Emergency services employees play a vital role in our society, keeping us safe and healthy and ensuring that emergency services continue to run smoothly. As a token of appreciation, many lenders offer special home loan products and discounts to emergency services employees.
Are you an emergency service worker looking for your next home? Contact our team for expert advice in finding a home loan.
Home loans for emergency services employees typically offer a number of benefits, including:
To be eligible for a home loan for emergency services employees, you will typically need to meet the following criteria:
Emergency services typically includes the following occupations:
To apply for a home loan for emergency services employees, speak to our team of mortgage brokers today. We can assess your eligibility and help you find a suitable home loan product for your needs.
Here are a few tips for getting a home loan as an emergency services employee:
Due to recent changes, Paramedics and Ambulance Officers in Australia can typically borrow up to 90% of the property’s value and have the lender’s mortgage insurance (LMI) waived. This is significantly higher than the standard Loan to Value Ratio or LVR of 80%, which means that Paramedics and Ambulance Officers can borrow more money to buy a home without having to save up a large deposit.
Some lenders may also offer Paramedics and Ambulance Officers the option to borrow up to 100% of the purchase price with a guarantor loan. This means that a family member or friend can guarantee the loan on their behalf, which can help them to get approved for a loan even if they have a small deposit or a less-than-perfect credit history.
The maximum amount that Paramedics and Ambulance Officers can borrow will vary depending on their individual circumstances, such as their income, expenses, and credit score. However, most lenders will be willing to lend them a significant amount of money given their emergency services profession.
The following income types are typically serviceable at 100% by Australian lenders:
Some lenders may also consider other types of income, such as bonuses, commissions, and rental income, as serviceable at 100%. However, this will vary depending on the lender and the individual’s circumstances.
It is important to note that even if a lender considers a particular type of income to be serviceable at 100%, they will still need to assess your overall financial situation to determine how much money you can borrow. This will include factors such as your other income, expenses, and debts.
If you are unsure whether your income type is serviceable at 100%, reach out to us today to assess your individual circumstances.
The Emergency Services Credit Policy was changed in February 2020 to make it easier for permanent front-line employees of emergency services to apply for a home loan with an increased borrowing power.
The main change was that lenders now have the ability to assess overtime and allowances at 100% (conditions apply). This is a significant change, as previously lenders would only assess these income types at 80%. This means that emergency services workers can now borrow more money to buy a home, even if their income fluctuates due to overtime and allowances.
Other changes to the Emergency Services Credit Policy include:
The Emergency Services Credit Policy is a great initiative that helps to recognise the contribution of emergency services workers to our community. It makes it easier for them to buy a home and achieve their financial goals.
The reason for the change to the Emergency Services Credit Policy in February 2020 was to make it easier for permanent front-line employees of emergency services to apply for a home loan with an increased borrowing power.
The Australian Government recognised that emergency services workers play a vital role in our community and that they often face unique challenges when trying to buy a home. For example, emergency services workers often work irregular hours and may have their income fluctuate due to overtime and allowances. This can make it difficult for them to save for a deposit and to meet the borrowing requirements of some lenders.
The changes to the Emergency Services Credit Policy were designed to address these challenges and to make it easier for emergency services workers to achieve their home ownership goals. The policy changes were also in line with the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which called for lenders to take into account the unique circumstances of different borrowers when assessing their loan applications.
The changes to the Emergency Services Credit Policy have been welcomed by the emergency services community and by lenders. Lenders have reported that they are now more likely to approve home loan applications from emergency services workers and that they are able to offer them more competitive loan terms.
The income documents you will need to provide for a home loan will vary depending on your employment status and income type.
However, most lenders will require the following documents:
If you have other sources of income, such as investment income or rental income, you will also need to provide documentation for these sources of income.
In addition to income documents, you will also need to provide other financial documents, such as your bank statements and asset statements.
It is a good idea to speak to a mortgage broker or lender directly to find out what specific income documents you will need for your home loan application. They will be able to assess your individual circumstances and provide you with a list of the required documentation.