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Is Your Profession Key to Saving On Your Home Loan?

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Your job can save you on your mortgage, especially if your profession classifies you as a low-risk borrower. If the lender sees you as one, you may be entitled to special discounts. Our Excellence Finance experts will break down the process to you.

Who Are the Lucky Ones? 

Lawyers, doctors and accountants are usually eligible for discounted Lenders Mortgage Insurance (LMI). Take note that the benefits vary depending on the profession and the lender’s target market. It’s an ever-changing scenario and what’s applicable today for doctors might be different in the next few years. 

Benefits for Doctors Have Been Consistent 

While different lenders have their own target market, doctors are almost always included. Usually, they get waived Lenders Mortgage Insurance (LMI) and enjoy lower interest rates. In fact, some banks will go outside of their policy just to get the doctor’s loan application approved. 

Take note that this is not applicable to all medical professionals, and it’s always best to ask your lenders or finance broker if you are eligible for some discounts. 

How Do You Get Special Discounts? 

By now, it’s clear that not all professions warrant discounts on home loans. To qualify,  look for a reputable lender that offers your profession a special discount. You must be able to present evidence of membership in a particular industry body like the Australian Medical Association. 

The waived LMI is often given, but your mortgage broker should further negotiate for a better interest rate. Having a broker by your side is already an advantage. 


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