Home loan discounts for pilots
Are you currently employed as a pilot and looking to purchase a new home or refinance your existing loan? Our brokers have access a wide range of lenders so we are in the best possible position to source the most competitive loan for you!
What are the banks offering?
- When you are looking to borrow more than 80% of the value of a property, banks will usually charge you Lenders’ Mortgage Insurance (LMI) for the increased risk they are taking on by lending you a higher amount. The insurance is to protect the bank in the event that the property is sold due to you defaulting on your loan, and subsequently the banks make a loss from the sale.
- There are some lenders who have extended this for pilots and will allow you to borrow up to 85% of the value of the property you are looking to buy and waive the LMI on the loan; therefore savings you thousands on lender’s mortgage Insurance and allowing you to keep a little bit of cash on hand.
Do I qualify?
- You will need to be currently working as a pilot.
- You will need to have been with your existing employer for at least 1 year or have at least 2 years history working as a pilot.
- Have adequate funds to complete the purchase.
- Evidence that you have genuinely saved at least 5% of your deposit.
- Meet standard credit criteria.
What do the banks want to see?
- Banks want to see that you have a credit file free of defaults or judgements.
- A strong financial position.
- Evidence that you can actually service the loan; either through payslips or tax returns.
Enquire online today or call us on 1300 656 600 to find out more.