Loans for Teachers and Educators
Invest in your very own future just as much as you invest in that of your students
Teachers play a huge role in shaping society. Besides having a rewarding profession and the satisfaction of having a positive impact on the world, teachers and educators also benefit from special advantages when it comes to choosing the right finance!
We are here to empower and support you throughout the journey so you can achieve your financial goals and dreams!
From finding the right loan to taking the next step to purchase your dream home, build your wealth through property investment, or paying off existing debt sooner through a loan refinance or debt consolidation, our team is here to guide you and oversee the entire process, so you can enjoy a stress-free experience.
Our award-winning team is here to do the leg work so you can focus on the highest priority; creating a better future for our communities!
We can't wait to turn your financial dreams into reality!
Understand the process
From assessing how much you can borrow, through to the application process, this is an overview of your journey!
Get your questions answered!
Eligibility, benefits, discounts, grants, and much more! No question is too big or small
Speak to our wonderful team
Our specialist brokers are here to help. Reach out to us today!
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Applying for a Loan as a Teacher or Educator
As an education professional, you have lots of benefits when it comes to finding the right finance. Our team is here to help!
Set your expectations right, discover how much you can borrow, and explore the benefits available to you as a teacher
Let our team find the right loan product and features to help you achieve your dreams and goals
Gather the relevant documentation and let us submit your application
Get formal approval for your loan and sign your documents
Have your loan settled and continue to save money as our team conducts regular loan reviews on your behalf for the lifetime of your loan!
Set your expectations right, discover how much you can borrow, and explore the benefits available to you as a teacher
Let our team find the right loan product and features to help you achieve your dreams and goals
Gather the relevant documentation and let us submit your application
Get formal approval for your loan and sign your documents
Have your loan settled and continue to save money as our team conducts regular loan reviews on your behalf for the lifetime of your loan!
Get your questions answered!
Teachers and other education professionals have access to lots of benefits and options when it comes to financing. We are here to remove the complexity of it all and answer your questions, no matter how big or small!
What criteria must teachers and education professionals satisfy to be eligible?
In order to be eligible for the special benefits that come with loans for teachers and educators, you must be able to provide proof of:
- At least 1 year of continuous employment or 2 years of experience
- A healthy credit score
Educators who are currently on probation are still eligible for benefits, but specific lending criteria such as your credit history will have a greater impact on the outcome of your application. Your dedicated Rise High broker can help guide you through these requirements to ensure you adequately meet all the lending criteria.
If you are looking to get a home loan or purchase a property, you will also need to provide proof of
- Genuine savings of 3% of the purchase price of the property (as a first home buyer), or 5% if purchasing a second property or investment property
- Enough deposit to cover at least 15% of the purchase price (special concessions are available when it comes to the deposit of your loan. Head to the benefits section to learn more!)
What documents do teachers and educators need to apply for a loan?
The main documents you will need to provide include proof of identification, income, employment, and expenses.
The specific documents that will qualify as proof of this will vary depending on the conditions of your contracts (whether you are a permanent teacher or work on a casual basis), amongst other factors.
Secondary income, such as tutoring, overtime, and Higher Duty Allowances (HDA) can also be considered to support and strengthen your application. Working with our team of specialists, you can be confident to receive the right advice to maximize your borrowing capacity and ultimately obtain approval!
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Eligibility criteria
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Documentation requirements
What criteria must teachers and education professionals satisfy to be eligible?
In order to be eligible for the special benefits that come with loans for teachers and educators, you must be able to provide proof of:
- At least 1 year of continuous employment or 2 years of experience
- A healthy credit score
Educators who are currently on probation are still eligible for benefits, but specific lending criteria such as your credit history will have a greater impact on the outcome of your application. Your dedicated Rise High broker can help guide you through these requirements to ensure you adequately meet all the lending criteria.
If you are looking to get a home loan or purchase a property, you will also need to provide proof of
- Genuine savings of 3% of the purchase price of the property (as a first home buyer), or 5% if purchasing a second property or investment property
- Enough deposit to cover at least 15% of the purchase price (special concessions are available when it comes to the deposit of your loan. Head to the benefits section to learn more!)
What documents do teachers and educators need to apply for a loan?
The main documents you will need to provide include proof of identification, income, employment, and expenses.
The specific documents that will qualify as proof of this will vary depending on the conditions of your contracts (whether you are a permanent teacher or work on a casual basis), amongst other factors.
Secondary income, such as tutoring, overtime, and Higher Duty Allowances (HDA) can also be considered to support and strengthen your application. Working with our team of specialists, you can be confident to receive the right advice to maximize your borrowing capacity and ultimately obtain approval!
Discover the benefits of your loan
As a teacher, your stable employment, regular income, and usually conservative spending habits make you highly sought after by lenders! These benefits allow you to be considered a less-risky borrower than other professionals, providing you access to fantastic benefits that can save you lots of money!
Save on Lenders Mortgage Insurance!
Lenders’ Mortgage Insurance (LMI) is usually payable when you borrow an amount greater than 80% of the property’s value. LMI protects the lender against loss in the event that you decide to default on your loan, but since the risk is relatively low amongst education professionals, great concessions exist for your benefit!
As a teacher and education professional, lenders will waive this fee on loans of up to 85% of the property value for owner-occupied properties, provided you are looking to borrow less than $1,500,000, have a clean credit history, and have proof of long-term employment.
Thinking about applying with a partner who is not a teacher? The concession will still apply as long as one of the borrowers is an education professional.
Require lower deposit and access loans with a higher LVR!
The Loan-to-Value Ratio (LVR) represents the amount you are borrowing as a percentage of the property you intend to buy.
As a teacher or education professional, you are able to borrow up to 100% of the property’s value plus purchase costs when applying with a guarantor, and up to 95% of the property’s value if you choose to apply without one.
When it comes to your deposit, this would imply that depending on your LVR and whether you are choosing to apply with or without a guarantor, you would be eligible to apply for a loan with little to no deposit!
Access lower interest rates & discounted fees!
As mentioned earlier, teachers are considered low-risk borrowers by most lenders. Due to this, special discounted loans, lower interest rates on loans with low LVR and accounts with 100% offset features are available, making your journey to homeownership or property investment much easier!
As a teacher, you may also have access to additional discounted fees, enjoying benefits such as having your application fees entirely waived.
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Lenders Mortgage Insurance
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Deposit and LVR
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Interest rates
Save on Lenders Mortgage Insurance!
Lenders’ Mortgage Insurance (LMI) is usually payable when you borrow an amount greater than 80% of the property’s value. LMI protects the lender against loss in the event that you decide to default on your loan, but since the risk is relatively low amongst education professionals, great concessions exist for your benefit!
As a teacher and education professional, lenders will waive this fee on loans of up to 85% of the property value for owner-occupied properties, provided you are looking to borrow less than $1,500,000, have a clean credit history, and have proof of long-term employment.
Thinking about applying with a partner who is not a teacher? The concession will still apply as long as one of the borrowers is an education professional.
Require lower deposit and access loans with a higher LVR!
The Loan-to-Value Ratio (LVR) represents the amount you are borrowing as a percentage of the property you intend to buy.
As a teacher or education professional, you are able to borrow up to 100% of the property’s value plus purchase costs when applying with a guarantor, and up to 95% of the property’s value if you choose to apply without one.
When it comes to your deposit, this would imply that depending on your LVR and whether you are choosing to apply with or without a guarantor, you would be eligible to apply for a loan with little to no deposit!
Access lower interest rates & discounted fees!
As mentioned earlier, teachers are considered low-risk borrowers by most lenders. Due to this, special discounted loans, lower interest rates on loans with low LVR and accounts with 100% offset features are available, making your journey to homeownership or property investment much easier!
As a teacher, you may also have access to additional discounted fees, enjoying benefits such as having your application fees entirely waived.
Let us help
Ultimately, we will be here to help you navigate through all of these questions and more, being by your side throughout the entire journey and helping you out through every stage.
We will be there to simplify the process so you can focus on making a difference through your work, investing your time in what matters most!
Most importantly, we are here to empower you so you can believe there is no need to compromise when it comes to making your goals and dreams come true!
We can’t wait to support you in this exciting journey!
Ready to get started?
Our award-winning mortgage brokers are always here to look after you and support you in achieving your dreams and goals. With a fee-free service, complimentary loan reviews that save you money, and regular updates and communications, you can trust that we will always put you first and have your back!