Qualified accountants have the opportunity to borrow up to 90% of a property’s value without paying Lenders Mortgage Insurance (LMI), potentially saving tens of thousands of dollars in upfront costs. Recognised for their financial expertise, stable income, and low-risk profile, accountants are often offered exclusive lending privileges by select banks and lenders.
To be eligible, your profession must be listed as acceptable by the lender, e.g. accountant, finance manager, auditor, or actuary. A range of bank and non-bank lenders are available.
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Lenders view accountants as low-risk borrowers, given their promising long-term career prospects and potential for high income. Consequently, certain lenders extend special incentives and reduced interest rates to attract these professionals. These offerings include:
Exemption from Lenders Mortgage Insurance (LMI) up to 90% LVR: This privilege can translate into substantial savings of thousands of dollars.
Special Rate Discounts: In certain instances, we have the ability to provide negotiated interest rate discounts for your home loan.
The waiver of LMI is particularly advantageous for accountants as it allows them to swiftly expand their investment property portfolio by purchasing multiple properties with smaller deposits. Meeting certain income criteria and borrowing up to 90% of the property value are prerequisites for qualifying for waived LMI. Additionally, evidence of your degree or industry membership may be requested. Recognized industry memberships include CAANZ, CPA, CFA, and FIAA. Proof of membership can be established through showing your practicing certificate, although there are other methods.
If you are a partner in a selected larger accounting firm, you may have the option to provide income verification through a letter or email from the firm’s Administration Manager when applying for a residential home loan. This alternative documentation will serve the purpose of confirming your income, alleviating the need for standard self-employed income records like tax returns.
While the potential perks of home loans for accountants can be lucrative, the nature of these types of financial products mean that they do come with many more variables and rules than a standard mortgage. To help solve a few of the most common conundrums, we’ve covered a few of the most frequent FAQs that are often tied to home loans for accountants.
Yes! As long as your income still meets the specific lender policy.
In some cases, accountants have unusual income structures that are not accepted by all banks.
Most of the time, it is acceptable to be contracting, self-employed or have partnership style businesses.
Ultimately, it depends on the terms and conditions of your work arrangement – just because you have an Australian Business Number (ABN) and a registered business name doesn’t mean you’re a contractor or self-employed in the traditional sense of the word, so be sure to partner with a mortgage broker who is able to appropriately package your application.
In short, yes. A mortgage broker service is designed to remove the stress and hassle of finding a home loan, whilst providing access to specialist products and rates designed specifically for your profession. Given the complex nature of home loans for accountants and other specialised professionals, every lending institute has different sets of criteria you must meet.
Instead of spending hours – if not, days or even weeks – navigating your options between each lending provider, a mortgage broker is an experienced industry professional who already knows which bank will be the ideal fit based on your circumstances. In turn, they are then able to leverage your application in a way that secures the most favourable loan terms.
Once you’re ready to start exploring your options, making an appointment with a reputable mortgage broker should be your first port of call. A mortgage broker only has an allegiance to their customers and not a particular bank, so they will first collect as much information as they can about you before launching into their loan product recommendations.
Although each bank has a slightly different application process and relevant criteria that needs to be met, most will generally need to see documentation such as photo identification, bank statements, proof of savings, lists of assets and existing debts, proof of income and a breakdown of your current living expenses.
As they can compare multiple lending providers, mortgage brokers are able to help steer you in the right direction and ‘package’ your application to a loan product that best meets your needs, before helping you secure the all-important pre-approval to start making offers on your ideal property – whatever that might look like for you.
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