Home loans for professionals

Portfolio Pro are experts at Professional package home loans. These are loans introduced by lenders to reward low-risk borrowers like doctors, lawyers and accountants.

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Professional Lending

Doctors, legal professionals, accountants, media personalities and professional athletes may qualify for a zero-deposite, No LMI Loan.

Professional package home loans were introduced by lenders to reward low-risk borrowers like doctors, lawyers and accountants. Find out if you qualify.

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What is a professional package home loan?

Professional package home loans were introduced by lenders to reward low-risk borrowers like doctors, lawyers, professional athletes, media/entertainment personalities and accountants. If you are borrowing more than $250,000 you can apply for a professional package home loan and access the benefits of bundling banking products and get generous discounts.

Depending on the lender, you can unlock a discounts up to 1.0 per cent on a standard variable rate when you borrow $250,000 or more. If you’d prefer a fixed-rate mortgage, you can access a discount of up to 0.25 per cent. Some lenders increase the discounts if you’re borrowing over $750,000.

A Portfolio Pro mortgage broker can guide you through what’s available from various lenders.

The benefits that come with a professional package home loan can include:

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Professional loan FAQs

LMI is a one-time fee that you have to pay upfront while buying a house if you cannot pay a 20% deposit. This can easily cost tens of thousands of dollars, depending on the price of the property you’re purchasing.

Some banks offer a 100% LMI waiver for professionals and several lawyers make use of this feature to invest in multiple properties. They can build a large portfolio of investment properties by doing this since the deposit you have to pay for each property is reduced drastically.

This corresponds to a savings of $10,000 to $40,000, according to the price of the house you’re buying. Portfolio Pro is among a small group of mortgage brokers authorized to provide this sort of loan to accounting professionals and other financial industry professionals.

The following are the key qualifying criteria for LMI waiver: 

  • Both buying and mortgage refinancing are permitted. 
  • You must make between $120,000 and $150,000 per year, including taxable and rental income. 
  • The maximum loan amount per collateral is $2.7 million (that is, the property price cannot exceed $3 million). This is usually restricted to $2 million for each asset. 
  • When acquiring several investment properties, the exposure limit is increased. 
  • Applicants must be lawyers, barristers or judges to qualify. 
  • It’s possible that proof of your qualification or industry affiliation will be requested
  • You must fulfil all of the usual loan requirements.

To be eligible for an LMI waiver, you must earn a minimum income of $120,000 in WA, SA, NT, and TAS, and a minimum income of $150,000 in NSW, ACT, VIC, and QLD. This includes your rental income, but not your spouse’s income unless they are also a qualifying legal professional. 

If you don’t satisfy this income criterion, your total income must be at least $150,000 (including you, your spouse, and any rental income). This places you in the category of a high-income earner. 

The main professions that may qualify for an LMI waiver include:

  1. Doctors and medical professionals
  2. Accountants and actuaries
  3. Mining executives and experts
  4. Lawyers, barristers and conveyancers
  5. Professional athletes and entertainment professional
  • Membership of a relevant industry organisation, such as the Australian Medical Association (AMA) if you’re a medical professional.
  • Professional athletes and entertainment professionals may need to have an accredited manager or agent.
  • A maximum loan to value ratio may apply, generally 90%.
  • Minimum income levels may apply, such as $150,000 per year.

 

If you’re not employed in one of these industries, you may still be able to avoid paying LMI if you’re a first homebuyer and you qualify for the First Home Loan Deposit Scheme (FHLDS). This allows you to buy a home with just a 5% deposit, without needing to pay LMI.

You may also be able to avoid paying LMI if you’re refinancing your loan and your home has grown in value or you have paid LMI previously and the lender you are moving to uses the same insurer.

To find out if you qualify for an LMI waiver on your new home loan or refinance, contact us today.

Our process is fairly simple and has only three steps! 

All you have to do is get in touch with us and help us understand your situation and what you’re looking for. We will ask you for more details if needed. Then, you can relax while we find the most suitable loan options for you and work out all the details!

Keep in mind that very few companies are authorized to offer LMI waivers. To ensure you get the best possible offer, including an LMI waiver and special benefits, get in touch with us now!