That depends on what line of work you’re in. Low-risk professionals are more likely to be offered or obtain better loan terms. Low-risk professionals are those working in high-income positions — for example, doctors, lawyers, successful athletes, and accountants. These professionals are more likely to be eligible for an LMI waiver and special interest rate discounts. However, you won’t automatically be eligible — having a highly trained mortgage broker by your side is essential as you negotiate better loan terms.

There are several types of home loans explicitly created for members of certain professions. For example, banks and lenders usually place accountants in the low-risk category, meaning they may have access to special interest rate discounts and an LMI waiver. On the other hand, self-employed professionals are often placed in higher risk categories, which means they may only be offered loans with higher interest rates and more loan limitations. Self-employed individuals can apply for low documentation loans, or, in certain situations, full documentation loans. Low doc loans are also available for freelancers, business owners, and other professionals who may not meet traditional documentation requirements.

Yes! Professionals can negotiate home loan terms to access the best interest rates, discounts, and reduce your overall borrowing cost. You’ll have greater freedom to negotiate if you’re a low-risk borrower, and you’re much more likely to be deemed ‘low risk’ by lenders if you work in a high-earning profession — like an accountant, doctor, or lawyer. No matter your position or employment status, Lendstreet’s mortgage brokers can assist and advise you on expertly negotiating your home loan terms. Contact us today to get started.