Physiotherapist home loan discounts
Physical therapists (physios) may be eligible for:
- Borrow up to 100% with waived LMI: Borrow up to 100% of the property value and avoid Lenders Mortgage Insurance (LMI).
- Borrow up to a maximum loan size of $4.5 million.
- Access signficantly reduced interest rates that aren’t available to the general public.
- Rapidly build an investment property portfolio thanks to higher exposure limits for high net worth investors.
- Take advantage of flexible approval criteria for new graduates.
Call us today on 1300 889 743 or complete our free online assessment form to discover if you qualify.
How long will banks offer waived LMI?
In 2017, a number of lenders had pulled out of offering waived LMI to physiotherapists but some of them have now re-entered the market.
We’re not sure for how long!
Luckily, the lenders that don’t offer 100% no LMI to physiotherapists do apply discounts depending on your net worth and professional employment status. Specifically:
- You must be fully qualified and working full-time.
- You must be registered with the Australian Health Practitioner Regulation Agency (AHPRA).
- There is no minimum income requirement although you’ll need to demonstrate your ability to pay back the home loan as per standard bank policy.
Fill in our free assessment form or call us directly on 1300 889 743.
100% no LMI for physiotherapists
For regular home loan customers, borrowing more than 80% of the property value means the lender will charge you a mortgage insurance premium.
How much does it cost?
With some lenders it can work out to be around $24,000 when borrowing 90% of the property value on a $1,000,000 property.
As an eligible physiotherapist, you can have this fee waived even when borrowing 100% of the property value!
The fact is, if you have no deposit, and no guarantor to mitigate the risk, you would normally be declined for a home loan.
Because of your professional status, you can avoid the cost of mortgage insurance completely.
You’ll literally save thousands in upfront costs, allowing you to put that money to work growing your property portfolio or to buy the home of your dreams.
To give you a clearer idea of how much you’ll save, input the amount of your deposit and the value of the property you want to buy in the LMI calculator.
Using the above example of a 10% deposit on a $1 million property, you’re potentially saving upwards of $130,000 in upfront costs.
Call our mortgage brokers on 1300 889 743 or fill in our free assessment form and we can let you know how much you can save.
Significant interest rate discounts are available
Physical therapists are known for their stable employment and great salaries so many lenders are willing to offer significant interest rate discounts to you.
The discount you can get will depend on:
- Your professional status.
- Total income and asset position.
- The amount you are borrowing.
Depending on your situation, we may even be able to negotiate an interest rate that’s even cheaper than the special fixed and variable interest rates already on our website.
Rapidly grow your portfolio
With our physiotherapist home loan you can kick-start your investment portfolio by buying property with much smaller deposits.
Here’s how it works
If we’re able to get your home loan approved without the LMI requirement, you could potentially be saving thousands of dollars from the get go meaning the deposit you require will be much less.
We recommend that you consider getting income protection, life insurance and total permanent disability to protect yourself and your family if you’re planning on building a significant portfolio.
Which lenders offer discounts to physical therapists?
These substantial home loan benefits are available through three of our lenders but how do you know which to go with?
Three of our lenders currently offer these home loan benefits and with the help of a specialist mortgage broker, we can properly assess your situation to find the right loan for you.
This will be subject to:
- Your registration status with AHPRA.
- Whether you or your partner are in a situation that sits a little outside of normal bank policy.
- The size of your deposit.
- The amount of real estate you plan to purchase.
- The complexity of your home loan, e.g. trust, self-managed superannuation fund, company structure etc.
To get the most out of these benefits, we may suggest splitting up your mortgage between different lenders.
Are all physiotherapists eligible?
As long as you’re fully qualified, a member of AHPRA and working full time, all types of physical therapists are accepted, whether you specialise in:
- Geriatric physical therapy
- Women’s health
- Palliative care
Get a physiotherapist home loan today
We are experts in lending to physical therapists and we know which lenders offer incredible home loan discounts including reduced interest rates and a 100% LMI waiver.
Buy your dream home or rapidly build your property investment portfolio by calling us on 1300 889 743 or filling in our free assessment form.