08 Jul 2021

Home Loans for Federal and State Government Employees

Secured vs. Unsecured Loans

If you are a federal or state government employee, you may qualify for professional discounts on your home loans. 

 

Why do you qualify?

Certain government employees, specifically those at the federal and state level, are considered low-risk borrowers by most lenders. This is because banks keep track of their customers and monitor which professions make their repayments on time every month. As a result, they have noticed that government employees tend to fall into this category, making their home loans low risk for banks. 

 

What home loan benefits do you receive?

If you are a government employee, lenders are more likely to be flexible with their lending policies for your home loan. They are flexible because they want your business. After all, you are going to most likely make your repayments on time. If your loan amount is large enough, you may be eligible for special discounted interest rates. For instance, if you are applying for a loan over $250 thousand, you may be able to obtain an interest rate 1.4% lower than the Bank Standard Variable Rate. If you apply for a loan over $500 thousand, you may qualify for an interest rate 1.45% lower than the Standard Variable Rate.  

 

If you make enough money, you may also qualify for waived lender’s mortgage insurance, even if you have a deposit that is less than 20%. 

 

If you are a government employee at the federal or state level and are applying for a home loan, contact the experts at Mortgage House. We are a non-bank lender and offer discounts to eligible employees. In addition, we may be able to find you a home loan with better interest rates than traditional lenders. 

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