\u2013 optometrists
\n\u2013 pharmacists
\n\u2013 veterinary practitioners.<\/p>\n

Meanwhile, for the below professions there is often no minimum income requirement to secure a loan with a 5% deposit and no LMI:<\/p>\n

\u2013 dentist
\n\u2013 general practitioners
\n\u2013 hospital-employed doctors (intern, resident, registrar, staff specialist)
\n\u2013 medical specialists (as per the Medical Board of Australia).<\/p>\n

Perks for home buyers in professional occupations<\/h3>\n

Home buyers who work in high-income professions may find it less challenging than essential workers to pull together the funds to buy a home. But they too can be eligible for a few home loan sweeteners.<\/p>\n

The most common perk is a\u00a0waiver of LMI<\/a>, even for borrowers with a deposit as low as 5%.<\/p>\n

As a guide, buying an $800,000 home with a 5% deposit of $40,000 would normally attract an\u00a0LMI premium of $35,000<\/a>.<\/p>\n

LMI waivers are usually available to\u00a0medical professionals, lawyers and accountants<\/a>, though they can extend to sports and entertainment stars. They\u2019re generally offered because banks are keen to form long-term relationships with these customers.<\/p>\n

Call us today<\/h3>\n

It can take a bit of hunting around to know which lenders provide valuable perks for your occupation.<\/p>\n

And if your job involves shift work \u2013 or long hours such as a doctor or lawyer \u2013 the last thing you want is to spend your spare time trawling the mortgage market.<\/p>\n

One way to save time is to call us.<\/p>\n

We can explain the various benefits you may be entitled to across a range of loans and lenders, and discuss any conditions banks may impose.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Your job can provide more than an income. When it comes to being approved for a home loan, certain roles can enjoy favourable treatment from lenders. So today we\u2019ll look at some of the occupations that can offer up home loan perks. One of the first things a lender will look at when you apply […]<\/p>\n","protected":false},"author":23,"featured_media":5464,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5463","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nDoes your job come with home loan perks? · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/does-your-job-come-with-home-loan-perks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Does your job come with home loan perks? · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Your job can provide more than an income. 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