Professional loans could save you big bucks when you buy a home

If you work in the medical profession, you could be eligible for a Medico loan package. Want the best home loan deal? That could depend on your job. Not just the amount you earn but, rather, the type of job you have. Doctors, lawyers, accountants and nurses are just some of the borrower-types that banks and other lenders often target with special deals in the form of professional loans. Many offer lenders mortgage insurance (LMI) waivers on loans of up to 90 per cent of the loan to value ratio (LVR), meaning those eligible could potentially bypass government schemes such as the Five Per Cent Deposit Scheme and still buy a home with a 10 per cent deposit while saving thousands of dollars on LMI. It’s worth discussing your options with a broker who can see which loan packages you are eligible for. NOT JUST FOR FIRST-HOME BUYERS While there are non-bank lenders that also offer 90 per cent home loans with no LMI that aren’t restricted to certain types of occupation, says Atelier Wealth managing director Aaron Christie-David, they tend to have higher interest rates. MORE: Top banker reveals 2 radical ways to beat RBA’s rate squeeze ‘Asking why’: Aus’ large lender going broke In contrast...