As a home buyer, one of your most critical decisions will be choosing the best type of home loan for you. Finding the right loan will depend on factors such as your credit history and your income records, along with why you need the loan in the first place. So, what types of home loans are there? In this article, we will briefly explain the different types of home loans in Australia and the type of borrower each one suits best.

Doctor Home Loans and Waived LMI

If you’re borrowing more than 80% of the property value, you usually have to pay lenders mortgage insurance (LMI). However, lenders will waive LMI for you if you’re from a specific profession and a high-income earner such as a doctor. To find out if you qualify, read about Waived LMI here. Select types of doctors are eligible for not only discounted rates but also 100% waived LMI. Some of these preferred medical professionals include anesthesiologists, anaesthetists, chiropractors, dental specialists and more. To find out if you qualify, read about it here: Home Loans for Doctors.

Australian Expat Home Loans

One of the most frequently asked questions we get from Australian expats is whether they can get a mortgage in Australia. The answer is yes. As an Aussie expat, you can apply for a mortgage in Australia and, in most cases, borrow as much as a citizen residing in Australia. Some things you need to keep in mind when applying for an Australian expat home loan are: To know more about Australian Expat home loans, read here.

Guarantor Loans

If you’re a first time home buyer or don’t have enough deposit saved up, a guarantor home loan allows you to use your parents’ (guarantor) property as collateral. It allows you to borrow over 80% of the property’s purchase price without paying lenders mortgage insurance (LMI). Read more on Guarantor home loans here.

Bad Credit Home Loans

If you have a bad credit score, you might feel hopeless to get your home loan approved. But there are still ways to get approved, whether it’s a default, bankruptcy, or part 9. With the help of select lenders, Bad Credit Home loans can let you borrow up to: up to 95% of the property value if you have minor paid defaults up to $500. Borrow up to 90% of the property value if you have larger defaults, judgements, court writs, part 9 agreement or discharged bankruptcy. Read more on Bad Credit home loans here.

Unusual Employment Loans

Everyone knows that a 9-to-5 job isn’t the only form of employment. But lender policies usually make it hard for people working overtime, on probation, or as agency workers and contractors with multiple part-time jobs. You can afford a home loan, and you have a job, but you might not be able to prove your income as easily as you’d like to. Fortunately, some lenders understand that the world has grown from the traditional 9-to-5 job slot. As experts in home loans, we can help you if you’re: