Doctor Home Loan
It wouldn’t really surprise you to know that doctors are some of the most preferred borrowers. Banks love to do business with them because they’re a low risk and high income group. They also have a very low default rate. Most doctors will also approach the same bank later on to get an investment property or business loan as well. Needless to say, banks consider doctors to be immensely profitable and have come up with doctor home loans that are specifically designed for professionals in this field. At Mortgage Providers, we will help you find the best possible loan deals.
About Doctor Home Loans
You might wonder what sets home loans for doctors apart from traditional home loans. As we mentioned above, banks love doctors and would go to great lengths to attract people from this profession with great loan offers and discounts. These discounts vary from lender to lender. Professionals for the medical field usually save thousands of dollars on doctor home loans.
- Doctors can borrow more. Banks are usually willing to lend considerable amount of money to low risk and high earning applicants and doctors fall into that category.
- Lenders offer special discounts on interest rates and fees to doctors. These discounts aren’t available to normal home buyers.
- You can borrow to purchase a new home or refinance your existing one to use its equity. That money can be used to buy a new home.
- You won’t have to pay for Lenders Mortgage Insurance. Most lenders will waive this particular fee because doctors are considered low risk. You can easily borrow 90% of your property value without paying LMI.
If you’re a professional on the list of approved medical fields, you’ll be able to get doctor home loans easily. Different banks have different requirements and eligibility criteria that you need to consider before you submit your loan application. Our mortgage brokers will help you. They’ll provide a list of lenders that are most likely to offer you the best deals possible.
Types of medical professionals who qualify for a Doctors Home Loan
There are many different types of medical professionals who qualify for a Doctor’s Home Loan or medico package. This includes a doctor who is running their own medical practice, or a doctor who is employed by a hospital. Additionally, any of the following medical professionals can qualify using the Doctor Home Loan special policy:
- Cardio Thoracic Surgeon
- Clinical Pharmacologist
- Cosmetic Surgeon
- Ear and Throat Surgeon
- Emergency Surgeon
- Gastro Intestinal Surgeon
- General Practitioner
- General Surgeon
- Neuro Surgeon
- Oral and Maxillofacial Surgeon
- Orthopaedic Surgeon
- Orthopaedic Registrars
- Paediatric Surgeon (Neonatal/Perinatal)
- Plastic Surgeon
- Reconstructive Surgeon
- Respiratory/Thoracic Surgeon
- Vascular Surgeon
- Veterinarian (Vet)
How to Choose a Good Loan Offer?
As a professional in the medical field, you’re spoiled for choice. That’s why we always encourage our clients to explore all options carefully before they apply for a home loan. You can choose the right lender based on the interest rates they offer, the fees, the loan to value ratio, and the LMI. You need to determine what is more important to you. Is discounted interest rate a priority for you or are you more concerned with LVR?
Once you decide what’s more important for you, you’ll be able to make the right choice for your doctor home loans. Our mortgage brokers are willing to help you along the way.
Things to Consider
Our experts will seek out the best possible lender for your specific needs. But for that, we need to know what your needs are. It’s never a good idea to borrow more than you need. You also need to be a member of at least one of the several recognized medical associations like the Australian Medical Association. The questions you should be asking are:
- What is your maximum budget for purchasing a home?
- How much money do you need? And how much would you be able to pay in deposit?
- Would you be able to pay back the money comfortably?
- How long a loan period would you need?
If you want to know more about our doctor home loans, all you need to do is get in touch with us at Mortgage Providers. You can do that by filling in this contact us form or calling us at 1300 65 6600. You can ask for free expert advice or enquire about the loan. We will reply as quickly as possible with answers.