Mortgage Brokers for Teachers

Tailored Solutions for Educators

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Why teachers choose Get a Better Rate

Teachers have unique financial needs and profiles, including various benefits, entitlements, and salary structures, which require nuance and understanding from their mortgage brokers. For this reason, Get a Better Rate helps education professionals obtain industry-specific loans, including teacher mortgage brokerage services. Our team tailors teacher home loan packages to support educators through every step of the banking process.

Teachers typically choose Get a Better Rate because we take the time to delve into knowledge specifically related to the education industry, meaning we understand the support professionals in that field need. Further, unlike big banks, which only offer internal products, Get a Better Rate offers a range of lenders to choose from for a home loan.

Because of this, there is no need to settle for a generic home loan when you have our support and knowledge leading you to tailored financial solutions.

Benefits of using a specialised mortgage broker for teachers

The demanding workload teachers face leaves them little time to research loan options themselves, whether you are a first home buyer looking for a mortgage broker or financing other needs. Teachers have distinct financial requirements that major lenders may not always accommodate.

Engaging a mortgage broker who is familiar with the educational profession offers significant advantages for teachers. These professionals understand the unique financial demands of educators and can help save them valuable time and money.

Some key advantages of mortgage brokerage services for teachers include:

  • Lenders Mortgage Insurance (LMI) wavier and higher borrowing capacity

  • Lower interest rates

  • Reduced deposits

  • Free up time

  • Ongoing support

  • Diverse range of loan products available

Having a mortgage broker who can connect you with lenders offering home loans tailored to teaching professionals is paramount. Get in touch with Get a Better Rate for an obligation-free consult

Our mortgage services for teachers

For teachers looking for specialised home loans, Get a Better Rate is one of the top mortgage brokers in Sydney’s CBD. We offer tailored mortgage services designed to support educators, known as low-risk borrowers.

Teachers typically enjoy stable cash flow and strong income potential compared to other professions. Because lenders value their financial stability and the trust associated with the teaching profession in the community, they are rewarded with teaching-specific home loan features:

Lenders Mortgage Insurance (LMI) wavier and higher borrowing capacity

As teachers are considered low-risk borrowers, their home loans offer the exclusive benefit of waived LMI and discounts, which people in other industries won’t all have access to. Teachers can borrow up to 85-98% of their home loan value without paying the lender's mortgage insurance.

When you do not have to pay the lender's mortgage insurance, you can save a lot on your home loan fees throughout the loan's lifetime.

Lower interest rates

Due to the stability of their jobs and salary packages, mortgage brokers can often negotiate lower interest rates for teachers.

Reduced deposits

Owing to the consistency of a teacher’s income, educational professionals are often eligible for reductions to the standard 20% deposits, helping them save valuable income.

Free up time

Mortgage brokers save you time as they work on finding relevant teacher home loans and comparing them for you so that you have more time for the things you love.

Ongoing support from mortgage experts

Understanding how home loans differ for teachers and educational professionals can unlock many industry-specific advantages. Mortgage brokers for teachers are rife in the market and can guide you on how to maximise these benefits.

For example, your broker will do their best to secure the highest borrowing capacity possible, even as they search for competitive interest rates and loan terms. You can trust the broker to find a home loan that suits your personal and financial situation.

We know that teachers face different salary packages, remuneration and work capacities. That is why Get a Better Rate has tailored its mortgage services to support such unique needs through home loan packages for teachers.

Our tailored process for mortgages for teachers

Unlike the hands-off approach most lenders tend to take with their clients, the mortgage brokers at Get a Better Rate always use a personalised approach to support their clients throughout their home loan journey. This is demonstrated through our process for seeking a home loan:

Step 1: Initial consultation

Get a Better Rate offers complimentary consultations for all borrowers interested in our mortgage broking services. During the initial meeting, an expert broker will explain home loans to teachers and assess your needs.

All consultations that follow are also free of charge. Our services are funded through lender commissions, ensuring you receive expert advice without any upfront costs. Discover more about mortgage broker compensationand commission structures.

Step 2: Choose your teacher's home loan

Once our brokers grasp your home loan requirements, they will identify suitable options from our diverse range of lenders, which includes major banks like ANZ and ING.

Our brokers diligently compare interest rates, loan terms, and repayment schedules to present you with the best choices available in the current market, freeing you up to concentrate on more important aspects of your life while we do the heavy lifting. When you're ready, all you need to do is select your preferred home loan from the options curated by your broker.

Step 3: Loan application

With Get a Better Rate's support, navigating home loan applications is made easier. Our brokers offer expert guidance through every step of the paperwork process. You'll need to bring:

  • Proof of identity (passport, photo ID, or driver's licence)

  • Secondary identification (birth certificate, citizenship certificate, Medicare card, etc.)

  • Proof of income (recent payslips or bank statements)

  • For self-employed: recent tax returns and assessment notices

  • Proof of financial assets (properties, savings, etc.)

  • Proof of financial liabilities (debts, loans, etc.)

  • Summary of ongoing living expenses (utilities, education, transport, insurance, etc.)

Our team ensures you're supported throughout, simplifying your application journey.

Step 4: Approval and settlement

Once your loan application is submitted, it is out of your hands and up to your lender to provide approval. Your chosen lender will assess your submitted documents, credit score, and borrowing risk against your chosen home loan.

If approved, you will move into the settlement phase, where the lender will confirm that everything is in order and that your property purchase or refinancing efforts will go through.

Step 5: Enjoy your new home loan

From here, you can sit back and enjoy the benefits of your new loan! Teachers and other education professionals can get interest rate discounts and no LMI through the efforts of Get a Better Rate, so be sure to start the process today!

Meet our principal mortgage broker: Peter Hammond

For more than two decades, Peter Hammond, founder and principal mortgage broker of Get a Better Rate, has worked with top Australian financial institutions such as Westpac, Macquarie Bank, and Aussie Home Loans. Drawing on this extensive background, Peter established Get a Better Rate from the ground up. Over the past seven years, he has championed a customer-centric approach, working hard to ensure that each client secures the most suitable rate and loan for them.

Peter recognises the pivotal role educators play in shaping Australia's future and as such, has dedicated a significant part of Get a Better Rate's efforts to providing tailored home loan solutions for teachers.

Reach out to Peter to discover how you can apply for a specialised home loan designed for educators now.

Get in touch: Start your journey today for free

From lawyers through to educational professionals, Get a Better Rate can help you secure a favourable loan that suits your lifestyle.

Whether you are expanding your property portfolio with an investment property, purchasing your first home, or refinancing to a more competitive interest rate, we are committed to helping you secure the best loan for you.

Don’t miss out on industry-specific advantages like exemption from lenders mortgage insurance, and access to lenders specialising in servicing educational professionals. Contact us for a hassle-free mortgage brokering experience by submitting an online form or reaching out to principal broker Peter Hammond directly at 0420 991 404 to arrange your complimentary consultation.

FAQs

What are the benefits of a teacher’s home loan?

The main benefits of teacher home loans are the discounted interest rates, no need to pay LMI, and higher borrowing capacity. Your mortgage broker or lender may be able to offer additional and unique benefits when you use their services.

How can a mortgage broker help teachers secure a favourable mortgage?

Mortgage brokers can help teachers directly access home loans specifically tailored to educational professionals. There is no need to search for themselves when a broker can help them save time and money while also finding the most competitive loan packages.

Additionally, brokers can help teachers increase their borrowing capacity without paying LMI.

Do teachers get cheaper home loans?

Teachers can obtain cheaper home loans by receiving interest rate discounts and waived LMI.

Are teachers exempt from Lenders Mortgage Insurance (LMI)?

Since teachers are considered 'low-risk' borrowers, many lenders offer exclusive deals to waive LMI costs. This enables teachers to borrow as high as 95-100% of the property value, meaning that some teachers can enjoy cheaper home loans due to their exemption from LMI.

How much deposit do teachers need?

Typically, borrowers are expected to pay a deposit of around 20% of the property's value, lest they pay LMI. However, teachers can usually deposit only 5-10% without paying the LMI premium. Some lenders may even allow no deposit since teachers are considered so low-risk!