Did you know that banks prefer to lend money to particular professions? The secret to getting a great interest rate is to apply with the right lender!

Each lender has their own pricing strategy and they tend to cut interest rates aggressively when they want more business. However, when they are busy they are unlikely to approve a special discount for you.

Which professions are eligible?

We have made agreements with some of our lenders to offer waived LMI and interest rate discounts for certain professionals.

The professions listed below are eligible:

  • Doctors, dentists, vets, optometrists and pharmacists.
  • Accountants (CPA preferred) including actuaries, finance managers and auditors. Please see page for specific income requirements.
  • Legal professionals including solicitors, barristers and lawyers. Please see page for specific income requirements.
  • Professional athletes including NRL players, AFL players, soccer players, cricketers, basketballers, motor sports drivers, cyclists, tennis players and Olympians.
  • Entertainment professionals and celebrities including DJs, actors/actresses, musicians, model, photographer, filmmakers, journalists, presenters, producers, directors and writers/authors.
  • Mining engineers including surveyors, quantity surveyors, geologists and geophysicists, aren’t eligible for waived LMI however, depending on your income position, you may qualify for significant interest rate discounts.
  • Other high income professionals are eligible for interest rate discounts (see below).

Speak to our mortgage brokers by calling 1300 889 743 or fill in our free assessment form to find out if you qualify for a professional discount.

Negotiated interest rate discounts

Interest rate discounts are normally expressed as a percentage below the Bank Standard Variable Rate (BSV). Normally with a standard professional package you can get a discount of up to 1.0% below the BSV without any negotiation.

By negotiating with the bank our brokers can often obtain the following interest rates:

  • Loans over $250,000: 1.40% below the BSV (Special offer).
  • Loans over $500,000: 1.45% below the BSV (Special offer).
  • Loans over $1,000,000: 1.50% below the BSV.
  • Loans over $2,500,000: Discounts are negotiated on a case by case basis.

Please note that the above rates are a guide only. You can view some of our interest rate specials on our website however negotiated discounts are not published.

The exact discount that you can receive will depend on your profession, the amount that you are borrowing and the current funding environment. There are many factors to consider when putting in a pricing request and lenders change their special pricing levels on a weekly basis.

Which one of our lenders will give you the best discount? Speak to our team on 1300 889 743 or enquire online today to find out if you can qualify for a professional discount.

Which professions are low risk borrowers?

Banks monitor the performance of their existing customers and keep track of which professions make their payments on time, every time, and which tend to have higher rates of default on their home loans.

The lowest risk professions are:

  • Nurses
  • Teachers
  • Government employees (federal and state preferred over local level)
  • Scientists
  • Australian Defence Force (ADF) staff (special discounts may be available)

If you work in these professions you may not be eligible for a special interest rate discount unless you are borrowing an exceptionally large amount.

Despite this, lenders are more flexible with their lending policies for people in the above professions. In other words, they want your business because they know that the likelihood of you making your repayments on time is very high.

Some professions, such as builders, are known to be a significantly higher risk than other borrowers and their loans will be scrutinised by the lenders, particularly if they are applying for a low doc loan.

If you think you fall into this category of borrower, enquire online or call us on 1300 889 743 to discuss your situation with one of our expert mortgage brokers. Depending on your circumstances we may still be able to secure you a great discount!

Are you a high income earning borrower?

Banks target high income professionals as they tend to have more in savings and seek larger mortgages. Typically, banks will offer discounted interest rates to high income borrowers due to the size of their loan and not due to their profession.

The main professions and industries that tend to have higher loan amounts are:

  • Advertising
  • Architects
  • Business owners
  • CEOs, directors, executives and managers
  • Contractors and consultants (Note: Many lenders do not accept contractors)
  • Executives
  • Financial services professionals (income over $200,000)
  • Insurance
  • IT manager / consultant
  • Manager (Income over $200,000)
  • Mining industry professionals
  • Sales
  • University Lecturers
  • Other professions are considered if you have an income over $200,000

If you are seeking a special discount for a home loan based on its size alone then it must be for at least $500,000. However, you will only get special pricing from most banks when you borrow over $1,000,000.

Can high net worth borrowers qualify for discounts?

Australian banks define a high net worth borrower as someone who has net assets of at least $750,000 either here or overseas.

That being said, they often only offer special discounts to high net worth borrowers if they have net assets over $1,000,000 and a large mortgage.

The main types of high net worth customers that can seek special discounts are:

  • Property investors
  • Business owners
  • Foreign investors
  • Family groups

Did you know we have a special package for high net worth borrowers?

Experienced property investors often have total borrowings in excess of several million dollars so we are in a strong position to negotiate with the banks for a better deal. That being said investors tend to focus more on the terms and conditions of the loan and how much they can borrow rather than just the interest rate.

Interestingly, it is possible for a group of people to negotiate with a bank to receive a discount together. Not every lender can offer this type of discount and many limit it to family groups. If your entire family refinances to the one lender then it is possible to negotiate a significant discount.

We can help you negotiate a discount!

As mortgage brokers, we know exactly which banks are trying to win market share by offering special discounts and which lenders are not interested in lowering their rates.

In addition to this, the banks offer us competitive discounts right away because they know that if they do not give us a good offer then another bank will!

Please enquire online or call us on 1300 889 743 and one of our mortgage brokers will give you a call to discuss which special offers you may qualify for.

  • Maria

    I’m an IT consultant and work as a freelancer for two of the big Australian tech companies. I am seeking for a home loan however am not sure whether I’ll be eligible for Home Loans for Professionals?

  • Hi Maria, being an IT professional you would be eligible for great discounts on the interest rates but not on waived LMI at this stage.

    You could consult with a mortgage broker to discuss more about your situation.

  • Webber

    Hello. I’m a dermatologist and I’m planning to set up my own practice. I read that we can get loans to buy medical equipment so what is the provision for this and what security should we keep for a loan to buy these equipment?

  • Hello Webber, you can secure finance for new equipment through a lease, hire purchase or chattel mortgage. You can borrow the full cost of the equipment and the good news is that you don’t need to provide any other security. We can obtain quotes from several competitive lenders so please call us on 1300 889 743 to discuss it with one of our medical equipment finance specialists.

  • Fan Hsiao

    Hi there, I am a Locum Occupational Therapist. Do I qualify for the discount? Borrowing between 75-80% LVR

  • Hi Fan,
    Being Locum doesn’t affect the discounts given by banks but depending on the nature of your role it may mean some banks decline your loan for other reasons e.g. if you are on probation, contract., temporary, casual or employed via an agency. You can read more about these situations by looking at the other pages in this section.

    Occupational Therapists don’t qualify for medical profession home loan discounts but you may qualify for other home loan discounts. If you’re borrowing 75% to 80% and you’re a white collar professional we’ll be able to get you a great discount by negotiation. In particular you should consider 5 year fixed rates as they are spectacularly low at the moment https://www.homeloanexperts.com.au/interest-rates/

    With a variable loan I expect we can potentially get you to qualify for a 1.5% discount depending on the size of your loan.

  • Hi Anjali,
    Yes a public sector role will mean that you have a higher credit score https://www.homeloanexperts.com.au/credit-score-home-loan/
    That being said you just need a higher enough score to pass and get approved. There’s usually no need to change jobs to assist with your home loan application.

  • Kingston

    I’d like to get an idea of just how much I can save with a no LMI home loan so I can budget accordingly and use it for something else maybe. Can you help me calculate this? Do I send you the figures here on Disqus itself?

  • Hi Kingston,
    That won’t be necessary. You can simply input the details on your mortgage and personal situation into our LMI calculator. This will work out the amount of LMI that you will have to pay, meaning the amount that you can save with a no LMI home loan. Here’s the link to the calculator:

    If you have any confusions are you want to discuss some specifics, you can call 1300 889 743 to speak with one of our home loan specialists.

  • Sajjie

    I’m a registered nurse at St Vincent’s Hospital and I’ve been working here for the last 5 years. I’m planning to buy a home and I’ve saved almost $60,000. Am I entitled to a no LMI home loan?

  • Hi Sajjie,
    Unfortunately, nurses aren’t eligible for LMI (Lenders Mortgage Insurance) waived loans as offered to doctors. This is due to the reason that they are not considered as low risk and earning as high an income as certain types of doctors. However, you could get a 85% waived LMI home loan with a few select lenders. Learn more about nurse home loans here: https://www.homeloanexperts.com.au/unusual-employment-loans/nurse-home-loans/.

  • Amit

    Hi there
    I am a pharmacist at San hospital in Sydney and I’ve been working here for last 10 years. Can I get a no LMI home loand? Thanks

  • Arti

    I work for Revenue NSW As a land tax Assessor
    My income is about 80k
    What are the chances of a discounted home loan

  • Hi Arti,
    Not all professionals are provided discounted home loan by the lenders. You can call us on 1300 889 743 or fill out our online assessment form https://www.homeloanexperts.com.au/free-quote/ and find out whether you qualify for one or not.

  • Donna T

    Hi, I’m an architect and wondering what would I get if I go for a loan more than $1mil. I do have 2 properties at the moment with more than 1/2 paid.