Are you a practicing veterinarian thinking of buying a home or starting your own business? If so, we have some good news for you!
As with other medical professionals, Australian lenders consider vets low risk borrowers due to their profession and high incomes. As they progress through their career, vets also tend to be repeat customers which are exactly what the banks are looking for.
What can the banks offer vets?
As a veterinarian, you may be eligible for either an interest rate discount or a lenders mortgage insurance (LMI) waiver depending on how much you’re borrowing.
You won’t be required to pay LMI if you are borrowing less than 80% of the property value in which case we can negotiate for a discounted rate. If you do borrow more than 80% then we may be able to have the LMI fee completely waived.
Keeping in mind that the LMI fee charged when borrowing 90% for a million dollar property can amount to about $22,000, choosing the right lender is key to getting a great deal!
Even new graduates can get a great deal since some lenders are willing to relax their lending criteria when assessing your home loan.
What if I’m not a vet?
As long as you are an active member of the Australian Veterinary Association, you may qualify for these mortgage discounts no matter where you are practicing, whether it’s in a private clinic, hospital or at a university treatment centre.
If you work in a different medical field then you may still qualify for the same benefits.
Those not eligible for these special home loan offers include vet nurses, practice managers, technicians and any other type of veterinary professional not in a ‘doctor’ related position. However, you may still be able to qualify for an LMI discount if you can meet other lending criteria.
Get in touch with one of our senior mortgage brokers by calling 1300 889 743 or fill in our free assessment form and let us help you save thousands on your home loan!