Did you know that some lenders offer specialised home loans for professionals such as lawyers and accountants? These dedicated loan products are tailored to suit the needs of low-risk borrowers looking to obtain a competitive home, business, vehicle or equipment loan.
Why do lenders offer professional mortgage loans? Who can apply for professional home loans? And what are the benefits of securing these specialised loan products?
Home loans for professionals can assist and reward low-risk borrowers like accountants, lawyers and others just like them. These specialised loan products allow various professional individuals to obtain a home loan at a discounted cost and with a Loan-to-Value Ratio (LVR) of up to 90%.
Not only do professional home loans allow you to borrow more, but they do so without the requirement for Lender’s Mortgage Insurance, and without the need to validate genuine savings.
Since not all lenders offer mortgages for professionals, it’s important to contact a mortgage broker before you start applying for a home loan.
At Professional Lending Solutions, we have an experienced team of brokers who will be able to answer all of your questions, provide tailored loan advice and recommend a lender that offers competitive loan products for business professionals. We can also help you to secure finance for the acquisition of other businesses, vehicles and even commercial properties for business use.
Some Australian banks and non-bank lenders will favour loan applications from accountants, solicitors and other similar professionals. While this may initially seem strange, it all comes down to perceived risk. Professionals working in these industries are categorised as:
Low-Risk: Individuals working as professional lawyers and accountants are statistically less likely to default on their mortgage repayments. In fact, these professionals have one of the lowest default rates of any industry. This puts them in a low-risk category compared to many other borrowers.
High-Income: Professionals working in these industries are also more likely to earn higher incomes and, as a result, have an increased chance of requiring larger and more diverse borrowings in the future. As a result, they are considered to be highly profitable clients by banks.
Because of this, some lenders offer attractive mortgage deals to these low-risk, high-income customers.
Who can benefit from specialised home loans for professionals? While specific lending criteria may vary, the most commonly accepted professions include:
At Professional Lending Solutions, we have an experienced team of brokers dedicated to helping clients achieve their financial goals. When you partner with PLS, you gain access to:
Our team possesses an in-depth knowledge of the intricacies and nuances associated with these specialised loan products. This allows us to identify tailored solutions that align with your unique financial circumstances and goals.
We have a diverse lending network with established industry connections. This gives us access to a wide range of loan options and competitive interest rates that may not be readily available through direct applications.
We streamline the application process by handling paperwork and liaising directly with lenders This saves time and reduces the administrative burden, allowing you to focus on the more important things.
Before recommending a loan product we’ll conduct a thorough assessment of your current financial situation and long-term goals. We’ll then be able to identify which loan products will offer the best possible financial outcomes for you.
We’ll negotiate directly with lenders to secure more favourable terms, including lower interest rates, waived fees and flexible repayment options. This ensures you’ll get the most competitive loan offer tailored to your specific requirements.
Our brokers can provide ongoing support and guidance throughout the life of the loan, assisting with queries, facilitating refinancing options and adapting strategies to accommodate changing financial circumstances.
Home loans for professionals offer numerous benefits to eligible customers. They provide low-risk borrowers with competitive loan options while easing some of the restrictions typically associated with mortgage applications.
Typically, borrowers who apply for loans exceeding 80% of the property value are required to pay Lender’s Mortgage Insurance (LMI). However, professional mortgage loans often waive this fee, which could potentially save you thousands of dollars on your mortgage.
Professional loans may allow borrowers to access a higher Loan-to-Value Ratio (LVR). This means they could potentially borrow up to 90% of the property value without paying LMI, enabling you to secure financing with a smaller deposit.
Unlike conventional home loans, professional mortgage applications may not require proof of genuine savings for loans with an LVR of up to 90%. This may give you greater flexibility in financing your initial deposit.
If using a guarantor, professional borrowers have the option of increasing their borrowing capacity up to 105% of the property value. This feature can be particularly advantageous for first home buyers who are looking to enter the property market.
Professional home loan products often come with discounted interest rates, subject to the LVR. These discounted rates can result in significant long-term savings on mortgage repayments, potentially saving you considerable money over the life of the loan.
With a maximum total lending limit of $4.5 million for both home and investment properties, professionals can access substantial financing options tailored to their specific property needs. Larger loans may also be available on a case-by-case basis, providing flexibility for high-value property transactions.
Professional mortgages can be used for a variety of purchases, including buying a new property or refinancing an existing loan to fund an investment property purchase. This versatility makes it easier for you to leverage your existing assets to grow your wealth.
Some lenders now offer finance packages tailored to professional business borrowing. This would allow an applicant to use the equity in their business to buy out another firm or to purchase trail books.
While this is a highly detailed area of lending, it is one that Professional Lending Solutions specialises in. One of our broker teams has extensive experience in facilitating these kinds of transactions. They know which banks have the best policy and pricing for each industry, so they can work with you to get the best structure and the best price.
The team at Professional Lending Solutions can also assist with financing your new car or equipment purchase. This can be done via a lease, hire purchase or chattel mortgage/equipment loan.
What are the benefits of using PLS to secure your car or equipment finance?
We can help you to borrow the full cost of the equipment.
There is no need to provide any other security.
We obtain quotes from several competitive lenders.
Minimal supporting information is required.
We can obtain a quick approval and settlement.
To find out more about car, equipment, business or home loans for professionals, book an appointment with the expert team of brokers at Professional Lending Solutions today.
