Home Loans For Optometrists
What is an optometrist home loan?
An optometrist home loan is a special interest rate or the waiving of lenders mortgage insurance some lenders allow on home loans for optometrists. This can mean that if you are an eligible optometrist you may be able to save a substantial amount of money on your home loan.
When would the home loan for optometrist benefit me?
The special home loan for optometrists will benefit optometrists that want to get a reduction on their interest rate (and thus pay less interest) or if they are borrowing more than 80% of the property value they could get a waiver on the requirement to pay for Lenders Mortgage Insurance. Lenders mortgage insurance is usually required when you borrow greater than 80% of the property value, and can cost you thousands of dollars. Some lenders allow home loans for optometrists to be exempt from paying lenders mortgage insurance.
Why do some lenders give interest rate discounts or waive lenders mortgage insurance for optometrist home loans?
Some lenders waive lenders mortgage insurance or give interest rate discounts for optometrist home loans because optometrists are considered as “low risk borrowers”. The information that lenders hold indicates that some people working in some professions (such as optometrists) have a low occurrence of failing to make the payments on their loans. So some lenders knowing that there is a low risk decide that they will not require home loans to these people to be insured (even when they borrow greater than 80% of the property value) and instead the lender takes the risk without insurance.
Are there any other criteria that need to be met to be eligible for a optometrist home loan?
Yes, each lender has their own criteria for assessing home loan applications including home loans for optometrists. The criteria includes your ability to make the repayments on the loan given any other loan repayments you have and your other expenses. A buffer is also built into the lenders assessment to assess if you can make the repayments even if interest rates rise. Other considerations include the type and location of the property that you are purchasing, some lenders like or dislike lending to certain property types of locations or those properties may not be able to get the special deals. Other criteria depending on the lender.
I think that I will meet the criteria for an optometrist home loan lets get my application started.
Contact a mortgage broker about home loans for optometrists.
Can other people get special deals on their home loan?
Yes, some other professionals can get special deals on their home loans. The specials may include the lenders mortgage insurance waiver or an interest rate discount. Some lower income earners may also be able to get a low deposit home loan without lenders mortgage insurance if they are in Western Australia.
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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