Professional Loans

Viewing 6 posts - 1 through 6 (of 6 total)

Carlyle81
Participant
@carlyle81
Join Date: 2005
Post Count: 10
May 9, 2005 - 6:52 am
Hi All,
A questions for all the brokers out there. I am aware that loans are available with good features for those in the professional fields.
I have searched but haven’t been able to find any yet that offer these. I am an accountant so am assuming I would pass the professional grading.
Do you know of any banks that offer these?
Carlyle Cousins
Incentive Business Accountants
http://www.incentiveaccountants.com.au
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
May 9, 2005 - 6:57 am
Your post outlines the benefits of using a mortgage adviser / broker. All the majors offer good ‘profesional packs’. The main feature linked to these is the discounted rate linked to the loan amount.
The usually bells and whistles are included such as offset, credit card and discounts on related products such as insurance.
Any decent mortgage broker will be able to source a good pro pack for you.
What particular features are you looking for?
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.au

Investor Links
Carlyle81
Participant
@carlyle81
Join Date: 2005
Post Count: 10
May 9, 2005 - 7:17 am
Thanks Robert,
Currently with the NAB on a house I own 2/5’s. I am looking to buy the remaining 3/5’s and the NAB have approved the loan however want mortgage insurance as I need to borrow roughly 92-95% of the value.
Bells and whistles I can compromise on, I don’t want to pay MI as I see it as dead money.
Carlyle Cousins
Incentive Business Accountants
http://www.incentiveaccountants.com.au
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
May 9, 2005 - 7:32 am
Mortgage insurance waivers on 95% LVR loans usually only apply to professionals starting out in their field fresh out of university. I have never heard of one being provided to an experienced operator. The idea is to give them a start in their career.
I think you will either have to pay the mortgage insurance or pay a higher interest rate with lenders who do not require mortgage insurance. The mortgage insurance is cheaper.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.au

Investor Links
Stuart Wemyss
Member
@stuart-wemyss
Join Date: 2003
Post Count: 598
May 9, 2005 - 7:49 am
Agreed. You are unlikely to get a MI waiver at this level. NAB has one of the cheapest MI costs so that’s good. Make sure they offer you a good rate. 0.70% discount if you are borrowing over $250k. 0.50% is their standard discount.
AMP will give you 0.65% (no fees) if your are ICAA, CPA or NIA member.
Cheers
Stu
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
May 9, 2005 - 7:53 am
Carlyle
waiving mi on 95% i’d rate as highly ambitious – one option would be to effect purchase at 95% and then capitalise the mi to a max of 97% – some banks restrict ‘refinances’ to 90% – so be careful to get this right.
as stated earlier, talk to a broker, a good one will make this job so much easier.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbane