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, allowing teachers greater flexibility on paying off and accessing funds within their mortgage.
• You can have a 100% offset account on a fixed interest rate. A great feature that allows you to pay down your mortgage quicker.
• You can have a maximum loan term of 40 years. Greater flexibility for loan servicing.

• You can borrow up to 85% with No Mortgage Insurance, saving you thousands of dollars in mortgage premiums.

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 Sydney Mortgage Broker or Gold Coast Mortgage Broker.

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