Search found 3 matches

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Tue Apr 30, 2019 6:14 pm
Forum: Home Loan Forum
Topic: Westpac declined me for a doctor home loan, are there other lenders who can help?
Replies: 5
Views: 13425

Re: Westpac declined me for a doctor home loan, are there other lenders who can help?

Does these medico loans come with the standard home loan features such as split mortgages and offset accounts? I would also prefer a LOC as well.
by
Tue Apr 30, 2019 4:20 pm
Forum: Home Loan Forum
Topic: Westpac declined me for a doctor home loan, are there other lenders who can help?
Replies: 5
Views: 13425

Re: Westpac declined me for a doctor home loan, are there other lenders who can help?

Great! I’m looking to borrow approximately $1.14 million to purchase a residential investment property valued at $1.2 million with no LMI. My taxable income last year was $248,000. I have a mortgage on my current house with a balance of $589,000; the house is valued at $980,000 (Westpac valuation). I have a credit card with Westpac ($5,000 limit) and another platinum card with NAB with a $10,000 limit. The balance on both the cards is minimal. I’m aware that I’m borrowing to my limit. Can I borrow the amount I need?
by
Tue Apr 30, 2019 2:58 pm
Forum: Home Loan Forum
Topic: Westpac declined me for a doctor home loan, are there other lenders who can help?
Replies: 5
Views: 13425

Westpac declined me for a doctor home loan, are there other lenders who can help?

Hi, I’ve been a practising gynecologist with a regional hospital as a PAYG employee for the last 5 years. However, I made the switch last year to be a contractor which is great since I make more working reduced hours by splitting my time between the hospital and a private clinic. The problem is my bank, Westpac declined me for a doctor home loan because they need me to be self-employed for longer. I can provide last year’s tax returns which shows my income from these two contracts. Are there other lenders who offer no LMI loans for doctors?