The professions banks reward

Transcript

Did you know your job could save you tens of thousands on a home loan?

Many banks now waive lenders mortgage insurance - often called LMI - for a wide range of professions.

LMI is a fee that usually applies when you have less than a 20% deposit, and it can add thousands of dollars to your upfront costs.

So, is your job on the list?

If you're a doctor, nurse, teacher, police officer, paramedic, engineer, lawyer, accountant, pharmacist, banker or magistrate, you might be in luck.

These roles are seen as low risk, with stable income and strong long-term prospects.

Some lenders also offer higher borrowing limits or better interest rates, though the deals vary.

If you're in one of these professions, it's worth checking - because your job might not just help you save for a deposit, it could make buying a home much more affordable.

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