Great Deals on Home Loans for Accountants

If you’re an accountant, you’re eligible for some amazing benefits on your next mortgage. 

 

What’s on offer?
 

Avoid Lenders Mortgage Insurance (LMI): You can borrow at a higher loan-to-value ratio than the general public, without having to pay LMI. While most people can only borrow 80% of the property value, accountants can borrow 90%. Avoiding LMI means you can save tens of thousands of dollars. 

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Discounted Interest Rates: As we know, lenders add a premium to interest rates for risky borrowers. Accountants are known for being reliable, having job security, and are generally less risky to lend to. Because of this, we can negotiate a discount on your interest rate for the life of the loan. 
 

Fee-Free Mortgage: For home loans above $500,000, you could qualify for an annual fee waiver. This knocks the comparison rate down and could save you a significant amount over the life of the mortgage. 
 

Cashback: When you refinance or take out a new mortgage, you could be eligible to receive up to $4,000 cashback. That’s cash straight in your bank account for you to spend as you please. 

 

 

 

 

 

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How Do I Qualify?
 

Hold Appropriate Job Title: First and foremost, you must be working as an accountant, auditor, actuary, or finance manager. While this list is not exhaustive or exact, your job title should be closely aligned to the following:
 

• Accountant

• Actuary

• Auditor

• Chief Financial Officer

• Director

• Finance Director

• Finance Manager

• Financial Controller

• Accounting Partner

 

Don’t worry if your job title varies to this list; we can present your situation to the lender to check if you qualify. 

 

Meet Minimum Income Requirement: Some lenders have minimum income requirements which needs to be met to be eligible for the LMI waiver and other benefits eg. $120,000 - $150,000. But this is not necessary with all lenders. In fact, there are a few lenders which have no income requirement and self-employed accountants will even assess based on only one year's tax returns instead of averaging over two years.
 

What are other income requirements?

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• Base PAYG salary for permanent part/full time: 100% is accepted.

• Casual Income: 100% is acceptable. Most banks require 12 months with your current employer however there are a few banks who can consider casual income with as little as 3 months with your employer.

• Overtime: Upto 100% however most banks generally only accept 80%. You will need to be with your employer for at least 3 months.

• Allowances: Depending upon the allowance 100% can be considered otherwise generally only 80% is acceptable.

• Invoices paid to your ABN: 2 year tax returns are generally required. However depending upon how long you’ve been getting paid through invoices a combination of invoices, BAS, interim tax returns & evidence of your previous income can be accepted.

• Business income from running your practice: 2 year tax returns are generally required. However depending upon how long you’ve been self-employed a 1 year may be acceptable
   

Hold Current Professional Membership

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You must hold a current membership with one of the following:

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• Chartered Accountants Australia & New Zealand (CA)

• Certified Practising Accountant (CPA)

• Chartered Financial Analyst Institute (CFA)

• Fellowship of the Institute of Actuaries of Australia (FIAA)

 

Proof of membership may be required. Documents you might be asked to submit include:

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• a professional membership card, 

• proof of membership payment, 

• a printout of your current member status from an online portal, 

• written confirmation from the association. 
   

Majority Ownership: If you are purchasing or refinancing a jointly owned property (commonly with a spouse), you must have at least equal property ownership to qualify. When purchasing with a spouse, the ownership split is commonly 50% each. Equal ownership meets the eligibility criteria for the LMI waiver. If you are purchasing or refinancing a property with more than one other person, you must hold the largest share or equal largest share. 
 

Identify Savings Opportunities: As you would be well aware, an interest rate discount or LMI waiver could significantly boost your financial position.
 

Current Mortgage: If you currently have a home loan, we’d love to help you identify savings opportunities. If you’re looking to access a large amount of equity or reduce your repayment amount, we can help! Contact us to discover your personalised rate discount or discuss releasing equity while avoiding LMI. 
 

New Mortgage: If purchasing a home or investment property is on the radar for you, we can help you save significantly with these home loan offers for accountants. 

 

These exclusive mortgage deals for accountants, paired with an optimally structured finance solution, has the potential to make a huge difference to your lifestyle. Let’s crunch the numbers together and discover what impact these deals can make on your situation.

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