Are You an Accountant Seeking to Purchase Property or Refinance Your Current Mortgage?
As an accountant, you have a lot to consider when seeking to purchase or refinancing your home loan.
You need to find the right loan, negotiate the best possible rate and get approved by a lender.
But with so many different lenders and loan products to choose from, how do you know which lender offers the best finance options for accountants?
That's where we come in. In this comprehensive guide, we'll cover everything you need to know about home loans for accountants, including:
The benefits available to accountant
The different types of home loans available to accountants
The eligibility requirements for a home loan as an accountant
How to compare home loans for accountants and find the best deal
Why accountants should use a mortgage broker when seeking finance
Tips for getting approved for a home loan as an accountant
How to get a home loan with waived LMI as an accountant
There are several benefits available to accountants wanting to buy or refinance their property.
These benefits include:
Higher borrowing limits: Accountants may be able to borrow more money for a home loan than other borrowers, especially if they are self-employed.
LMI waiver: Accountants are often eligible for Lenders Mortgage Insurance (LMI) waiver, which can save them thousands of dollars on the cost of their home loan.
Qualifying applicant (accountant) can be primary or secondary borrower.
Types of home loans available to accountants
There are a variety of different types of home loans available to accountants. These include:
Standard home loans: Standard home loans are available to all borrowers, regardless of their profession. However, accountants may be able to qualify for lower interest rates and higher borrowing limits on standard home loans than other borrowers.
Professional home loans: Professional home loans are specifically designed for professionals, such as accountants. These loans may offer lower interest rates, higher borrowing limits, and more flexible loan terms than standard home loans.
First home buyer loans: First home buyer loans are available to borrowers who are buying their first home. These loans may offer lower interest rates, higher borrowing limits, and government grants.
Loan approval conditions:
You have at least an equal or majority share in the property
You are borrowing $4.5 million or less to purchase or refinance the property
The property you are buying, or refinancing is a House/ Townhouse valued at $5 million or less or a Unit/ other standard residential property type valued at $4 million or less.
Total home loan lending limits may apply depending on lender
Eligibility requirements for a home loan as an accountant
The eligibility requirements for a home loan as an accountant will vary depending on the lender.
As an accountant, you may find you are eligible for waived LMI, which means you won't have to pay Lenders Mortgage Insurance . This can save you thousands of dollars on the cost of your home loan.
However, most lenders will require that you have:
A good credit history
Minimum income level
Australian Citizenship or Permanent Resident
Active membership to relevant industry association
A deposit of at least 5% of the purchase price of the property
Acceptable Industry Association Membership:
Chartered Accountants Australia & New Zealand (CA) – including member of the Global Accounting Alliance; or
Certified Practising Accountant (CPA) – including recognised partnering professional bodies; or
Chartered Financial Analyst Institute (CFA); or
Fellowship of the Institute of Actuaries of Australia (FIAA)
How to compare home loans for accountants and find the best deal
The best way to compare home loans for accountants and find the best deal is to use online mortgage broker like loansHub. These websites allow you to compare home loans from a variety of different lenders side-by-side.
When comparing home loans, be sure to compare the following factors:
Interest rate
Loan fees
Borrowing limits
Loan terms
Features
Tips for getting approved for a home loan as an accountant
Here are some tips for getting approved quickly for a home loan as an accountant:
Make sure you have a good credit score.
Have a deposit of at least 5% of the purchase price of the property.
Get your finances in order before you apply for a loan. This means paying down any credit card debts and closing unused Buy-Now-Pay-Later facilities.
Be prepared to provide documentation of your income and industry association membership.
To get a home loan with waived LMI as an accountant, you will need to meet the following criteria:
Must have clear credit history
Must meet borrowing capacity requirements
Must hold current membership to relevant industry association
You must have a deposit of at least 10% of the purchase price of the property.
Why accountants should use mortgage brokers for their home loan
Mortgage brokers can save you time and money when you're buying a home. Online Mortgage brokers like loansHub, have access to a wide range of lender loan products available specifically to accountants, and we also have access to the lenders home loan pricing tool to get you the best possible deal.
Here are some of the benefits of using a mortgage broker:
Save time: Mortgage brokers can save you time by comparing home loans from a variety of different lenders for you. They can also save you time by negotiating on your behalf and helping you with the paperwork involved in getting a home loan.
Save money: Mortgage brokers can save you money by negotiating on your behalf and getting you the best possible interest rate on your home loan. They can also help you find a loan with the features and terms that are right for you.
Increased chance of getting approved for a loan: Mortgage brokers can help you get approved for a home loan, even if you have a less-than-perfect credit score or a complex financial situation.
How to Get Started?
At loansHub, we make it easy for busy accounting professionals to apply for home loan. Be it a purchase or refinance, you can apply anytime without needing appointments or waiting for a link to be emailed to you.
Simply go to our application platform, complete our smart form and submit to receive the best options available for your situation.
And in the event, you do have any questions about home loans for doctors, we offer a call back service. We would be happy to help you find the right loan for your needs and budget.