Lenders consider gynaecologists preferred applicants because of their higher earning capacity and unmatched reputation as low-risk borrowers. Gynaecologists are more likely than most other borrowers to get benefits such as Lenders Mortgage Insurance (LMI) waivers on many home loans. Let’s take a detailed look at the benefits and discounts gynaecologists get over the general public, then we’ll show you how Home Loan Experts can help you obtain these concessions.
What Are The Benefits And Discounts For Gynaecologists?
Medical practitioners, including gynaecologists, are highly likely to be eligible for special discounts and benefits on their home loans, including:- Maximum loan size: Borrow up to 100% of the property value with no Lenders Mortgage Insurance (LMI).
- 100% non-base income factored in by lenders: Lenders usually only factor in up to 80% of non-base income for general applicants, when determining whether they can make repayments. However, for medical practitioners, including gynaecologists, lenders factor in 100% of non-base income types, such as overtime compensations, shift allowances and vehicle allowances.
- Exclusive interest rate discounts that aren’t available to general borrowers.
- Endless exposure for investors with various properties that want to continue growing their portfolio.
- Flexible credit criteria for new graduates and early practitioners.
- Borrow up to 95% of the property value (with no LMI as well).
- Borrow up to $4.5 million to purchase a home or investment property.
- Refinance cashbacks up to $4,000.
95% No LMI Home Loans
A lender on our panel is offering waived LMI on a 95% home loan for gynaecologists. There is no minimum income requirement. To qualify for no LMI on a 95% home loan:- You must buy a residential property. (Only Category 1 and 2 locations accepted)
- You must hold a university degree from Australia or overseas.
- You must be an Australian citizen or permanent resident living and working in Australia.
- You must be employed as a gynaecologist and not on probation.
- You have PAYG income in the industry for at least the last three years; doesn’t all have to be with the same employer but you must be past your probation period.
- Minimum credit score required.
- You need a minimum of 2 years’ tax returns and full financials if self-employed. ABN must be registered for at least two years and you must provide evidence of reported profit each year.
- The maximum loan amount is $1 million.
Do I Qualify For 95% No LMI?
Banks and other lenders charge an LMI premium for customers borrowing more than 80% of the property value. This hefty fee is there to protect the lender if a borrower defaults on a loan. How much is the LMI? For most lenders, it can hover around $24,000 when borrowing 90% of the property value on a $1,000,000 property. As an eligible gynaecologist, you qualify to have this fee waived, even when you are planning to borrow 100% of the property value. Here’s a general idea of how much can you save by avoiding LMI:Property Value | LMI Premium Saved |
---|---|
$500,000 | $9,000 |
$1,000,000 | $24,000 |
$1,500,000 | $39,000 |
How To Find The Right Bank
There are some major lenders that offer exceptional discounts for gynaecologists. Consider choosing a lender based on:- The size of your deposit.
- The number of properties you plan on buying or investing in.
- The complexity of your situation, such as trusts and self-managed superannuation funds.
- Whether you and your partner have an unusual situation that is outside many banks’ lending policíes.
Eligibility Criteria For A Gynaecologist Home Loan
You must meet certain requirements to be eligible for special medico discounts, and benefits.Is my income eligible?
Lenders do not have a set minimum income level for medical professionals like gynaecologists. As long as the client meets general eligibility requirements, the chances of getting LMI waivers and other exclusive benefits are good.Professional affiliations
To qualify for special medical home loan benefits, you must be a medical practitioner in Australia or New Zealand and have membership in a registered medical association, such as the following:- Australian Association of Practice Managers
- Australian College of Rural & Remote Medicine (ACRRM)
- Australian Medical Association (AMA)
- Australian Medical Council (AMC)
- Medical Practitioners Board of Australia
- Royal Australasian College of Medical Administrators (RACMA)
- Royal Australian & New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
Other lender criteria
Lenders take a close look at the specific type of membership registration under your name. What lenders accept:- General registrations
- Specialist registrations
- Provisional registrations
- Limited registrations
- Non-practising registrations
- Have a registration to practise with the Australian Medical Council (AMC) or an equivalent body
- Be registered currently with the Medical Practitioners Board of Australia or an equivalent body in the state or territory in which they practise
- Some lenders also consider certain special circumstances and accept non-practising registrations (such as when a person is on temporary absence from practice, like while on parental leave)