Home loans for Pharmacists
What is a Pharmacist home loan?
A pharmacist home loan is just special deals that pharmacists can get on their home loan from some lenders. The specials include interest rate discounts or an exemption from needing to pay for lenders mortgage insurance for home loans with higher loan to value ratios (LVRs).
What specials are available on home loans for Pharmacists?
Some Banks or lenders will waive the requirement for you to pay for lenders mortgage insurance for loans above 80% of the property value and/or provide a generous interest rate discount. Generally speaking if you are borrowing over 80% of the property value it is best to use a lenders that will waive your lenders mortgage insurance. If you are borrowing 80% or less than the property value (most lenders do not require lenders mortgage insurance for home loans of less than 80% of the property value), other lenders will provide greater interest rate discounts.
Why do some lenders give interest rate discounts or waive lenders mortgage insurance on home loans for pharmacists?
Some lenders consider pharmacists as one of their preferred customers. This is because generally pharmacists have good high paying stable employment and tend to have a very low incidence of defaulting on their loans. This means that pharmacists are low risk borrowers and some lenders will take the risk of lending to them without the insurance. This means that lenders like to provide mortgages to Pharmacists and are willing to encourage them with some special offers.
Why should I contact Oak Laurel mortgage brokers about a home loan if I am a pharmacist?
When you contact Oak Laurel mortgage brokers, we will analyse against your situation and objectives the different lender packages including any discounts and the saving from waiving lenders mortgage insurance and provide you with the options in an easy to understand and compare. Generally our mortgage brokers will be able to negotiate a better deal for you with the bank or lender on your behalf than you would if you negotiate with the bank.
Are there any other criteria in order to get a Pharmacist mortgage?
Yes, each bank or lender has their own criteria on how they assess home loans for pharmacists. These can include the maximum loan to value ratio that they will waive lenders mortgage insurance for, the maximum amount that you can borrow per property/security and you total borrowing with that lender. Your income and your ability to make the repayments are assessed, the type and location of the property that you are borrowing for is also considered. If you have has loan defaults in the past this will also be considered by the banks and lenders.
I am a Pharmacist and want to know what specials I can get, lets go through my options.
Contact a mortgage broker to go through your pharmacist mortgage options.
I don’t think that I am eligible for a pharmacist mortgage, can I still get a good deal on my home loan?
Yes, some lenders offer special deals for people working in other professions. Also some lower income earners may be able to get a low deposit mortgage without lenders mortgage insurance if they are in Western Australia.
Even if you are not in one of the professions that can get special deals contact us to find out what we can do for your home loan.
Which other professionals can get special deals on their home loan?
Some lenders specify which professions they allow special deals for these can include:
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