It’s not widely known, but there are substantial savings to be made and benefits to be enjoyed when applying for a loan under Industry Specialisation Policies many lenders offer. Put simply, if you are employed in a specific industry that a given lender has identified, you may be able to secure additional savings when applying for a new loan. These savings and benefits include the waiving of Lenders Mortgage Insurance (LMI) and discounted interest rates.

Whilst all lenders have their own unique policies and requirements, if you are part of one of the following industries you may qualify for consideration:

Accounting – Accountants Finance Managers, Auditors, Actuaries, Chief Financial Officers.

Legal – Lawyers, Solicitors, Barristers, Judges

Mining, Energy and Resources – Surveyors, Mine Surveyors, Quantity Surveyors, Geologists, Geophysicists.

Medical – General Practitioners, Dentists, Hospital Employed Doctors, Medical Specialists, Optometrists, Pharmacists, Veterinary Practitioners.

To show what the potential dollar savings will equate to, consider a purchaser buying a property worth $500,000. If they were applying for a mortgage at an 87% Loan to Value Ratio (LVR), their LMI charge will be about $5,500. If they qualify for Industry Specialisation consideration, this will be waived and additional interest rate discounts may be granted. If the same customer was purchasing a property worth $800,000 at the same 87% LVR, the LMI saving will be over $12,000, with the added bonus of potential interest rate discretions.

To find out if you qualify for an Industry Specialisation Loan, talk to your Blackburne Mortgage Broker today.