Home loans for police officers

If you’re a police officer pursuing home loan approval, you’ll need to go through the same home loan application process as any other home loan applicant would.

However, as a police officer, you could be eligible for a range of offers and discounts from certain lenders. If you’d like help figuring out which lenders might be well-suited to work with you, give our team of expert mortgage brokers a call! One of them can help you find a lender that could maximise your borrowing power and help you pursue your financial goals.

The types of home loans available to you typically won’t change because of your profession. Police officers can apply for the same types of home loans as any other eligible borrower, including:

• Fixed rate loans
• Variable rate loans
• Split rate loans
• Investment loans
• Construction loans.

That being said, your eligibility for these different types of home loan products will be primarily affected by factors like:

• Your annual income and borrowing power
• Your desired loan amount and loan term
• Your credit score, credit history and employment status
• Your ability to show a history of genuine savings.

Several of these factors could be influenced in turn by your profession.

Certain home loan providers may offer one or more benefits to eligible law enforcement officers, including LMI waivers and more competitive interest rates. However, your eligibility for these offers will depend on your financial situation.

If you’re a police officer looking to access the home loan benefits afforded to eligible law enforcement officers, you will typically need to prove that you’re currently employed as a working police officer.

You could do this by providing your police identification/badge, membership in a police bank or police credit union, or by providing payslips from your law enforcement occupation.

Law enforcement is one of a handful of professions afforded certain perks by some home loan providers. One of these benefits includes potentially avoiding having to pay lenders mortgage insurance (LMI) even with a saved home loan deposit as low as 5% and a loan-to-value ratio (LVR) of 95% or less.

That being said, it’ll benefit you to save the largest home loan deposit possible if you’re planning on taking out a new home loan. The larger your home loan deposit is, the less you’ll need to borrow from the lender, which will in turn make for less overall debt and smaller home loan repayments.

And even the slightest reduction to your home loan principal could save you a significant amount of time and interest payments in the long run.

As a working police officer, you may be eligible to receive an LMI waiver on your new home loan, even with a saved deposit as low as 5% of the amount you’re borrowing.

If you’re not eligible for a partial or full LMI waiver on your new home loan, you’ll have to pay the full amount of applicable LMI. For an indication of what you might pay, here are example LMI amounts payable for first home buyers based on a series of different property values and deposit amounts: