Need a better deal than BOQ's doctor home loan

Any general questions you might have in regards to loans and finance.
Melvin
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Joined: Tue Jul 09, 2019 4:48 pm

Need a better deal than BOQ's doctor home loan

Postby Melvin » Tue Jul 09, 2019 4:50 pm

Hi, I met with a BOQ specialist regarding a 100% doctor home loan. They package the loan as two separate loan accounts; E.g. a $1 million loan at 100% LVR = $900,000 at 3.7% over 30 years and $100,000 at 10% or more over 8 years. The interest rate on the short term loan is simply way too high and the loan term too short. Does every lender package their doctor home loans like BOQ doctor home loans?
Can I get a longer loan term and a cheaper interest rate with another lender?

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Otto Dargan
Mortgage Specialist
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Re: Need a better deal than BOQ's doctor home loan

Postby Otto Dargan » Tue Jul 09, 2019 6:02 pm

Hello Melvin. Welcome to the forums.

That’s BOQ Specialist’s policy for doctor home loans. There are other lenders on our panel of lenders who lend with a similar structure but with better terms. For example, 90% with standard home loan rates and 30-year loan term while the remaining 10% is at a rate of 6-7% p.a., 15 years term with up to 3 years in interest only. This works out cheaper than BOQ’s doctor home loans.

With a home loan for doctors, you can:
Speak with one of our specialist mortgage brokers by giving us a call on 1300 889 743 or by filling in our free assessment form to find out if you qualify for a 100% waived LMI doctor home loan.

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

Melvin
Posts: 3
Joined: Tue Jul 09, 2019 4:48 pm

Re: Need a better deal than BOQ's doctor home loan

Postby Melvin » Tue Jul 09, 2019 6:54 pm

Okay. How do I ensure I get the best deal on my mortgage? i.e. rates, terms and discounts etc

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Otto Dargan
Mortgage Specialist
Posts: 7651
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Need a better deal than BOQ's doctor home loan

Postby Otto Dargan » Tue Jul 09, 2019 7:50 pm

Hi Melvin,

Lenders are cutting each other to get business from doctors and they exclusively offer special interest rates and products not generally available to the public.

Here are some golden tips to help you maximise your discounts:

  • Make sure you specifically ask about doctor home loans.
  • If you’re borrowing over 80% of the property value, then it’s best to focus on getting 100% waived LMI.
  • If you’re borrowing less than 80% of the property value then you’ll not pay LMI, so it’s best to focus on getting a competitive interest rate discount.
  • If you’re buying a commercial medical property then other discounts and packages are available.
  • If you’re buying medical equipment then you can borrow the full cost, often with no other security.
  • Make sure the broker you’re dealing with has access to many lenders, including your bank.
  • Make sure the broker you’re dealing with knows which lenders are currently pricing aggressively to win market share.
  • Maximum discounts are not advertised or published by lenders so make sure your broker knows the limit they can negotiate to.
  • Always ask about fees. Services are generally free except for short term loans and complex loans.

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

Melvin
Posts: 3
Joined: Tue Jul 09, 2019 4:48 pm

Re: Need a better deal than BOQ's doctor home loan

Postby Melvin » Wed Jul 10, 2019 5:26 pm

So, what are the qualifying criteria I need to meet to qualify for one?

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Otto Dargan
Mortgage Specialist
Posts: 7651
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Need a better deal than BOQ's doctor home loan

Postby Otto Dargan » Wed Jul 10, 2019 6:09 pm

Hi Melvin,

To get approved for a home loan for doctors:We specialise in 100% no LMI 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 loan with competitive interest rates discounts.

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


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