Did you know that some lenders apply special lending criteria to home loans for medical professionals? This is great news if you’re a doctor (or any other medical professional) who’s invested a lot of time and money in gaining your qualifications. Now that you’re finally working in your chosen field, it’s understandable that you want to start climbing the property ladder (preferably without having to spend years saving for a 20% deposit).
So, what home loans for doctors are available? And how can a mortgage broker help with finance for doctors?
Why do Doctors Qualify for Special Treatment from Mortgage Lenders?
Mortgage lenders are all about minimising risk. Every home loan application is assessed for risk because lenders don’t want to issue loans to borrowers who are likely to fall behind on their repayments. Typically, borrowers who work in a medical profession are deemed low risk – in fact, doctors have some of the lowest mortgage default rates in the country.
Additionally, even qualified doctors who are just starting out will typically receive an income that is considered ‘above average’ for most first home buyers. And as they develop more experience, this income is likely to grow. So, you’ve got a low risk borrower who has a high potential for ongoing investment in the future…and that’s something that most lenders like the sound of! That’s why some lenders offer special home loan deals for medical professionals.
What Home Loans for Doctors are Available?
There are a few different options when it comes to home loans for doctors. Some lenders offer discounted interest rates, while others will relax the typical first home buyer lending criteria. The most common home loans for doctors will usually include some of the following features:
- The option to borrow 105% of the total property value if you have a guarantor.
- The ability to apply for a loan with just a 10% deposit, with no need to pay Lenders Mortgage Insurance (LMI).
- Relaxed criteria for what counts as “genuine savings”.
To find out more about current deals that are available for home loans for medical professionals, contact the team at Professional Lending Solutions.
How Can a Mortgage Broker Help with Finance for Doctors?
At this point, you’re probably thinking this all sounds pretty good. Lenders are keen to help out medical professionals with their home loan needs…so, why would you need to talk to a broker? While it’s true that lenders are willing to make an exception when it comes to finance for doctors, that doesn’t mean all lenders will offer the same deals or loan structures. To make sure you get the right home loan to suit your needs, the best thing to do is talk to a broker. This is because we can:
- Make sure you have access to the widest possible panel of lenders.
- Assess the various home loan products on offer and determine which represents the best deal.
- Set up the loan in a way that will minimise complications should your circumstances change.
- Ensure you have access to the right home loan features (such as allowing for added repayments or the inclusion of an offset account).
Why Choose Professional Lending Solutions?
We understand that, as a medical professional, you’re busy. You don’t keep standard office hours, and you don’t have time to waste on paperwork and unnecessary appointments. That’s why we offer flexible meeting arrangements that can accommodate your changing schedule. We’ll take care of everything relating to your application, and we won’t bother you with the little things. In fact, we’ll jump through all the necessary hoops on your behalf (leaving you to get on with more important things).
To find out more, give me a call on Ph: 0421 934 033 or Ph: 07 5597 6049 or book a virtual, phone, or in-person appointment for a time that suits you.