When it comes to saving on your mortgage, your profession might be the key to unlocking exclusive benefits. While specific jobs don’t guarantee direct eligibility for first home buyer grants, various occupations can indirectly offer perks that significantly impact your home loan journey.
Profession-Based Home Loan Discounts
Certain professions, like accountants, lawyers, and doctors, often enjoy home loan discounts or specialised loan types without fees. The landscape, however, is dynamic, and benefits may change based on industry demand and lender policies.
“The benefits differ depending on specific professions,” our founder Fabio De Castro explains, “It depends on what industry the lenders decide to target as it’s a constantly changing situation, so what’s here today may not be around tomorrow.”
An example of this is the slowing of Australia’s mining industry in 2015. Mining engineers lost their ‘in demand’ status and profession-based discounts.
Perks for Healthcare Workers
Another example of occupation-based home loan concessions are healthcare workers. Nurses and midwives, receive unique advantages such as Lender’s Mortgage Insurance (LMI) Waivers and Discounts. Registered nurses and midwives meeting criteria can avoid paying LMI with a smaller deposit saved.
Simply being in a certain profession won’t automatically save you on your home loan. To qualify you must apply with a lender that offers your profession a special discount and meet that lender’s criteria.
Lenders often require evidence of membership of a certain industry body such as the Australian Medical Association. Waived LMI is usually approved without any problems if you meet the criteria.
Other Occupational Benefits
While nurses and midwives enjoy specific advantages, there are other professions that also offer unique perks. For instance:
- Rural and Regional Workers: Explore programs incentivising first-time buyers in designated areas, offering grants, reduced stamp duty, or priority access to government housing.
- Public Servants: Some state governments offer duty reductions for first-time buyers who are public servants. Check your state’s programs for potential benefits.
- Teachers and Essential Workers: Certain states provide temporary programs with priority access to government housing or stamp duty reductions for essential workers like nurses and teachers.
- Defence Personnel: Schemes like the Homeownership Assistance Scheme (HOAS) and Defence Homeownership Assistance Scheme (DHOAS) offer financial assistance for ADF personnel.
- Low-Income Earners: Explore first home buyer grants with income thresholds, potentially qualifying professionals in various fields.
Remember, eligibility criteria vary, and consulting with a mortgage broker or conveyancer is recommended for personalised advice.
Your Profession, Your Path to Savings
Your profession can save you on your home loan. Whether you’re in healthcare, public service, education, or other fields, understanding the specific benefits associated with your occupation can lead to significant savings on your mortgage.
If you would like to learn more about concessions you may be eligible for, book a free consultation or make an enquiry with us! At Simplify Finance, we’re here to guide you through the process, ensuring you make informed decisions tailored to your professional journey.