professionals.
BOQ Specialist’s doctor home loans are where it stands out. This is because of their high LVR (
(LMI) home loans. The product allows eligible medical professionals to buy a house without having to save for a deposit and save tens of thousands of dollars in LMI.
BOQ Specialist can consider a 90% LVR home loan with waived LMI for the right applicant outside the medical/dental/veterinarian space. Eligible applicants are:
BOQ Specialist offers two primary types of home loans. They are:
This is a low-interest-rate home loan with minimal features and no fees if you open a transaction account to make the loan repayments. This is a no-frills home loan that comes with a basic redraw account to help you manage surplus funds.
This combines your home loan with a credit card and an everyday banking account. You also have the option to set up an offset account and up to five separate loan accounts. The package comes with an annual fee of $495.
Both home loan types come with a variable and fixed interest rate.
BOQ doctor home loans are specialty home loans available only to medical professionals.
All doctors (GPs/specialists/interns/registrars), dentists and vets can borrow up to 100% to purchase an owner-occupier house and a maximum of 95% for a first investment property.
However, anything over 90% LVR is considered on a case by case basis. =
On the other hand, physiotherapists, chiropractors, optometrists, pharmacists, podiatrists and some other medical professionals can obtain only up to 90% LVR with no LMI.
Any BOQ doctor home loan above 90% LVR will have a separate loan account with a shorter loan term and a higher interest rate.
For example, if you were looking to buy a $2 million house at 100% LVR, 90% ($1.8 million) of the loan amount would be structured as a standard home loan at standard home loan interest rates. The remaining 10% ($200,000) would be set up as a short-term business loan (about eight years), at a higher interest rate. Home loans up to 90% LVR are structured the same as a standard home loan.
Yes, you can. You should always negotiate to get a lower rate with any lender, especially if you’re a highly sought after professional.
Usually, borrowers want to stick with the lender that they have a banking relationship with already but that lender may not necessarily have the best rates.
The trick is to investigate and compare multiple lenders. A mortgage broker can do this easily and efficiently. And they’re required by law to act in your
.
First, your broker will figure out which lenders you qualify with and select those that meet your objective and needs. Your broker can then put in a pricing request with multiple banks to get the best pricing available at the moment.
There are other factors to consider, such as lender turnaround times, but if you are looking to get the best rate, always apply with multiple lenders, ideally through a mortgage broker.
To speak to one of Home Loan Experts’ mortgage brokers, call us on
BOQ Home Loans For Doctors; A Client Story
Dr. M
Goal
Purchase first property
Preferred terms
Borrow 95% of the property value and pay no LMI.
Background
Dr. M, a general practitioner, and his wife, a registered nurse, were looking to buy their first home.
They had an existing banking relationship with ANZ and NAB. But neither of them offered 95% no-LMI home loans for doctors at the time.
Dr. M knew medical professionals qualified for waived-LMI home loans, so the couple approached one of Home Loan Experts’
specialist mortgage brokers.
Their lenders options were limited due to their high LVR.
Solution
After a thorough assessment of the clients’ overall financial situation, the Home Loan Experts mortgage broker started to drill down to the couple of lenders that could potentially assist.
BOQ Specialist and Macquarie Bank were the two viable options. In the end, BOQ Specialist was chosen. Primarily because their home loan product was cheaper at the time.
Of the full loan amount, 90% of the property value was structured as a standard 30-year loan and the remaining 5% of the property value was structured as a business loan with a 10-year term.
One year later, Dr. M was able to release $36,000 in equity at 2.69% interest p.a.
Not sure which lender is right for you? Our Home Loan Experts can help!
Talk to one of our mortgage brokers by calling us on
