Home Loans for Police Officers
Police officers are seen as reliable borrowers due to their steady income, job security, and essential role in society, reducing the risk of default. As a result, many banks and financial institutions offer special home loan packages to police officers, including discounted interest rates and the option to avoid LMI with a deposit of less than 20%. These benefits make home ownership more accessible and affordable for those serving in law enforcement.
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Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.
How Much Can Police Officers Borrow?
There are several options that you can choose from, which we explain below. Consider which is right for you depending on your personal situation.
Borrow up to 90% of the property value with NO LMI
This is a popular option for many police officers, as a 10% deposit is a reasonable amount to save, and the ability to waive LMI (Lenders' Mortgage Insurance) saves tens of thousands of dollars in upfront costs. There is no minimum income requirement for borrowing 90% LVR with no LMI. You only need to demonstrate $5,000 of savings over the last 6 months, with rent counted towards savings. The property must be a residential property up to $1.5 million in metro locations, or up to $1.11 million in non-metropolitan areas.
Borrow up to 95% of the property value
For those who want to get into the property market with a smaller deposit, this is a great option. However, you will need to pay LMI which will add on to your closing costs when purchasing the property. To be eligible, you will need stable employment with a good income, good credit history, and minimal debts. Additionally, the property you purchase must be in a metropolitan location.
Borrow up to 110% of the property value
If you have someone who can act as a guarantor on your mortgage, you will be able to borrow the entire value of the property, as well as associated purchasing fees such as stamp duty and solicitor fees. You will also be exempt from paying LMI, saving you tens of thousands of dollars. While this sounds very appealing, you need to ensure you consider the large financial risks involved with using a guarantor. If you default on your mortgage, your guarantor could lose their house.
Do Lenders Consider Overtime When Calculating Income?
Police officers often work substantial amounts of overtime, which can become a large part of their overall income. Many lenders only consider 80% of overtime earnings when assessing income for loans, which significantly lowers your assessable income and, in turn, your borrowing power.
The good news is that some lenders recognise the unique nature of police work and consider 100% of your overtime income when evaluating your loan application. To qualify for this, you'll typically need to provide:
- An employment letter that states that you've consistently been paid overtime over the past 12-24 months.
- Your most recent payslips.
- Your income statement from the last financial year.
These documents help lenders verify the stability of your overtime income, making it more likely they'll accept the entire amount in their assessment. At EE Mortgages, we will help you negotiate with the lenders to maximise the amount you can borrow.
What If I Have Police Salary Packaging?
When it comes to police salary packaging, most banks typically assess your gross income without factoring in salary sacrifice tax benefits. For Australian police officers, common fringe benefits include novated leasing for car purchases and clothing allowances. However, there are certain lenders who are more flexible and will consider these salary packaging benefits as "tax-free," meaning they might add 100% of these benefits back to your assessable income.
This can significantly increase your borrowing power when applying for a home loan. To qualify, most lenders will need you to verify the consistency of these salary packaging benefits. This is usually done by providing an employment letter confirming these benefits as part of your overall compensation package.
It's important to consult with a top mortgage broker to understand which lenders offer this consideration and what documentation you will need to provide.
Which Police Officers are Eligible?
All types of law enforcement officers are eligible for police home loans, including:
- Police officers
- Police canine unit officers
- Aviation police officers
- Detectives
- Forensics officers
- Highway patrol officers
- Marine police officers
- Mounted police officers
- Riot squad officers
- Tactical operations officers
- Transport officers
- Australian Border Force officers
- ASIO officers
If you are unsure whether you are eligible, contact us and we can help you with your situation. Even if you do not qualify for a police officer home loan, we can help you find the best mortgage for your needs.
Important Info about
Home Loans for Police
How Much Money Do I Save?
By waiving your LMI, you save tens of thousands of dollars, but the exact amount will depend on various factors including your loan amount and the LVR. We have found that most police officers secure loans with 90% LVR, so we have included a table below with the estimated LMI savings based on different property values and 90% LVR.
Property Value | Loan Amount (90% LVR) | Lenders Mortgage Insurance Saved LMI Saved |
|---|---|---|
$500,000 | $450,000 | $13,227 |
$750,000 | $675,000 | $27,486 |
$1,000,000 | $900,000 | $36,712 |
$1,250,000 | $1,125,000 | $50,314 |
$1,500,000 | $1,350,000 | $60,519 |
We Help Police Officers with their
Home Loans
At Eden Emerald Mortgages, we deliver a superior lending experience by combining deep industry knowledge, effective communication, and genuine care, while helping police officers buy property.
With over 40 years of collective expertise, our team offers competitive rates and a broad array of loan products through a strategic network of over 40+ lending partners for residential borrowers.
What We Offer
Lowest Rates Possible
We have a close partnership with over 40+ lenders, which means we can access special interest rates that are only available for police officers. This is lower than any rates you will find by approaching the lenders yourself, and with our expertise, we can quickly find you the best home loan product for your circumstances.
Waived LMI
We are able to waive the LMI (Lenders Mortgage Insurance) on your home loan when you borrow up to 90% of your property value. This is around $44,000 saved on the median house price in Australia. Under certain situations with very stringent lending criteria, it may be possible to borrow at 95% LVR.
Educational Resources
We help you with any questions you have, and provide you with useful resources to navigate the loan process. Whether you are ready to secure a home loan today, or just want to learn more before proceeding, you can book a free call with our friendly team, with no obligation to use our services.
Why Choose
EE Mortgages?
Eden Emerald Mortgages is the #1 mortgage broker in Sydney, as rated by the Canberra Times. Our team specialises in mortgages for police officers and we have particular expertise with high LVR loans with No LMI. We have been in business since 2007 and secured hundreds of loans for police officers. We offer our friendly, personalised services and advice at no cost at all, with no obligation to continue with us.
Get in touch, and an expert will call you back
- We partner with over 40+ lenders to find you the best rates on your home loan, with up to 90% LVR and No LMI
- Receive free friendly and personalised support from our experienced team, with no obligation
- We have been in business for over 17 years and we know police home loans better than anyone else
- 100% free service with no hidden fees
What Our Customers Say
Since Eden Emerald Mortgages began operations in 2007 we have helped thousands of Australians secure a mortgage. See what some of our satisfied customers say about us below.
Useful Calculators
Everyone's financial circumstances are different, which is why it is hard to know how much you can borrow or what price range to start house hunting. At Eden Emerald Mortgages, we offer free calculators that can assist you whether you are buying a new home or refinancing an existing property. Our most popular calculators are listed below, and you can see the full range of calculators here.
Frequently Asked Questions
Eden Emerald Mortgages does not charge any fees to you for using our services. From your first call to the settlement date of your property, there are no costs involved!
If you would like to book a free appointment with us, simply call us on (02) 9188 9398 or leave us a message via the Contact Form.
Eden Emerald Mortgages has embraced technology, making it much more convenient for you to speak with us. We can communicate via phone, email and video call to eliminate the need for you to meet in person. If it is more convenient for you, we can complete the whole home loan process online.
EE Mortgages has access to more than 40+ lenders including the big 4 banks and various 2nd tier lenders. We have close relationships with our partners which enables us to negotiate the best rates for your home loan.
We pride ourselves on being efficient and quick with our services, and pre-approval can be received in 24 hours depending on the lender of choice. This is also dependant on whether you have all your documents in order. It is a good idea to allow up to 5 business days for pre-approval of your home loan.
We can help you determine your borrowing capacity after we ask you some questions and receive financial documents. In the meantime, you can estimate the amount you can borrow using our borrowing power calculator.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation.
Contact Info
Address: Level 5, 20 Bond Street, Sydney, NSW, 2000, Australia
Phone: 02 9188 9398
Email: [email protected]
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