Home loan for a doctor?

Any general questions you might have in regards to loans and finance.
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Cam
Posts: 52
Joined: Fri Jul 26, 2013 7:00 pm

Home loan for a doctor?

Post by Cam »

Hi brokers!

I wanted to know if banks have special provisions for home loans for doctors since I am a gynaecologist. My annual income is around $176,500 and I have been in the same job for almost 4 years now.

My rental fee is around $450 per week. I want to buy an apartment in Burswood, WA, 6100 for $410,000. I have been able to save almost $100,000 but I only want to use $90,000 as the deposit.

I have a car loan at the moment with a monthly repayment of $640 (next month will be my last repayment). Can you help me?

Much thanks,
Cam

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Otto Dargan
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Re: Home loan for a doctor?

Post by Otto Dargan »

Hi Cam,

Banks and lenders view doctors as low risk borrowers more than any other profession. This is because they are known to have the lowest default rates among all professions.Therefore, we know lenders who will not have any problems approving home loans for doctors.

If you are in a strong financial position, the lenders are willing to provide these types of discounts:
  • Lenders can waive your Lenders Mortgage Insurance (LMI) fee that is levied for any mortgage above 80% of the property value.
  • If the loan amount is less than 80% of the property value, you can be considered for a discounted interest rate.
  • If you are buying a commercial property, then other types of discounts and professional packages are available.
  • If you are interested in buying medical equipment then you can borrow 100% of the purchase price without any deposit.
The loan amount you can borrow is around is around 78% of the value of the property. Since you are borrowing less than 80% of the property value then lenders will consider your mortgage application for interest rate discount.

Cheers,
Otto
Otto Dargan
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Cam
Posts: 52
Joined: Fri Jul 26, 2013 7:00 pm

Re: Home loan for a doctor?

Post by Cam »

Hi Otto,

A discounted interest rate eh? That definitely sounds inviting. How does it work? Could you give me more information?

Much thanks,
Cam

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Otto Dargan
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Re: Home loan for a doctor?

Post by Otto Dargan »

Hi Cam,

For any home loan under 80% of the property value, you do not need to pay the LMI fees and this is the reason for recommending an interest rate discount. Furthermore, discounted interest rates are below the bank’s Standard Variable Rate (SVR), and you can even get a discount up to 0.7% below the SVR without any negotiation.

We can negotiate a 0.90% discount on the interest rate if you are borrowing more than more than $250,000. Please remember that there are many factors at play when it comes to negotiating a pricing request and lenders may change their special pricing levels on a weekly basis.

Cam, you can get more detailed information about your options if you call us at 1300 889 743 or fill out a free online enquiry form.

Cheers,
Otto
Otto Dargan
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P | 1300 889 743
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dilbert
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Joined: Wed Jul 03, 2013 8:36 pm

Re: Home loan for a doctor?

Post by dilbert »

Hi Cam and Otto,

I read in your previous answer that you can consider a mortgage for medical equipment? I’m a cosmetic surgeon with almost six years’ of experience and I make around $120,000 per annum. I work for a hospital and as a consultant for other hospitals too. Now, I want to open my own clinic.

What kinds of medical equipment do you finance?

Thank you.

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Otto Dargan
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Re: Home loan for a doctor?

Post by Otto Dargan »

Hi dilbert,

Yes, we know lenders who can provide you a loan worth 100% of the purchase price of the medical equipment without a deposit. You can get new equipment this via a lease, hire purchase or chattel mortgage.

We can help you get financing for almost any kind of medical equipment including:
  • Diagnostic imaging equipment
  • Medical monitoring devices
  • Medical laboratory equipment
  • Medical software (e.g. RIS / PACS systems)
  • Office, surgery or clinic fit outs
Our mortgage brokers know exactly which lender will be able to help you if you talk to us at 1300 889 743 or send us a free enquiry.

Cheers,
Otto
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P | 1300 889 743
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gleeson
Posts: 58
Joined: Mon Jun 15, 2009 12:15 pm

Re: Home loan for a doctor?

Post by gleeson »

Hi everyone,

Are these discounts applicable to all kinds of medical profession? I am a working psychologist but when I read your page, I don’t think I saw it being mentioned there. Did I miss out anything?

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Otto Dargan
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Re: Home loan for a doctor?

Post by Otto Dargan »

Hi gleeson,

I’m sorry but certain medical professions such as psychologists, medical research scientists and naturopaths are not eligible for discounts although they can still get a home loan. This is because statistical analysis has shown these three professions to be high risk borrowers than other medical professions.

Cheers,
Otto
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gleeson
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Joined: Mon Jun 15, 2009 12:15 pm

Re: Home loan for a doctor?

Post by gleeson »

Oh that’s too bad. Isn’t there a way you can help me? I am paying crazy high for rent and I really like to get a mortgage to get my own place. I have not looked at any houses yet but I am thinking of getting a pre-approval first.

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Otto Dargan
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Re: Home loan for a doctor?

Post by Otto Dargan »

gleeson, if you have a strong financial position, stable employment and significant savings then we may be able to help you get reduced interest rate home loan. Just call us on 1300 889 743 or enquire online.

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

gleeson
Posts: 58
Joined: Mon Jun 15, 2009 12:15 pm

Re: Home loan for a doctor?

Post by gleeson »

Thanks so much Otto. I will surely call you guys soon. :)

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Otto Dargan
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Re: Home loan for a doctor?

Post by Otto Dargan »

Hi guys,

There has been expansion of the Medical LMI waiver Policy to include the following professions: This policy is effective from 1 December 2014. As per the policy, the LMI waiver is available on loans up to 90% LVR.

You can look at our home loan for doctors page for more information on this.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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