Package pricing, fee waivers and LMI concessions for qualifying NSW occupations
Lenders keep a list of occupations they treat as low risk, and they compete for the people on it. APW Finance is a Home Loan Broker for Professionals in Sydney that finds out whether your job is on it.
Most people assume these concessions are limited to doctors and lawyers. They are not. The lists have widened considerably and now reach well beyond the traditional professions.
As a broker for professional home loans, we regularly secure concessions for:
Two separate benefits are usually in play, and they should not be confused with each other. The first is an LMI waiver, letting you borrow to 85% or 90% of the value without paying the premium.
The second is a professional package: a discounted rate, waived annual fees and bundled products in exchange for an annual package fee. That fee only pays for itself if you actually use what it bundles.
Our guides to what LMI is and what it costs put figures against the first, which is almost always the larger of the two.
Eligibility usually rests on a recognised qualification, membership of a professional body, or an income above a set threshold. Some lenders accept any one of the three, others require a combination.
Those lists change without announcement, and your own bank will only ever tell you about its own. We check the whole panel before anything is lodged, because a declined application makes the next one harder.
You will get a written position first, covering which concessions you qualify for, what they save in dollars and the realistic borrowing figure behind them.
Timing is worth a thought too. Waiver lists expand and contract with lender appetite, and a profession that was not listed last year may well be listed now.
If you were told no by a bank previously, that answer is worth retesting rather than treating as settled. We see engineers and IT professionals qualify today who would not have two years ago.
Equally, if no lender currently lists your occupation, we will say so plainly and price the standard routes instead rather than putting your credit file through an application that cannot succeed.
Borrow to 85% or 90% of the property value without paying mortgage insurance, where your occupation appears on the lender's list. On a Sydney purchase this is usually worth far more than any rate discount attached to it.
Professional packages bundle a discounted variable rate with an offset and a credit card for an annual fee. We check whether the discount genuinely exceeds that fee for your loan size, because on smaller balances it often does not.
Application fees, valuation costs and annual package fees are all negotiable when a lender wants your file. A professional package mortgage broker NSW borrowers use will ask for each of them rather than accepting the standard schedule.
Bonuses, share schemes, allowances and overtime are read very differently by each lender. Placing the file where your full package counts often matters more to your borrowing capacity than the rate you eventually secure.
A Home Loan Broker for Professionals in Sydney checks the waiver lists across the whole panel. Engineers, IT and finance professionals qualify far more often than they expect to.
Tell us your occupation, qualifications and rough income. Your Home Loan Broker for Professionals in Sydney will confirm which lenders list you within one business day.
If skipping mortgage insurance is the goal, our guide to how to avoid LMI compares every available route.
Independent guidance on home loan packages is published by ASIC MoneySmart.
APW Finance Pty Ltd delivers expert lending solutions with personalised service, empowering clients across residential, commercial, and business sectors.