businessOwned by: Customer-owned
monetization_onFunded by: Teachers Mutual Bank Limited
securityLMI Provider: Helia (formerly Genworth)
account_balanceLender type: Mutual Bank, Customer Owned
Health Professionals Bank is a division of Teachers Mutual Bank founded in 2019 solely focused on health professionals and their families.
They offer health professionals low interest rates and even special offers at times which can be better than what the major banks are offering.
You will need to be a member to qualify for their offers though, and not everyone is eligible to join.
However, even if you’re a health professional, it’s wise to compare their products with other lenders because other lenders may have a better offer for your situation.
How do Health Professionals Bank’s home loans compare?
- Low interest rates for medical professionals and members
- Genuine Savings not required when borrowing less than 90%
- Loan term of up to 30 years
- Is a participating lender of the Home Guarantee Scheme
- Rural properties and hobby farms accepted
- Desktop valuation available for loans with Loan to Value Ratio (LVR) up to 80%
- 100% offset account available on some loan products
- Guarantor Home Loans
- Construction Loans
- Interest-only Home Loans
- Refinance home loans
- Ethical Banking – One of the 2021 World’s Most Ethical Companies
- You are not eligible if you’re not a medical professional or a shareholder! (However, you may qualify for the same products via Teachers Mutual Bank, UNIBank or FIrefighters Mutual Bank)
- They don’t lend to company or trusts
- They may not help if you have a bad credit history
- Other banks tend to offer better interest rates for larger home loans
- Fixed loans are capped at 90% LVR
- Limited branch network
Who is eligible to be a member?
- Citizens or permanent residents of Australia who are current or retired employees in the Australian Health Sector
- Family members of existing members of the bank
Who are eligible as family members?
Unfortunately, aunts and uncles of an existing member of the bank don’t qualify for membership at Health Professionals Bank.
What home loan types do they have?
Some of the home loan products that Health Professionals Bank provides are:
- Your Way Your Loan: A flexible home loan that provides greater control if needs change.
- Your Way Plus Home Loan: A little extra features that ‘Your Way Your Loan’ like offset account.
Tip for applying with Health Professionals Bank
Use this home loan application checklist to prepare your mortgage application.
Note: This is the latest application checklist as of September 2023. You may call us or refer to Health Professionals Bank for an updated checklist.
Compare Health Professionals Bank to other lenders
Still not sure which is the right lender for you? Talk to one of our specialist mortgage brokers at Home Loan Experts.
We’ll first discuss your situation, complete a pre-assessment and find a few suitable lender options for you according to your needs and interests.
Give us a call on 1300 889 743 or fill in our free online enquiry form.