Home loans for professionals

Who this suits

First home buyers with strong careers and short histories. Professionals upgrading as family and income grow. Anyone whose income includes overtime, allowances, bonuses, contracts, locum billings, partnership distributions or business profits, and who wants that income counted properly.

If your income fits neatly on one payslip, most brokers can help you. If it does not, the choice of lender and the way the application is presented decide the outcome.

How the process works

We start with a free consultation to understand your income, your deposit and what you want to buy. From there we compare lenders whose policies fit your situation, tell you what each will ask for, and recommend a path.

Once you choose, we prepare the application, package the evidence and lodge it. We deal with the assessor's questions, keep you informed, and stay involved through approval, valuation and settlement. After settlement we review the loan regularly, because the right loan today is rarely the right loan in three years.

What lenders look for

Every lender assesses the same fundamentals: income, expenses, existing debts, deposit history and the property itself. The differences are in the policy detail. How much of your overtime counts. Whether your contract history matters. How your HECS debt or car lease affects the numbers. Whether your profession is on an eligible list for an LMI waiver.

Our work is to know those policy differences across a panel of more than 70 lenders and match them to your circumstances.

What you will typically need

• Two recent payslips, or contracts and invoices for contractors
• Your employment contract or a letter from your employer
• Identification, usually a passport or driver licence
• Bank statements showing savings and everyday accounts
• Statements for existing debts, cards and leases
• Tax returns and financials if you are self employed or a partner

Common questions

How much deposit do I need?

As little as 5 percent at some lenders, though 10 to 20 percent opens more options. Eligible professionals may access LMI waivers or lender-paid LMI at selected lenders, which reduces the deposit pressure. The right target depends on your income and the property.

How long does approval take?

A well prepared application at the right lender often receives an answer within days. Complex income or a valuation query can extend that. We prepare the application to avoid the common delays.

Do you charge a fee?

For most home loans we are paid a commission by the lender after settlement, so there is no fee for our service. If a fee would ever apply, we tell you in writing before you commit to anything.

Can I get pre-approval before I find a property?

Yes, and we recommend it. Pre-approval tells you your budget with confidence and makes your offers stronger. It usually lasts 90 days and can be refreshed.

Will applying hurt my credit score?

A single well placed application has a modest effect. Multiple applications in a short period can hurt, which is why we match the lender before lodging rather than spraying applications.