What’s in it for me with an architects home loan?
Some lenders acknowledge that there are certain professions that require a high level of experience and qualification in order to practice in that industry. Based on this high degree of required expertise, these individuals tend to be considered low risk when it comes to the likelihood of defaulting on their home loan. Some of these industries include the medical industry, legal profession, certain types of engineers and entertainers and even athletes.
- Classification as a professional often means that you will access to special discounts on your interest rate
- Waiving of fees
- Professionals can often also borrow up to 90% of the value of the security they are offering and have the LMI that would usually be applicable waived
- Waive LMI at 85% LVR
Are Architects eligible?
- When considering which professions fall under the professional package for most banks, Architects are often not included in this list, based on this LMI waiver would most likely not be applicable.
- Depending on the income you are earning as an Architect, this could mean that banks view your application more favourably and may be willing to provide you with extra interest rate discounts in order to win your business.
What documents do I need to provide?
- Whether you are eligible for the LMI waiver or not, banks will want to make sure that the loan they are offering you is within your borrowing capacity. To do this they will require your income documents.
- If you are working as a PAYG Architect, you will need to provide your last 2 payslips evidencing your income.
- If you work for yourself, banks will want to see your last 2 years’ tax returns and financials, along with evidence of income you are receiving, so they will also want to see bank statements with income been credited to the account.
Although architects don’t fall under the traditional professionals packages that most banks offer, it doesn’t mean there are no lenders that will be willing to offer you other benefits. Speak to one of our experts to find out which lenders are best for architects!