How much can university staff borrow?
As a university staff, you can borrow:
- Up to 105% of the purchase price with a guarantor loan.
- Up to 100% with a no deposit loan.
- Up to 95% with a regular loan.
- Up to 80% with special interest rate discounts.
While you might not qualify for waived LMI, you can qualify for interest rates discounts on your home loan.
How much is the interest rate discounts?
Normally, a professional might get at least a 1% discount on the Bank Standard Variable (BSV) rate, but we can get you special interest rates discounts of up to 1.50% below BSV by negotiating with the banks.
University professors and other staff can get special interest rate discounts if:
- You’re borrowing more than $500,000.
- You have a clear credit history.
- You must have a strong income.
- You’re employed as a university lecturer for at least 3 months. Most lenders require that you are employed as a university lecturer for at least 6 months, but we can a lender on our panel that will accept 3 months.
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 special interest rate discount.
Which other academic staff can qualify for interest rate discounts?
The following staff working in a university or working in the education sector might be eligible for interest rate discounts:
- University staff
- University lecturer
- University professor
- Administration officer
- TAFE teacher
- College professor
- OTEN teacher
- Private school teacher
What about my superannuation?
University lecturers receive significantly higher superannuation compared to other Australians.
Unfortunately, your superannuation funds cannot be used as part income for repaying a loan or to use it as a deposit.
However, there’s a silver lining.
You may be able to buy an investment property in your super fund with an SMSF loan.
How can we get the best deal for your home loan?
Our mortgage brokers will work with you to get the best deal on your home loan.
- We can get you free property reports and equip you with the right information so you can accurately work out where you want to buy.
- We can get free bank valuations with some of our lenders so you can choose a lender who provides the best valuation for your property.
- No extra fee charged for these services.
- We maintain a close relationship with over 40 lenders, which consists of major banks and specialist lenders. We know their lending criteria and will ensure that we’ve ticked all the right boxes before submitting your application to the lender.
We’re experts at finding the right home loan for a university staff at competitive interest rates. Talk to our award-winning mortgage brokers by calling us at 1300 889 743 or fill in our free assessment form.