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

Posted: Fri Jul 12, 2019 6:06 pm
by Otto Dargan
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.

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

Posted: Mon Jul 15, 2019 7:03 pm
by Otto Dargan
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,

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

Posted: Mon Jul 15, 2019 7:54 pm
by Otto Dargan
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,