Do teachers get special mortgages?

 Home loans for teachers

Borrowing Capacity

✅Borrow up to 95% of property value. 
    ⇒You'll need a clean credit file & must buy in a major city.
✅Borrow 110% (100% + purchasing costs).  You'll need a guarantor.
✅Waive Lenders Mortgage Insurance - save over $9,000 in some cases.
✅Negotiate better interest rates - some lenders reward the low default risk in these loans.

Is my Lenders Mortgage Insurance Waived?

   ⇒Waive LMI - save of over $9K on a $800K property, when borrowing 85%.
✅Loan size must not exceed $1,500,000
✅Clean credit file
✅Reasonably strong income
✅6-12 months in your role
✅You must be purchasing a property

We'll help you work out LMI

Can a Casual teacher get a home loan?

✅Some lenders know the security of a teachers position.  And reward the low default risk when assessing borrowing capacity.

✅During the holidays there is often no income for a casual teacher. 

    ⇒Some lenders will look at your income over the Year-to-Date.

✅Some teachers have second jobs which can be assessed at 100% to boost income for servicing.

✅You will need payslips for three months.

✅You will need to be casually employed for at least three months.

✅You will need a casual employment letter outlining if you have been employed for the following term.

Will a lender consider my 2nd job?

✅PAYG. Will be assessed at 100% if the work is tutoring or teaching
⇒2nd job longer than 6 months.
✅Self Employed. Yes, 100% if you can supply 2 years of tax returns.
✅Some lenders will do 100% if less than 3 months if you have a good deposit & strong savings history.

Will they assess Higher Duty Allowance?

✅Some lenders will apply 100% servicing to this higher income if your employer writes you a letter stating its terms.

Teacher on probation?

✅ Yes. Your borrowing capacity may be slightly reduced depending on your savings etc. You will need a letter from your employer, a clear credit history, and some supporting documents of borrowing over 90%

How can I get my income statements in school holidays?

✅The DET HR departments is still open in the holidays. You can get the required documents directly from them.

✅Screen shot your online payroll system.

Get in touch

I'm here to help if you need me.

No fee service.

Matthew Stack
matthew@mortgagebrokerrevesby.com.au
www.mortgagebrokerrevesby.com.au
0423 237 242

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