Home loans for accountants

bookkeeper making a report

Are you an accountant? You could save on your home loan costs.

Working as an accountant has many benefits, not the least of which are your great long-term career prospects and high earning potential. Lenders are aware of these features of the accounting profession and as a result, they’re often willing to offer home loans for accountants with unique benefits and features. From waived LMI costs to discounted interest rates, these loans can help borrowers enjoy sizeable savings.

How do home loans for accountants work?

Generally speaking, home loans for accountants work in much the same way as any other home loan. They are available for owner-occupiers, investors, refinancers and those looking to renovate their property.

However, home loans for accountants offer selected special discounts that you won’t find on a regular home loan. For example, while most loans will require you to take out lenders’ mortgage insurance (LMI) if you don’t have a 20% deposit, many home loans for accountants will allow you to borrow up to 90% LVR (loan-to-value ratio) or even more without requiring any LMI.

In addition, some home loans for accountants are offered with a discount on the standard variable interest rate, resulting in big savings in interest repayments.

Just how much can I save by not paying LMI?

Here are some figures to show you just how much you could save by taking out a home loan which waives LMI if you were a first home buyer:

Deposit sizeProperty ValueLVRLMI charged (excluding stamp duty)
$25,000$500,00095%$15,960
$50,000$500,00090%$9,585
$50,000$1,000,00095%$42,845
$100,000$1,000,00090%$24,480

Source: Genworth LMI Premium Estimator

Annette Saves Thousands

high level business accountantAnnette is a high-level business accountant who earns an annual salary of $170,000. She’s a member of CPA Australia and has so far been renting an apartment, but now she’s decided she wants to purchase a $1.5 million house in the suburbs. However, because she only has a deposit of $150,000 and will need to borrow 90% of the purchase price, her bank will require her to pay for LMI before they will approve a loan.

Frustrated by this extra expense, Annette does a little research and discovers a lender that offers loans with special benefits for accountants. Annette is thrilled to learn that she can borrow up to 95% of the property’s purchase price without having to pay LMI, while she can also take advantage of a 0.25% p.a. interest rate discount. The LMI saving alone would amount to approximately $33,480 according to the Genworth LMI Premium Estimator.

How to compare home loans for accountants

  • Interest rates. The interest rate is the first feature you should look at for any loan, as it can greatly affect the amount you will have to pay back to your lender. Look for a competitive rate and decide whether you want a fixed or variable loan. Also look at the comparison rate to get an idea of the true cost of the loan once fees have been added into it.
  • Fees. Make sure you’re aware of all the fees and charges that apply to your loan. Even the smallest of fees can quickly start to add up to a significant amount. Note down and compare upfront fees, ongoing fees and exit fees to get a good comparison between loans.
  • Extra benefits. Compare the special features of home loans for accountants such as waived LMI and interest-rate discounts. How big is the discount available? How much of the property purchase price can you borrow without having to pay for LMI? Some lenders will allow you to borrow up to 90% without paying LMI, whereas others could allow up to 95%. Some lenders can even lend up to 100% if you’re an owner occupier of your home, although this might still come with LMI.
  • Repayment options. Look for loans that offer flexible repayment schedules so you can repay your debt at a pace that suits your budget. You may also be able to benefit from a loan that allows you to make extra repayments and pay the loan out early without incurring a penalty. Note that fixed rate home loans generally won’t allow unlimited extra repayments, but could offer extra repayments up to a certain amount each year.
  • Other features. Compare other flexible features that some lenders may offer, including redraw facilities, offset accounts, linked credit cards and more. The importance of each will depend on how you’ll use your home loan. Offset accounts are linked transaction accounts which you can deposit your salary and other income into. The amount in the offset account can reduce the interest charged on your home loan.

Pros and cons of home loans for accountants

Pros

  • Discounted interest rates. Enjoy a discount on the standard variable rate of many home loans to let you save on interest charges.
  • No LMI. Many lenders will allow you to borrow a higher LVR without having to fork out extra cash to cover the cost of LMI. This can be a substantial saving as explained in the table above.
  • Other features. Many of these loans will offer a range of other flexible features, for example the ability to pay your loan off ahead of schedule, to make it easier to pay off your debt.
  • Higher maximum LVRs. Some lenders will offer maximum LVRs of 100% for owner occupiers.

Cons

  • Income and professional requirement. Many loans will require you to earn a certain minimum income in order to qualify, for example an annual salary of at least $150,000. Most lenders will also want to see specific industry qualifications and bodies.

Talk to a broker today and find a home loan tailored towards accountants

Rates last updated April 22nd, 2018
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FAQs about home loans for accountants

Rates last updated April 21st, 2018
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.64%
3.66%
$0
$0 p.a.
80%
Pay no ongoing fees and enjoy a flexible repayment schedule, including the ability to make unlimited additional repayments without penalty.
3.69%
3.69%
$0
$0 p.a.
90%
Get a special discount for a limited time when you open an IMB Transaction Account. Face-to-face consultations available in NSW and ACT.
3.59%
3.60%
$0
$0 p.a.
90%
Borrow up to 90% of the value of your property and pay no ongoing fees with this loan from a leading international bank.
3.69%
3.73%
$600
$0 p.a.
95%
Variable rate home loan from one of the big 4 banks. Available with just a 5% deposit.
3.68%
3.69%
$0
$0 p.a.
95%
This variable rate loan offers flexible repayments and a redraw facility. Available with a 5% deposit.
3.69%
3.69%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees. Refinance to a UBank loan and you could get $1,000 in your USaver account (offer conditions apply).
3.65%
3.66%
$0
$0 p.a.
90%
Offset up to $50,000 of the combined balances of your CUA Everyday Accounts and save on interest.
3.52%
3.53%
$0
$0 p.a.
80%
Go from application to approval in as little as 20 minutes with a variable rate loan from this innovative online lender. Add a 100% offset account for $10 a month.
3.49%
3.49%
$0
$0 p.a.
90%
Get a competitive variable rate with low fees. Add a 100% offset account for $10 a month. Available with a 10% deposit.
3.58%
3.58%
$0
$0 p.a.
70%
A low interest rate home loan with no application or ongoing fees.
3.68%
3.83%
$0
$10 monthly ($120 p.a.)
80%
Get a 100% offset account to save on interest charges, and pay no application fee.
3.64%
3.67%
$0
$0 p.a.
80%
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments.
3.54%
3.58%
$0
$0 p.a.
80%
Eligible borrowers can get $1,200 cashback on this loan with a 100% offset account and a redraw facility.
3.87%
3.87%
$0
$10 monthly ($120 p.a.)
90%
Get Virgin Velocity Points at settlement, monthly and every three years, plus the option to make up to $10,000 a year in extra repayments.
3.49%
3.52%
$500
$0 p.a.
95%
A loan that combines a competitive rate with a 100% offset account.
3.65%
3.66%
$0
$0 p.a.
80%
This special rate loan comes with no application or ongoing fees, and offers a flexible repayment schedule.
3.69%
4.86%
$0
$395 p.a.
90%
Start your home buying journey with 2 years of fixed repayments and a reasonable rate from a big 4 bank. Available with a 10% deposit.
3.96%
3.98%
$350
$0 p.a.
90%
For a limited time, pay no application or settlement fees. You can also take advantage of a free redraw facility.
3.79%
3.80%
$0
$0 p.a.
80%
Investors can go from application to approval in as little as 20 minutes with this innovative online lender.
3.77%
3.81%
$200
$0 p.a.
95%
A simplified mortgage with a low interest rate and a redraw facility.
3.99%
3.74%
$0
$0 p.a.
90%
2 years fixed interest terms with no application fee or ongoing fees, loans.com.au has won a range of awards for their home loans.
3.62%
3.62%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule. Refinance to a UBank loan and you could get $1,000 in your USaver account (offer conditions apply).
3.59%
3.99%
$0
$395 p.a.
90%
A high maximum LVR home loan with redraw facility and additional payments.
3.62%
3.62%
$0
$0 p.a.
95%
Free home and contents insurance for 1 year. Terms and conditions apply. QLD residents only.
3.73%
3.73%
$0
$0 p.a.
80%
Get a 100% offset account and pay no application or ongoing fees on this special variable rate for owner-occupiers.
3.69%
4.06%
$0
$349 p.a.
90%
Package your loan with other AMP products and save on rates and fees.
3.78%
3.78%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a free redraw facility with this innovative online lender.
3.64%
3.67%
$0
$0 p.a.
80%
A mortgage with a competitive variable rate, limited fees and plenty of flexibility.
3.64%
4.03%
$0
$395 p.a.
80%
New borrowers or refinancers from another lender get a discounted rate with this package loan.
3.70%
4.13%
$0
$395 p.a.
90%
Package your loan with an eligible credit card for discounts on rates and fees, and get a 100% offset account.
3.85%
5.05%
$600
$0 p.a.
95%
This fixed rate loan offers a 100% offset account and the flexibility to make extra repayments.
3.99%
5.17%
$600
$0 p.a.
90%
Competitive rates for fixed for 3 years with redraw facility.
4.11%
3.83%
$0
$0 p.a.
80%
Enjoy a fast application process and flexible repayment options with this fixed rate investment loan.
4.09%
4.12%
$0
$0 p.a.
95%
Buy a home with just a 5% deposit and get flexible repayment options and a redraw facility.
3.59%
4.14%
$395
$0 p.a.
80%
A one year fixed rate offer with no ongoing bank fees.
4.14%
4.14%
$0
$0 p.a.
80%
Investors pay no application or ongoing fees on this loan from an innovative online lender.
3.74%
4.01%
$395
$0 p.a.
80%
A competitive 3 year fixed rate with no ongoing bank fees.
3.99%
4.99%
$600
$0 p.a.
95%
Get a 100% offset account and the option to make extra repayments with this fixed rate loan.
3.65%
4.84%
$0
$395 p.a.
90%
Pay no application fee for this package loan, and get access to a redraw facility. Face-to-face consultations available for NSW and ACT customers.
3.99%
4.62%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
3.88%
4.89%
$0
$395 p.a.
95%
Low deposit home loan. Enjoy flexible repayment options while paying limited fees.
4.09%
4.12%
$0
$0 p.a.
90%
Access a fee-free offset account and a special interest rate for investors.
3.99%
4.86%
$0
$0 p.a.
80%
Access a fee-free 100% offset account and pay no application or ongoing fees.
3.89%
4.87%
$0
$0 p.a.
90%
Borrow up to 90% of the value of the property you're buying and pay no application or ongoing fees.
3.97%
4.02%
$445
$0 p.a.
90%
Buy a home with just a 10% deposit with this variable rate loan. Face-to-face consultations available for NSW and ACT customers.
3.64%
3.64%
$0
$0 p.a.
70%
Get a discount for keeping your LVR at 70% or below with this innovative online lender.
4.09%
4.11%
$0
$0 p.a.
80%
This variable rate loan keeps the features simple and fees low. This loan is offered by a 100% online lender.
3.97%
3.97%
$0
$0 p.a.
90%
A variable rate loan with a 100% offset account. Available with a 10% deposit.Face-to-face consultations available for NSW and ACT customers.
3.85%
4.05%
$0
$350 p.a.
95%
This high LVR fixed rate loan allows you to borrow up to 95% of the value of the property you're buying.
3.89%
3.92%
$0
$0 p.a.
80%
A low-fee line of credit loan from an online lender. Unlock the equity in your home and make interest-only repayments with a competitive rate.
4.19%
4.19%
$0
$0 p.a.
90%
Access to redraw facility and offset account without the annual fee.
3.85%
4.82%
$600
$35 monthly ($420 p.a.)
90%
Make up to $10,000 in extra repayments per year and take advantage of a flexible repayment schedule.
3.69%
3.69%
$0
$0 p.a.
70%
Pay no application or ongoing fees and get a flexible loan with the ability to split up to 6 times.
3.79%
3.80%
$0
$0 p.a.
70%
Keep your LVR at 70% or below and enjoy a special discounted rate. Also, pay no application or ongoing fees.
3.99%
4.03%
$0
$0 p.a.
95%
Buy a home with just a 5% deposit and pay no application or ongoing fees.
3.89%
4.96%
$0
$395 p.a.
95%
Refinancers can get $1,500 cashback. Conditions apply. Package your home loan with a Qantas rewards earning Amplify credit card.
3.89%
4.97%
$0
$395 p.a.
95%
Get discounts on a range of Commonwealth Bank products and enjoy the option of fee-free extra repayments during the fixed term.
3.68%
3.69%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
4.09%
3.79%
$0
$0 p.a.
70%
A competitive 3-year fixed rate loan with a high max insured LVR.
3.64%
3.65%
$0
$0 p.a.
95%
Family pledge option available. Get a special discount off Bank of Melbourne's basic variable rate.

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4 Responses

  1. Default Gravatar
    GregOctober 5, 2017

    The information on Finder page ( https://www.finder.com.au/home-loans-for-accountants) mentions accountant loans of 95% LVR with no LMI, but I check all the links and could not find which lender this is with, can you please let me know the lender name?

    • Staff
      JudithOctober 6, 2017Staff

      Hi Greg,

      Thanks for contacting finder, a comparison website and general information service.

      Whilst we do not have a specific list of home loans for accountants, you may compare the list that we have in this page. You may also view other pertinent information about each lender by clicking on “More Details”and “Go to site” buttons.

      I hope this helps.

      Regards,
      Judith

  2. Default Gravatar
    MarkApril 24, 2017

    Hi, wife is a CPA Accountant and we have a combined income of $150-$180,000/yr.

    Looking for a LMI waiver loan with a 5-10% deposit with obviously discounted rate.

    Thanks

    • Staff
      LouApril 27, 2017Staff

      Hi Mark,

      Thanks for your question.

      Generally speaking, home loans for accountants work in much the same way as any other home loan. They are available for owner-occupiers, investors, refinancers and those looking to renovate their property. You may compare your options on this page. Once you have selected a lender, you can directly contact them to inquire if they are currently giving special rates to accountants.

      Alternatively, you may get in touch with a mortgage broker who will consider your personal situation and help you find a suitable home loan option.

      Cheers,
      Anndy

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