What benefit do you get for applying for a teacher home loan?

• You can borrow up to 98% of the purchase price Loans for First Home Buyers and this will help you cover the cost of mortgage insurance. Many banks will only lend you up to 95%. You can also read here more about purchasing your first home.
• You can redraw on a fixed interest rate. This is rare for a fixed home loan.
• You can have a 100% offset account on a fixed interest rate. Not many lenders have offset accounts on a fixed product.
• You can have a maximum loan term of 40 years.

What if you are a teacher on probation or employed at multiple schools?

Home loan options are available even if you’re still on probation or have a casual position. However, note that you’ll need to meet all other standard lending criteria and have a clear credit history.

Many lenders may only use 50% of your income if you’re a casual teacher. In addition to that, they may require you to have a 12-month work history before they accept any income

You are a teacher on a contract, can you apply for a home loan?

The simple answer is yes. Should you have 12 months of work history then you are in a position to apply for a teacher’s loan.

Contact us for a free financial appraisal

hfinance mortgage brokers specialise in teacher home loans. We can help you create a strong loan application so you’re more likely to get approved the first time around, to speak with a Melbourne Mortgage Broker, Preston Mortgage Broker, Gold Coast Mortgage Broker click on one of the following links.

You can speak with the hfinance team by calling us on 1300 928 227 or email info@hfinance.com.au