We can assist medical professionals and doctors to obtain home loans at a discounted cost, without the requirement for lenders’ mortgage insurance up to a 90% loan amount to valuation ratio and without the need to validate genuine savings.
Home Loans For Medical Professionals
Top Specialist in Home Loans for Doctors and Medical Professionals
It goes without saying that it takes years of hard work, commitment, and a lot of financial compromises to become a medical professional. That is why our team at Professional Lending Solutions make it our mission to go above and beyond to make sure your experience obtaining a home loan for medical professionals is as easy, affordable, and stress-free as it can be.
With our lending specialist services, assured you will be given all the options available to you that will support your unique financial circumstances.
Medical Professional and Doctor Home Loan Australia: Getting started
Need help with getting a medical professional or doctor home loan Australia?
We understand that buying a house can be stressful and complicated, and we want to make it easier for you. Whether you’re looking to buy a home outright, refinance or require assistance with doctor financing or getting loans medical for purchasing equipment, we will do everything we can to ensure you get what you want.
What is LVR?
LVR or loan-to-value-ratio is the percentage of the amount you may borrow for a home loan compared to the value of the property you are buying. The bigger your deposit, the lower the LVR will be.
What is LMI?
LMI or Lenders Mortgage Insurance is the fee you pay to protect the lender against any losses incurred in the event you become unable to meet your loan repayments and if the property is sold for less than the outstanding mortgage.
LMI waiver for professionals in the medical field
Some Australian banks favour medical professionals above other professions because they are known to be a low-risk category than other borrowers, earn high incomes and have a higher chance of requiring larger and more diverse borrowings in the future. Doctors and medical professionals have one of the lowest default rates of any profession and are considered highly profitable clients by banks.
A borrower is typically charged with an LMI if their deposit is lower than 20% of the property value. However, medical professionals have it easier than most when it comes to applying for a home loan.
If a medical professional is purchasing a property that they intend to occupy, their LMI will be waived for loans up to 95% LVR (loan-to-value ratio) — up from 90%.
This could mean thousands of thousands worth of savings on monthly repayments!
If you are an eligible medical Professional (refer below) then some of our lenders offer to waive the requirement for LMI.
- Borrow up to 95% of the property value without paying any LMI.
- No need to validate deposits as genuine savings for loans up to 90%.
- Borrow up to 105% of the property value if your parents guarantee your loan.
- Special Discount Rates available. Subject to the Loan to Valuation Ratio.
- The maximum total lending is $4.5 million for your home and investment properties. Larger loans are available on a case-by-case basis.
- Can be used to purchase a new property or refinance your existing loan to release equity to buy more properties
Do all medical professionals qualify for LMI waivers?
However, the 95% waived LMI home loan is not an option for all. Postcode restrictions still apply, which means those in high-risk postcodes may not be able to avail of this. Interest-only restrictions also apply.
The following LMI waiver restrictions have also been expanded for medical professionals and professional services:
In addition, individual supporting security will increase to $4.5m (and restriction on security location removed). This is a million-dollar increase from $3.5m in capital cities and $2.5m in all other areas.
Lastly, the total aggregated NAB consumer lending amount will increase to $7.0m — up from $5.0m.
Feel free to talk to our team of lending specialists if you need more clarity around this information.
Other benefits of Home Loans for Healthcare Workers
Medical professionals applying for a home loan enjoy the benefit of special discounts like lower interest rates. When applying directly to a bank or lender, it is typical to not be automatically offered a lower interest rate even if you are a medical professional. Professional Lending Solutions has a panel of lenders that we can tap to get you an offer at an interest rate discount.
Medical Equipment Finance
Medical equipment is usually the largest non-property expense associated with setting up your own practice. Investing in good quality equipment can significantly increase the returns for your business.
We can finance almost any type of medical equipment including:
Diagnostic imaging equipment
Medical monitoring devices
Medical laboratory equipment
(e.g. Radiology Information System / Picture Archiving and Communication System)
Office, surgery, or clinic fit-outs
Vehicles for business or personal use
Let us assist you with getting Medical Finance
We can help you obtain medical finance for your new medical equipment via a Lease, Hire Purchase or Chattel Mortgage/Equipment Loan and the benefits for you are:
- You can borrow the full cost of the equipment.
- There is no need to provide any other security.
- We obtain quotes from several competitive lenders.
- Minimal supporting information required.
- We can obtain a quick approval and settlement.
Eligible Medical Professionals for Home Loan
Not all medical professionals are considered to be eligible for the ‘Medico Package’ discounts. Below is a list of preferred medical professionals that are eligible for medical specialist home loans:
To be eligible you must also be a member of one of the following associations:
Why you need a broker to get a home loan for medical professionals
While it is possible to approach a bank directly for advice about Australian medical finance, doing so will severely restrict your options. In contrast, when you talk to the team at Professional Lending Solutions, you can rest assured that you’ll gain the following:
Brokers are governed by legislation commonly referred to as ‘Best Interest Duty.’ Basically, this means that we are legally required to only ever act in your best interests. We won’t recommend a finance solution unless we genuinely believe it is the best possible option for you (it’s worth noting that banks are NOT subject to ‘Best Interests Duty’).
Wide range of lenders
We have access to an extensive lending panel, which includes loan products from the major banks, smaller banks and even independent lenders that you’ve probably never heard of. Why is this a good thing? Because it means we can select from a broad range of loan products. We can find a loan that not only offers a great interest rate, but that will also offer the loan structure best suited to your situation.
It is possible for a determined homeowner to do their own extensive online research and compare loan products from a wide range of lenders. It is also theoretically possible for a medical professional to go directly to a lender or a bank, but our comprehensive understanding and years’ worth of experience with obtaining home loans for doctors and medical professionals for their unique circumstances are simply unparalleled. If you want the best possible result, it’s well worth using a professional with years of nuanced industry experience.
Experts at Medical Loans Australia
Professional Lending Solutions is your choice of mortgage broker for doctors and lending specialist in home loans for healthcare workers.
If you’re considering getting a mortgage, it’s time to get in touch with an expert. With our expertise and industry experience, we can help match your needs up with the right medical professional home loan for you!