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 July 20th, 2018
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FAQs about home loans for accountants

Rates last updated July 19th, 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
3.59%
3.59%
$0
$0 p.a.
80%
Get $1,000 cash into a USaver account when you take out a loan of $200,000 or more (new or refinance). Terms and conditions apply. Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
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%
4.11%
$0
$395 p.a.
80%
Save on interest with a 100% offset account and save on other ME products with this package loan.
3.49%
4.49%
$0
$395 p.a.
90%
Loans over $150k get a discount off an already low fixed rate. Available for NSW, Qld and ACT residents only.
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.
3.64%
4.03%
$0
$395 p.a.
80%
New borrowers or refinancers from another lender get a discounted rate with this package loan.
3.75%
3.75%
$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.
3.59%
3.59%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule. Get $1,000 cash into a USaver account when you take out a loan of $200,000 or more (new or refinance). Terms and conditions apply.
3.69%
3.70%
$0
$0 p.a.
90%
Package your loan and get an interest rate discount, a 100% offset account and help from an HSBC relationship manager.
3.54%
3.58%
$0
$0 p.a.
80%
Eligible borrowers can get $900 cashback on this loan with a 100% offset account and a redraw facility.
3.65%
3.66%
$0
$0 p.a.
90%
Competitive interest rate and low fees. Available with a 10% deposit. Partial offset account attached (offset up to $15,000).
3.69%
3.69%
$445
$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.
3.85%
3.85%
$0
$0 p.a.
80%
Pay no application and ongoing fees with Macquarie Bank Basic Home Loan.
3.68%
3.82%
$0
$10 monthly ($120 p.a.)
80%
Let the mortgage experts at Aussie do the hard work for you. Speak to a broker about this competitive home loan and compare many other offers from across the market.
3.72%
3.74%
$0
$0 p.a.
80%
Save on interest by taking advantage of a 100% offset account along with no ongoing fees or application fees.
3.65%
3.66%
$0
$0 p.a.
80%
This special rate mortgage has no ongoing fees and offers flexible repayments. Save $595 in establishment fees before 30 September.
3.64%
3.84%
$0
$0 p.a.
70%
Enjoy all the benefits of the Basic Home Loan and take advantage of an offset account.
3.59%
3.74%
$0
$10 monthly ($120 p.a.)
70%
Low-rate loan with 100% offset account for owner occupiers. You need a 30% deposit to get this mortgage.
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.
3.78%
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.
3.59%
4.67%
$0
$395 p.a.
90%
Enjoy a competitive rate with no application fee for this package loan.
3.79%
3.79%
$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.
3.84%
3.87%
$0
$0 p.a.
90%
Save on interest with a free 100% offset account and buy your property with just a 10% deposit.
3.74%
3.74%
$0
$0 p.a.
110%
Pay no deposit or LMI and get a discounted rate with this family pledge loan. Requires a family member to act as guarantor. NSW, Qld and ACT only.
3.76%
4.15%
$0
$395 p.a.
90%
A high maximum LVR home loan with redraw facility and additional payments. Includes a 100% offset account.
3.89%
3.77%
$0
$0 p.a.
80%
Pay no application or ongoing fee and borrow up to 80% LVR.
3.62%
3.62%
$0
$0 p.a.
95%
A low deposit mortgage with a competitive rate and plenty of flexibility. QLD residents only. Eligible borrowers can get a 15% discount on home and contents insurance for the life of their loan.
3.64%
3.69%
$600
$0 p.a.
80%
A competitive variable rate for borrowers with a 20% deposit or more. Guarantor option available.
3.74%
3.79%
$600
$0 p.a.
80%
A low rate variable home loan offer with no monthly fees or application fee charge.
4.04%
4.07%
$0
$0 p.a.
90%
For a limited time, pay no application or settlement fees. You can also take advantage of a free redraw facility.
3.70%
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.
3.72%
4.11%
$0
$349 p.a.
90%
Package your loan with other AMP products and save on rates and fees.
3.97%
3.99%
$0
$0 p.a.
80%
Package your owner occupied loan with investment loan and receive a discounted investment rate. 100% offset account included.
3.75%
4.00%
$0
$248 p.a.
70%
Get a sharp rate and a 100% offset account. Borrowers must have a 30% deposit.
3.62%
4.49%
$0
$0 p.a.
80%
Get a competitive rate and avoid ongoing fees. This loan is only available to current and former employees of eligible Queensland government organisations.
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.
3.99%
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.
3.89%
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.
3.99%
5.17%
$600
$0 p.a.
90%
Competitive rates for fixed for 3 years with redraw facility.
3.79%
3.83%
$600
$0 p.a.
80%
A low interest rate loan with limited fees and a redraw facility. Principal and interest repayments only.
4.09%
4.12%
$0
$0 p.a.
90%
Access a fee-free offset account and a special interest rate for investors.
3.99%
3.99%
$0
$0 p.a.
70%
Investors with a 30% deposit can get this low rate loan to fund their property portfolio.
3.90%
4.78%
$600
$0 p.a.
95%
A competitive fixed rate mortgage with split facilities and extra repayments. You can get this loan with a 5% deposit.
3.74%
3.74%
$0
$0 p.a.
90%
New customers can get a discounted variable rate and a fee-free redraw facility. NSW, QLD and ACT residents only.
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.
3.89%
4.87%
$595
$0 p.a.
90%
Borrow up to 90% of the value of the property you're buying and pay no application or ongoing fees.
4.05%
4.10%
$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.
4.14%
4.14%
$0
$0 p.a.
80%
Investors get a 100% offset account and pay no application or ongoing fees on this loan from an innovative 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.
3.99%
4.62%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
3.99%
4.86%
$0
$0 p.a.
80%
Access a fee-free 100% offset account and pay no application or ongoing fees.
3.74%
4.01%
$395
$0 p.a.
80%
A competitive 3 year fixed rate with no ongoing bank fees.
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.
4.19%
4.19%
$0
$0 p.a.
90%
Access to redraw facility and offset account without the annual fee.
3.99%
3.99%
$0
$0 p.a.
80%
Get a discounted, low-fee investor loan from a convenient online lender. 20% deposit required. Get $1,000 cash into a USaver account when you apply for a loan of $200,000 or more (new or refinance). Terms and conditions apply.
3.69%
4.47%
$0
$395 p.a.
90%
A fixed rate loan with a 100% offset account and the option to make additional repayments. Loans over $150k receive a discounted rate. NSW, QLD and ACT residents only.

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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?

    • finder Customer Care
      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

    • finder Customer Care
      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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