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

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Grover
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Joined: Tue Apr 30, 2019 2:56 pm

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

Postby Grover » Tue Apr 30, 2019 2:58 pm

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?

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

Postby Otto Dargan » Tue Apr 30, 2019 3:40 pm

Hello Grover. Welcome to the forums.

Yes, there are a select few lenders that will accept 1 year’s tax returns or less than 2 years ABN (Australian Business Number) for self-employed doctors.

You may still qualify for special doctor home loans despite your short self-employment history and potentially:
  • Borrow up to 95% of the property value or up to 100% with select lenders.
  • Qualify for waived LMI (Lenders Mortgage Insurance) or no LMI, a premium that is charged when borrowing over 80%.
  • Access significantly reduced interest rates and fee waivers.

We specialise in doctor home loans.

Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a medico home loan with no LMI.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Grover
Posts: 3
Joined: Tue Apr 30, 2019 2:56 pm

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

Postby Grover » Tue Apr 30, 2019 4:20 pm

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?

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Otto Dargan
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Posts: 7538
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Westpac declined me for a doctor home loan, are there other lenders who can help?

Postby Otto Dargan » Tue Apr 30, 2019 5:50 pm

Hi Grover,

By choosing the right lender and amending your loan structure, you could borrow up to $1,188,943. This is a tentative figure arrived at using our borrowing power calculator which uses the same methods as those used by lenders.

You have a high credit card limit, by reducing your limit you can borrow more. Some lenders can ignore credit cards that you pay off in full each month. Not all lenders take negative gearing benefits into account. Please call us to find out which lenders are more accepting of investors.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Grover
Posts: 3
Joined: Tue Apr 30, 2019 2:56 pm

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

Postby Grover » Tue Apr 30, 2019 6:14 pm

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.

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Otto Dargan
Mortgage Specialist
Posts: 7538
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Westpac declined me for a doctor home loan, are there other lenders who can help?

Postby Otto Dargan » Tue Apr 30, 2019 6:58 pm

Hi Grover,

Even though self-employed doctors qualify for interest rates discounts and waived LMI, they can still get basic and professional packages along with all the of the common features including:
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for 100% no LMI home loans.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts


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