Last Updated: 20th July, 2017

3 Home Loan Discounts Exclusive To Doctors

Published by Otto Dargan on April 24, 2015

Are you a doctor looking to buy a property? Did you know that you can get exclusive home loan deals just because of your profession?

Medical professionals are the most favoured professionals for banks because they are considered to be low risk borrowers with high incomes.

Here are 3 home loan offers that are only offered to doctors.

Waived LMI

If you’re borrowing over 80% of the property value then you should go with a lender that can waive Lenders Mortgage Insurance (LMI).

LMI is a one-off fee that is payable when borrowing more than 80% of the purchase price and protects the lender in case you default on your loan. Some lenders will waive this cost if you’re a qualified medical professional.

With a lender who can waive your LMI, you’ll be able to borrow up to:

  • 90% of the property value.
  • 100% of the property value if you apply with a guarantor.

Most banks allow you to borrow a maximum of $4.5 million for residential or investment properties. Larger loans are available on a case by case basis.

Not a qualified doctor?

Interns, residents, registrars and staff specialists are all eligible and some lenders may even favour certain specialists such as veterinarians, physiotherapists, optometrists and chiropractors.

Receive massively discounted interest rates

LMI is waived when borrowing less than 80% of the property value so if you have a large deposit, we can get you a really discounted interested rate instead.

A mortgage broker can find these great offers for you because they:

  • Have access to a wide range of lenders.
  • Have strong relationships with these lenders so they can get discounted interest rates that aren’t advertised to the general public.

Borrow the full cost for medical equipment

Many medical professionals do not realise that investing in good quality equipment can significantly increase business returns. The problem is that it’s also really expensive.

Medical equipment normally consumes the largest non-property expense associated with setting up a medical practice.

There are a number of lenders that will finance many types of medical equipment including:

  • Medical monitoring devices.
  • Diagnostic imaging equipment.
  • Medical laboratory devices.
  • Medical software.

This equipment can either be financed with a lease, hire purchase or chattel mortgage.

However, by speaking to a specialist mortgage broker, you can:

  • Borrow the full cost of the equipment.
  • Avoid having to provide any security.
  • Get a great interest rate by choosing from several lenders.
  • Get a quick approval and settlement.

Am I eligible to receive these medical professional discounts?

To be eligible you’ll need to be a member of a registered medical association such as the Australian Association of Practice Managers or Australian Dental Association.

Some medical professionals such as psychologists and medical research scientists aren’t eligible for ‘medico package’ discounts but it may still be possible for these professionals to receive reduced interest rates if they have a strong employment history and substantial savings.

Our mortgage brokers have relationships with over 40 lenders so they know how to get great mortgage deals.

If you’re a doctor, find out if you qualify by calling 1300 889 743 or by completing our free assessment form.