Police & Law Enforcement Home Loan Specialists
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< NURSES >
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We Believe That Police Officers Should Be Able to Live in the Communities That They Serve.
We support the police services of Australia, and we work tirelessly to ensure that police are able to purchase and live in the communities that they serve. We have specialist staff and partners that are former serving members.
We specialise in working with all police services in Australia, and other emergency sector workers, such as firefighters, ambulance workers and paramedics, and medical professionals
Generally speaking, police officers may often qualify for various home loan exceptions. Your employment is considered stable, and many banks reward your service to the community. Standard loan qualification applies. You may borrow up to 95% of the purchase price (or 95% LVR). In many cases LMI will not apply, or discounts may be applied. You may borrow up to 100% of the purchase price with a guarantor. We have excellent relationships with our panel of lenders, and we often source unpublished or negotiated rates for emergency services groups.
Many banks will consider your application during your 12-month probationary period. In some cases a premium may be applied to the rate or LMI but this is the exception rather than the rule. One of the issues that may present a problem is that some lenders require ‘stable’ employment without exception (Genworth being one example) – this means that they’ll want to see a full 6-months of employment. Some lenders may accept that your income will increase (with written evidence) but this is normally applicable after you’ve completed your pre-Constable checks and you’re waiting on your stripes.
Overtime is typical in the police service, and it is often significant – particularly in some section of the Force. Many banks will shave overtime to 80% or lower for standard borrowers but police will often have their overtime evaluated in full with written evidence. As an essential emergency services worked various exceptions may be applied to your application.
It’s typical for police to have secondary employment, or ‘User Pays’ employment (often considered to be overtime since it’s on the same payslip). Secondary employment should be in a closely related field, such as general security, close personal protection, guard-house work etc. Your income from secondary employment may be evaluated as a percentage (normally 50% to 80%, depending upon the lender) if you cannot demonstrate that you have had consistent work history over a 12-24 month period. Some lenders will consider a shorter secondary work history if you’re in a strong financial position.
It’s not uncommon for police officers to salary sacrifice a vehicle, computer, or some other asset. Most banks will consider your gross income without taking salary sacrifice tax benefits into account, although we’ll talk to you about this based on the type of obligation you have made. Many lenders will exclude the salary sacrificing as “tax-free” meaning that your sacrificed obligations won’t compromise your borrowing; 100% is added back into your assessable income. A verified employment letter will usually be required.
As mentioned, police and other law enforcement, and some related professionals, are considered a low-risk customer. As such, you may be able to borrow up to 85% of the purchase price without LVR being applied, potentially saving you thousands on a typical purchase. Conditions and eligibility criteria apply.
A Risk Fee is a once-off charge payable by you when the amount of money you borrow for the purchase of a home or asset if higher than that lender's acceptable LVR . For a home loan, this is usually 80% of the value of the home (80% LVR). The fee is charged to reduce… [ Learn More ]
When you apply for a home loan, a lender will take a large number of factors into consideration when deciding whether or not to approve your application. The Serviceability assessment determines if you can comfortably "service" the loan repayments after considering all of your income, expenses and liabilities. Each lender has its own risk assessment… [ Learn More ]
Conveyancing is the legal process of preparing and organising the required documents involved in the transfer of property from one person to another. The conveyance of a property is undertaken by both those who are selling and those who are buying property, and is conducted by a conveyancer, solicitor, or the individual buying or selling… [ Learn More ]
Low doc (low documentation) home loans can benefit people who don’t have access to the level of information banks and lenders often require for your standard home loans. If you are a business owner, contractor, seasonal worker or freelancer, you may not have all the documentation usually required or the employment history often requested. Your… [ Learn More ]
A 'Split Home loan', 'Split Facility’, or 'Split Mortgage', is a home loan that combines a Fixed Home Loan and a Variable Home Loan . In essence, a Split Loan allows you to split a home loan into two accounts, both of which attract interest rates and features that are specific to that loan.… [ Learn More ]
A construction loan, also known as a building loan, is a lending option that provides you funds to pay your Licenced Builder (or fund your Owner-Builder project) throughout each stage of your build or renovation process. It has a vastly different loan structure to home loans designed for people buying an existing home. Building a… [ Learn More ]
A fixed rate loan, as opposed to the Variable Rate Home Loan , is one where the rate is fixed for a defined time period. Not as popular the variable product, Fixed Rate loans still offer a range of features that make the loan type worthy of consideration, particularly if you're looking for certainty in… [ Learn More ]
The Variable Home Loan rate is the most popular home loan type in Australia. An interest (and comparison) rate is set for a particular product and will vary depending upon cash rate changes as dictated by the Reserve Bank of Australia . The variable rate set by a bank doesn't necessarily move proportionally to official… [ Learn More ]
Most home loans are based on principal and interest. That is, you pay off the principal amount (the amount you have borrowed) in addition to the accumulated interest. However, when servicing an interest only loan you will only pay off the interest component for a period of time, thus greatly reducing your monthly obligations. While… [ Learn More ]
A Home Loan Package is a home loan bundled with other financial or banking services and products with the main attractive feature usually being an included discount on the home loan interest rate. At the time of this writing, the interest rate reduction was around 0.8% to 1.4% for a variable rate home loan. Examples… [ Learn More ]
A Basic (or No Frills) Variable Rate Home Loan is a straight forward non-complicated loan with minimal features, a competitive interest rate and no annual or monthly fees. Payment of an establishment or application fee varies between lender with some charging $0. These loans have minimal features (eg no offset accounts) and hence the lower… [ Learn More ]
I Know The Broker is a member of the Police Home Loans Cooperative (police.com.au). We believe that those that serve the community should be able to live in the community of their choosing. We have a strong understanding of police offer and '000 Emergency Services' needs, and we work relentlessly to ensure you live in the home of your choice.There are no limits to the police services and officers we work with. We also work with nurses, doctors, firefighters, and military personnel to source a suitable product given your unique employment position. How Much May Police Borrow? Generally speaking, police officers may often qualify for various home loan exceptions. Your employment is considered… [ Learn More ]
Extra perks are available to some qualifying professions within the mining industry like Mining Engineers, Surveyors and Geophysicists, whose salary meets the minimum income test ($150,000 at time of writing) and you are a member of the appropriate industry association (e.g. Engineers Australia). The primary benefit being, you are able to borrow up to 85%… [ Learn More ]
Barristers, Lawyers and accountants are recognised as low-risk borrowers with high incomes and for this reason, you can borrow up to 90% of the value of the property and pay no Lenders Mortgage insurance (LMI) . Normally LMI is payable if you borrow more than 80% of the value of the property. As an example,… [ Learn More ]
Medical doctors are considered 'low risk' by the majority of lenders because of higher incomes, and the likelihood that income will increase over time. Additionally, Doctors are considered to be future customers of other types of products. It's for this reason that banks apply various discount on their products. LMI Waivers Doctors and certain other… [ Learn More ]
The Loan to Value Ratio (LVR) is the amount you're borrowing represented as a percentage of the property’s value. The loan amount is divided by the purchase price of the valuation amount, then multiplied by 100 to make a percentage. For example, if you're purchasing a home worth $500,000 and you wish to borrow $400,000… [ Learn More ]
A comparison is the true cost of a loan every year, including fees and charges, and taking the product attributes into account. While an interest rate may be low to lure you into that product, the comparison rate provides a more realistic understanding of the cost of a loan, and allows you to more easily… [ Learn More ]
Pre-approval simply means that the lender has evaluated your property purchase, your basic details, and has obtained other early details, in order for you to start looking for property. It provides you with an informed and reliable estimate of your true borrowing capacity, but it doesn't necessarily fully consider your serviceability or credit history (the… [ Learn More ]
Equity is the value of an asset (e.g house, car) minus any debts attached to that asset. For a property, the equity would be the current market value of the property minus the balance of any loans attached to that property. As an example, say we have a property as follows: The current value of… [ Learn More ]
Lenders assess mortgage applications differently based on the location of the property being offered as security. A lender, or the Lenders Mortgage Insurance provider, will apply more rigid lending policies in high-risk locations to limit their risk. This risk assessment often means that your maximum permissible LVR (and your borrowing amount) to be lower.… [ Learn More ]
If you’re a first home buyer, you may be eligible to withdraw voluntary super contributions you’ve made to put toward a home deposit. Through the First Home Super Saver Scheme (FHSSS), first-home buyers may be able to use Australia’s superannuation system as a tax-effective way to save for part of their home deposit. The FHSSS… [ Learn More ]
Getting into the property market is difficult when you're paying rent because you're still required to save a 5% deposit towards a new home. While the deposit is still usually required, many lenders will accept your rental history as a substitute for your 'Genuine Savings ', meaning that any required deposit may be non-genuine savings.… [ Learn More ]
Self-Managed Super Funds are often used by investors as a means to take control over their superannuation for the purpose of investing in property of their own choosing. However, Self-Managed Super Funds - particularly when used for investing - is a complex subject that requires the guidance of a suitably qualified professional. A Self-Managed Super… [ Learn More ]
The term Genuine Savings refers to the funds that you have saved genuinely and gradually over time, usually between three to six months. It excludes gifts, tax refunds, one-off payments from the sale of assets, such as you car, Home Owner Grants , and work bonuses. The term 'Genuine Savings' is one that is quite… [ Learn More ]
We believe that former adversity shouldn't impact upon your ability to get a home loan, and we specialise in sourcing suitable products for those that have experienced adversity via a less-than-stellar credit history, bankruptcies, defaults, Part IX debt agreement, or judgments. Sometimes life gets in the way of your wealth creation or home-ownership goals, so… [ Learn More ]
A Guarantor Loan, Family Pledge Loan, Limited Guarantee, or "Equity Guarantor" loan is one where the guarantor enables entry to the property market to a buyer by offering your own fully or partially-owned property as security. You are essentially co-borrowing without the financial commitment; should the borrower fail to meet their obligations you inherit the… [ Learn More ]
When you apply for a home loan your lender will get an independent valuer to assess the bank valuation of the property you wish to buy. For the bank, property valuation risks are their main priority, so the bank valuation is a conservative estimate of the property's value and is different to a market valuation.… [ Learn More ]
Selling your existing home and buying a new home simultaneously can be a little difficult in that the sale of your property, and finding a new property, rarely occur simultaneously. With a bridging loan, you can avoid the stress of matching up settlement dates, move quickly to buy your new home and give yourself more… [ Learn More ]
As listed on our FAQ on your Credit Score , a credit report may list overdue payments of any kind (by 14 days), unreliable or missed payments, or defaults. That report holds information on your profile as a credit risk and will impact upon your suitability for certain types of loans and rates. The nature… [ Learn More ]
Your credit score is your credit history converted to a number between 0 and 1000 or 0 and 1200, depending on which credit score provider produced the credit score. The higher the score, the better your credit rating. It is one of the factors used by lenders to determine how likely you are to repay… [ Learn More ]