Your HECS-HELP by itself is not going to a problem to secure a home loan. The effect of the loan on your debt to income ratio can.
However, doctors are considered very low-risk borrowers by most lenders because of their strong income and employment prospects.
I'd imagine you'd be on lower income as RMO but, if you're purchasing with a co-applicant on a similar or higher income, this may help you meet the serviceability or borrowing power requirements of the bank.
Essentially, the lender wants to ensure that you can make your mortgage repayments without any undue hardship.
If you meet the borrowing power requirements, there many benefits available to you with doctor home loans that aren't available to the general public, including:
- 100% waived Lenders Mortgage Insurance (LMI).
- Reduced interest rates and home loan fee waivers.
- High borrowing limits typically up to $4.5 million for a single home loan (most borrowers are limited to borrowing $1.5 million).
- Higher mortgage exposure limits with a qualifying lender which allows you to buy multiple properties and rapidly grow your portfolio.
Call us on 1300 889 743 or fill in our free assessment form and we can let you know if you qualify for doctor home loan.
Cheers,