26 Nov 2024 Home Loans for Accountants in Melbourne: How to Maximise Your Income for Better Borrowing Power

Melbourne’s property market continues to thrive, fuelled by a diverse economy and strong professional sectors like accounting and finance. Accountants are in a unique position to benefit from home loans for accountants, thanks to their stable income, financial literacy, and often favourable risk profile. These factors can unlock loan products with better rates, higher borrowing power, and flexible terms.

At EverLend, our mortgage brokers understand how to tailor home loan solutions specifically for Melbourne’s accounting professionals. Whether you’re self-employed or a salaried accountant, working with an experienced broker ensures your financial strengths are fully recognised by lenders. 

Let’s explore how you can take advantage of your profession to secure better outcomes when buying property in Melbourne.

 

Key Takeaways for Accountants Seeking Home Loans in Melbourne

• Accountants often qualify for exclusive home loan benefits due to strong income and financial credibility.

• Lenders may offer LMI waivers and higher borrowing limits for eligible accountants.

• Mortgage brokers like EverLend can match accountants with tailored loan products across 40+ lenders.

• Proper documentation, including tax returns and professional memberships, is critical for approval.

• Choosing the right loan structure—offset, split, fixed or variable—can lead to long-term savings.

 

Why Accountants Have a Borrowing Advantage

Lenders view accountants as low-risk borrowers due to consistent income and financial expertise. This perception can significantly improve your borrowing capacity and loan terms.

Key reasons why accountants stand out include:

• Stable Employment: Accountants are often employed in secure roles across industries like finance, legal, government, and corporate sectors.

• Above-Average Incomes: According to Job Outlook Australia, accountants earn a median salary above the national average.

• Professional Memberships: Affiliations with CPA Australia or CA ANZ often make lenders more confident in your creditworthiness.

• Low Default Rates: Statistically, accountants have lower default rates, giving lenders greater confidence.

These factors can lead to benefits such as reduced interest rates, LMI waivers, or more favourable lending criteria. Some lenders even offer specialised home loans for accountants that include discounted fees and higher LVR limits.

 

Understanding LMI Waivers and Higher Borrowing Power

Many lenders offer Lenders Mortgage Insurance (LMI) waivers for accountants, allowing you to borrow up to 90% or even 95% of a property’s value without paying LMI.

Here’s how this can benefit you:

• Save Thousands: LMI costs can range from $10,000 to $30,000 or more. Avoiding it is a significant saving.

• Enter the Market Sooner: Without needing a 20% deposit, you can purchase property earlier.

• Use Funds Elsewhere: Money that would have gone toward LMI can be used for renovations, investing, or offset accounts.

In addition, because of stable income documentation, accountants may qualify for higher borrowing limits, sometimes up to six times their annual salary. This means a more competitive edge when buying in high-demand suburbs across Melbourne, from Carlton and South Yarra to Brunswick and Box Hill.

Thinking of buying in Melbourne? EverLend’s Melbourne brokers help accountants simplify the home loan selection process. Get matched with the right lender. Speak with our experts at 03 7036 3356 or www.everlend.com.au.

 

What Home Loan Options Are Available to Accountants?

There’s no one-size-fits-all loan. But with the help of a broker, you can access tailored lending options specific to your profession. These may include:

1. Professional Packages

Offered by major banks, these packages may include:

• Reduced interest rates

• Fee waivers (application or annual fees)

• LMI waivers up to 90–95% LVR

2. Offset Accounts and Redraw Facilities

Offset accounts reduce interest payable, helping accountants manage tax-deductible interest on investment properties more effectively.

3. Fixed vs Variable Loans

Some accountants prefer fixed loans for stability, while others use variable rates and offset accounts to their advantage.

4. Split Loans

Split loans combine fixed and variable features, providing balance and flexibility. A mortgage broker can guide you based on your risk profile and future goals.

Working with a Melbourne-based mortgage broker like EverLend ensures you’re matched with lenders who offer home loans for accountants that suit your personal and professional circumstances. Call 03 7036 3356 and get a personalised loan strategy. 

 

Government Schemes That Can Help Accountants in Melbourne

While accountants may already benefit from profession-based lending perks, there are also several government home ownership schemes that accountants in Melbourne can take advantage of. These initiatives are designed to make home ownership more accessible and affordable, especially for first-time buyers and those with lower deposits.

1. First Home Guarantee (FHBG)

This federal initiative allows eligible first-home buyers to purchase a home with as little as 5% deposit, without paying Lenders Mortgage Insurance (LMI). While this isn’t exclusive to accountants, combining this with profession-specific benefits like LMI waivers can provide significant advantages.

2. Victorian First Home Owner Grant (FHOG)

If you’re purchasing or building a new home in regional Victoria valued up to $750,000, you may be eligible for a $10,000 grant. While this doesn’t apply to established homes in metropolitan Melbourne, it’s ideal for accountants looking to invest or settle in regional areas near the city.

3. Stamp Duty Concessions

In Victoria, first-home buyers purchasing properties under $600,000 may be eligible for a full stamp duty exemption, while those buying between $600,000 and $750,000 can access concessional rates.

4. Help to Buy (Shared Equity Scheme)

The Help to Buy scheme is a federal shared equity program allowing eligible buyers to purchase a home with as little as 2% deposit, while the government contributes up to 40% for new homes or 30% for existing homes.

This can be a game-changer for accountants, especially those who are self-employed or building a practice, who have strong earning potential but haven’t yet saved a large deposit.

These programs are especially useful when combined with accountant-specific loan features like waived LMI or professional loan packages. 

Secure flexible home loan options and government schemes for accounting professionals with guidance from trusted Melbourne mortgage brokers. Contact EverLend at 03 7036 3356 or visit www.everlend.com.au for a tailored lending strategy.

 

Documentation Tips for Accountant Loan Applications

Even though accountants are trusted borrowers, presenting the right documents is key. Here’s what you’ll typically need:

• 2 years’ worth of tax returns (personal and business if self-employed)

• Latest PAYG summaries or payslips

• Proof of membership (e.g., CPA Australia or CA ANZ)

• Evidence of existing assets and liabilities

If you’re self-employed, documentation becomes even more important. Be sure to maintain clean and updated financial records to demonstrate your true income.

 

How EverLend Helps Accountants Navigate the Home Loan Process

Getting the best home loan as an accountant isn’t just about income, it’s about how that income is presented and negotiated with lenders. Here’s how EverLend simplifies the process:

• Tailored Guidance: We understand how to package income, especially for self-employed accountants or those running their own practices.

• Access to Lender Networks: We work with over 40 lenders across Australia, including those with niche products for accounting professionals.

• Loan Structure Advice: Whether it’s an investment property or a principal place of residence, we guide you on tax-effective and future-proof structures.

• Fast Turnarounds: We ensure your loan application is processed efficiently, with minimal back and forth.

Most importantly, we help accountants make sense of complex loan policies, ensuring you’re not just approved, but approved with the most competitive deal possible.

Let EverLend’s Melbourne brokers structure your loan application for a smoother approval. We specialise in helping accountants access the best home loans in Melbourne. Start now at www.everlend.com.au or call 03 7036 3356.

 

FAQs

Do accountants get better mortgage rates?

Yes, many Australian banks and lending partners offer accountants better mortgage deals, including lower rates, waived fees, and interest-only options tailored for professionals with strong financial profiles.

Are accountants exempt from Lenders Mortgage Insurance (LMI)?

In many cases, yes. Accountants can qualify for conditional approval with LMI waived up to 90–95% LVR, depending on the lender’s policy and professional association.

What salary do you need for a $500,000 mortgage?

To comfortably manage the minimum loan repayments on a $500,000 loan, most Australian banks recommend a gross annual income of at least $90,000–$100,000, depending on your expenses, debts, and whether you’re considering interest-only options.

Do accountants get better home loan rates in Australia?

Yes, many lenders offer discounted rates or special loan packages for accountants due to their low-risk profile and reliable income.

Can self-employed accountants qualify for home loans?

Absolutely. With the right documentation and financial records, self-employed accountants can access competitive loan products, especially through brokers like EverLend.

How much can an accountant borrow for a home loan?

This depends on income, expenses, debts, and credit history. On average, an accountant can borrow between five to six times their annual salary.

Are there specific banks that offer accountant home loan packages?

Yes, several major banks and non-bank lenders offer professional packages tailored to accountants, often with fee reductions and policy concessions.

What documents do I need to apply for a home loan as an accountant?

You’ll typically need income proof, tax returns, payslips, and professional membership details (e.g., CPA or CA).

 

Final Thoughts: Unlocking the Right Loan with EverLend

With a strong income profile, low-risk status, and industry recognition, accountants in Melbourne are ideally placed to benefit from tailored home loans. Whether you’re buying your first home, upgrading, or investing, partnering with a trusted mortgage broker is key.

EverLend’s Melbourne mortgage brokers specialise in helping accounting professionals structure and apply for loans that suit their career and lifestyle. With industry insight and strong lender relationships, we ensure you access exclusive offers designed just for you.

To find out more, get in touch with EverLend today at www.everlend.com.au or call us on 03 7036 3356. Let’s make your home ownership journey a success, backed by the right strategy, the right broker, and the right loan.