Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ

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WarrenB
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Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ

Postby WarrenB » Fri Jul 12, 2019 3:54 pm

I run a medical practice specialising in cosmetic procedures; it’s set up as a discretionary trust with all the profits paid to all five doctors as wages. ANZ’s loan specialist informed me that they need me to have at least a 25% ownership in the company, in addition to a personal guarantee from me. The former is improbable, the latter unacceptable.
I’m in need of a 95% LVR mortgage with the LMI waived to purchase an investment property valued at $1.35 million. Which lenders offer doctor home loans without a personal guarantee?

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Otto Dargan
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Re: Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ

Postby Otto Dargan » Fri Jul 12, 2019 6:06 pm

Hello Warren. Welcome to the forums.

That’s ANZ’s policy for medico loans. However, there are a few banks and specialist lenders who offer home loan for doctors that do not need a personal guarantee as long as the applicant’s direct ownership and/or directorship is evident.

With a doctor home loan:
  • You can borrow up to 95% of the property value or up to 100% of the property value with select lenders
  • Qualify for waived LMI (Lenders Mortgage Insurance) or no LMI, a premium that is charged when borrowing over 80% of the property value.
  • Discounted interest rates and fee waivers not typically available to the general public.


We specialise in doctor home loans.

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% no LMI home loan.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

WarrenB
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Joined: Fri Jul 12, 2019 3:53 pm

Re: Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ

Postby WarrenB » Mon Jul 15, 2019 6:30 pm

Great. The income I receive is a mix of wages and profit distribution from the practice. Is my personal tax returns enough to verify my income or will I need to provide additional income documents?

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Otto Dargan
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Re: Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ

Postby Otto Dargan » Mon Jul 15, 2019 7:03 pm

Hi Warren,

Self-employed doctors tend to have unique income types, depending on how your medical practice is set up. The exact documents we will require will depend on the nature of how you’re paid.
Generally speaking, the documents required are:
  • Two year’s personal tax returns.
  • Two years trust tax returns.
  • A certified copy of the stamped trust deed.
  • A certified copy of the company constitution if there’s a company trustee.
  • 3 months invoices or a payslip with a 3 month YTD (Year to Date) income.

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

WarrenB
Posts: 3
Joined: Fri Jul 12, 2019 3:53 pm

Re: Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ

Postby WarrenB » Mon Jul 15, 2019 7:30 pm

I know for a fact that there are income restrictions with some lenders to qualify for medico loans. Are there any other qualifying criteria for doctor home loans I should be aware of?

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Otto Dargan
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Re: Which lenders offer doctor home loans without a personal guarantee? Got declined by ANZ

Postby Otto Dargan » Mon Jul 15, 2019 7:54 pm

Hi Warren,

Yes, that’s absolutely correct, however, some lenders don’t have a minimum income requirement for doctors. There are two other primary qualifying criteria you’d need to meet to qualify for doctor home loans, such as:
Speak with one of our specialist mortgage brokers today by giving us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a 100% waived LMI mortgage.

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


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