Home Loan Discounts For Dentists
Not everybody is scared of the dentist’s drill: Some of the banks love dentists!
Did you know that dentists may be eligible for special discounts on their home loan that aren’t available to the general population?
What are the banks offering?
- Larger interest rate discounts on their professional packages.
- Waived Lenders Mortgage Insurance (LMI).
- Higher exposure limits for investors with several properties.
- Flexible credit criteria for new graduates and new dental clinics.
Speak to our mortgage brokers by calling 1300 889 743 or fill in our free assessment form to find out if you can qualify for a discount.
Interest rate discounts
The size of the discount that we can get you will depend on if you are a member of the Australian Dental Association (ADA), your salary, rent income and the amount that you are borrowing. Larger home loans will attract a sharper interest rate.
You can view our interest rates page to see which discounts are available for larger home loan sizes and fixed rate loans.
Larger discounts than those published on our website may be available by negotiation with our lenders.
No LMI home loans
Buying your first home can be a challenge. Most first home buyers have a small deposit and are just starting out in their careers.
Unfortunately, if you don’t have a 20% deposit then the banks see you as a higher risk and insure your loan using Lenders Mortgage Insurance (LMI). You’re left to foot the bill for the LMI premium which can be tens of thousands of dollars.
Dentists are a lower risk than other borrowers so some of our lenders are willing to approve your loan without any mortgage insurance!
What are the criteria to get your LMI waived?
- Your home loan must not exceed 90% of the purchase price (90% LVR).
- You must be a member of the Australian Dental Association (ADA) or other acceptable medical association.
- You must be a dentist, periodontist, ear and throat surgeon or oral and maxillofacial surgeon.
- There is no minimum income requirement.
- Your application must be within normal bank policy.
Dental hygienists and other staff that work in a dental clinic are not eligible for waived LMI but they may be eligible for a reduced interest rate.
Talk to our mortgage brokers by calling 1300 889 743 or complete our free assessment form to find out which bank is the best for you.
Can I use this to build a property portfolio?
Yes! Many dentists use the waived LMI to buy several investment properties with smaller deposits.
You can borrow up to $4,500,000 in total through one of our lenders and over $2,000,000 with another. That’s a total of $6,500,000 in home loans which can allow you to buy up to $7,000,000 of property without paying any LMI.
If you decide to buy a large number of properties then you should consider income protection, life and Total Permanent Disability insurance to protect yourself in the event of unforeseen circumstances. It’s fine to invest aggressively if you manage your risk.
Which bank is best?
There are three lenders that offer exceptional discounts for dentists. Choosing the right lender depends on:
- The size of your deposit.
- The number of properties that you plan to buy.
- The complexity of your situation e.g. trusts, self-managed superannuation funds and company structures.
- If you plan to open your own dental clinic or expand your existing business.
- If you are a member of the Australian Dental Association (ADA).
- If you and your partner have an unusual situation that is outside bank policy.
In some cases it is best to split up your loans for different properties between different lenders to maximise your benefits.
Finance for dental clinics
When you decide to open your own clinic, it’s possible to obtain a loan for 100% of the commercial property as well as the fit-out, dental equipment and practice itself.
Banks believe that dentistry is a stable, profitable industry and they want to help you to build your business. This is a vastly different approach to the way they finance other businesses, focusing a lot more on risk, instead.
Apply for a dentist mortgage
Would you like to buy a home or investment property? Find out which bank will give you the best discount!
Call us on 1300 889 743 or complete our free assessment form to find out how we can help.