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Home Loans For Accountants

Loans For Professionals

Home Loans For Accountants

As an accountant, your expertise in working with numbers can be unparalleled. But when it comes to buying your own home, numbers shouldn’t be what you worry about. We’re here to help make the process of getting your next home simpler by finding all the best rates, waivers, and discounts for you.

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If you are an accountant looking to purchase your new home, then you may be in a much better situation than you may have originally thought. Most banks and lenders place accountants in their low-risk category, which means that they are far more willing to lend out higher amounts to those they consider high-income earners. As an accountant, you are in the lucky position to be able to receive special interest rate discounts, a home loan that is up to 90% of the property’s value, and an LMI waiver. All of this, you can negotiate with your lender, with the help of an expert mortgage broker.

But what does all of this mean, and what are the effects of this on your newest home loan?

What is an LMI and why is it waived? 

Lenders’ Mortage Insurance, or LMI, is a protection for the lender and not the borrower. What this means is that when you are looking to get a home loan, and your deposit is lower than 20%, the lender may require an extra payment from you as a means of securing that they will receive their money back. 

For certain professionals, including accountants, the LMI can be waived. The main reasons for this are:

  1. Lenders consider them high-income earners who will be able to pay back their loan
  2. Statistics show that they are unlikely to default on their mortgage
  3. Lenders believe that these high-income earners can bring other high-income professionals to them. As such, it is viewed as good for the business.

While the LMI waiver is one of the most often considered benefits of finding the perfect mortgage as an accountant, with the right mortgage broker, you should be able to get so much more. The right mortgage broker will be able to negotiate special interest rate discounts for your home loan based on:

  1. The size of your home loan
  2. The percentage of the property value that you expect the home loan to cover
  3. Your industry membership, degree, and position

These discounts are normally assessed on a case-by-case basis. As such, having the right person in your corner can make a world of difference and help you save a lot of money in the long run.

How much are accountants able to take on as a home loan?

  1. Maximum home loan of $2.0 million.
  2. The maximum percentage of property borrowed is 90%

That means that if you are an accountant, finance manager, auditor, or actuarian, you may be able to buy your new property using only a 10% deposit. You can then now enter the property market much faster than you initially thought and without using up all of your disposable income to cover the deposit for your new property.

Who qualifies for this loan?

To be eligible to qualify for this type of loan with waiver or low-interest rate, accountants need to demonstrate their eligibility. To do so, they will need to prove the following

  1. Must have an income of over $150,000 per year, including income from rental properties. This can also be expected income if there is proof that their income will reach those levels soon. Self-employed accountants must show that their income was $150,000 or more in the previous year.
  2. Property can either be occupied by the owner or used as an investment
  3. Australian citizens or permanent residents only

Professional membership requirements

Accountants must also show that they are members of industry organisations or associations and have evidence of their licence to practice. These memberships include

  • Membership of the Institute of Chartered Accountants of Australia (CA)
  • Membership of CPA Australia
  • Membership of the Chartered Financial Analyst Institute of Australia (CFA), or
  • Fellowship of the Institute of Actuaries of Australia (FIAA)

Being a member of one of these organisations shows that the accountant looking for approval for their home loan is an actual registered professional. As such, they would be able to be exempt from needing to pay for an LMI.

Income requirements

There are some lenders and states that may alter the income requirement that is set for accountants. In the states of WA, SA, NT, & TAS, the income requirement for accountants is $30,000 less from the $150,000 minimum for accountants in NSW, VIC, and ACT. It should be noted that this income requirement is what the accountant needs to fulfil on their own. Their spouse’s income is not accounted for when it comes to being approved for a home loan.

If you are looking to get the perfect mortgage for your future home, then using one of our expert mortgage brokers can help get you there quicker. With so many different documents to acquire and so many unique lenders, having an expert broker can mean less stress and more excitement. Purchasing your new home has never been more accessible than it is now, with Lendstreet on your corner. To contact us, all you will need to do is fill out our contact form, and we will handle the rest.

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From feeling overwhelmed to knowing you're in control!

This is our simple process for equiping you towards your dream of owning a home.

Reach out

Let’s get to know you, your situation and your goals!

Find a home loan

We will search for home loans for you and advice you to choose what best suits you.

Get pre-approved

This will help you know how much you can afford so you can focus on the right properties.

House hunt

Now that you have a budget can start house hunting!

Make an offer & buy!

And finally, you are here! And we’re proud of you.

Schedule a call to one of our expert mortgage broker

Ask our expert mortgage brokers anything about home loans.

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