It takes years of hard work, commitment and a lot of financial compromises to become a medical professional. After all that effort, we believe medical professionals deserve a bit of extra financial help!
That is why the team at Professional Lending Solutions has made it our mission to go above and beyond when it comes to securing loans for medical professionals. We want to make sure your experience obtaining a home loan is as easy, affordable and stress-free as possible.
With extensive industry expertise and a variety of specialist lending services, Professional Lending Solutions will ensure medical professionals have a full grasp of the various options available to them. This includes a variety of lending solutions tailored to support the unique financial circumstances of those working hard in the medical industry.
The team of brokers at Professional Lending Solutions can assist doctors and other medical professionals to obtain home loans at a discounted rate, without the need to demonstrate genuine savings.
Our lending panel includes lenders offering specialist home loans for healthcare workers. These loans allow eligible medical professionals to secure a loan with a Loan-to-Value Ratio (LVR) of up to 90%, without the requirement for Lenders Mortgage Insurance (LMI).
Our finance brokers can also help doctors and other medical professionals with the acquisition of:
Medical equipment
Personal and work vehicles.
Commercial properties to be used as business premises.
We understand that buying a house can be stressful and complicated, especially when you’re navigating the process for the very first time. That’s why we want to make things easier for you.
At Professional Lending Solutions, our expert team of brokers can help you to:
Buy your first home.
Refinance an existing mortgage.
Purchase an investment property.
Obtain a competitive loan to purchase medical equipment.
We understand that, as a medical professional, you’re a very busy person. That’s why we will do everything we can to ensure you get the finance you need, with minimal stress. We’ll do the research, compare loan products and make expert recommendations…we’ll even handle the paperwork for you!
From initial contact right through to post-settlement, you can trust Professional Lending Solutions to take care of everything for you.
If this is your first time applying for a home loan, then you’ve probably already got some questions. What does LVR mean? Is Lenders Mortgage Insurance a good thing or a bad thing? What counts as genuine savings? Before we dive any deeper into specialised home loans for medical professionals, let’s clarify what a few of these terms actually mean.
LVR stands for Loan-to-Value Ratio. This is the value of your home loan compared to the value of the property you are buying.
For example, if you want to buy a property worth $700,000 and you have a deposit worth $70,000 (10%), then you’ll need to borrow the remaining 90% of the funds from a lender. This is a loan with an LVR of 90%.
The bigger your deposit, the lower the LVR will be. Generally speaking, the lower the LVR, the easier it is to secure competitive loan terms.
LMI stands for Lenders Mortgage Insurance. This is an insurance policy for the lender but paid for by the borrower. It is designed 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.
If you have a Loan-to-Value Ratio of 80% or higher, then some lenders will charge you LMI because you’re asking for a higher-risk loan.
Genuine savings refer to funds that a borrower has saved over time and then held in an account (typically for at least three months). These savings can come from a variety of sources, including regular deposits, an inheritance or proceeds from the sale of assets. The important thing is that they must have been held in the borrower’s account for at least three months.
Lenders often require evidence of genuine savings to assess a borrower’s financial responsibility and ability to manage mortgage repayments.
Principal and interest refers to a loan repayment structure where each payment covers both the interest accrued on the outstanding loan balance and a portion of the loan principal.
This is different to an interest-only loan where repayments only cover the interest portion.
Principal and interest repayments allow you to pay off the loan over the agreed term, compared to interest-only loans where the principal amount remains unchanged.
The comparison rate is a tool used to help borrowers compare the true cost of different home loan products. It does this by considering both the interest rate and most upfront and ongoing fees and charges over the life of the loan.
A comparison rate provides a more comprehensive view of the loan’s total cost than the advertised interest rate alone, allowing borrowers to make more informed decisions when comparing loans from different lenders.
A guarantor is a third party, usually a family member, who agrees to take on responsibility for a borrower’s loan obligations if the borrower defaults on repayments. By providing their assets or income as security, the guarantor enables the borrower to obtain a loan or improve their borrowing capacity.
Guarantors have a legal obligation to repay the debt if the borrower defaults on the loan, so guarantors need to understand and consider all the potential risks involved before agreeing to guarantee a loan.
Some Australian banks are willing to offer specialised loans for medical professionals. This is because doctors and other healthcare workers have one of the lowest default rates of any profession in the country. They’re also considered to be highly profitable clients by banks because they have the potential to earn substantial incomes and have a greater chance of requiring larger and more diverse borrowings in the future.
The average borrower will typically be charged LMI if their deposit is lower than 20% of the property value. However, some lenders are willing to make an exception for approved applicants working in the medical industry.
If you’re a medical professional purchasing a property that you intend to occupy, then you could potentially have your LMI waived for loans up to 95% LVR. Not only would this allow you to secure a loan sooner, with a smaller deposit, but it could also save you tens of thousands of dollars on Lenders Mortgage Insurance fees.
Eligibility for these specialised home loan products will vary depending on a range of factors. For example, some lenders may impose postcode restrictions. This means that borrowers planning to purchase in certain “high-risk” suburbs may not be eligible for an LMI waiver. There may also be limitations when applying for interest-only loans for medical professionals.
While certain restrictions do apply, the following LMI waiver requirements have recently been expanded for medical professionals:
Individual supporting security will increase to $4.5 million (and the restriction on security location will be removed). This is a million-dollar increase, up from $3.5 million in capital cities and $2.5 million in all other areas.
The total aggregated NAB consumer lending amount will increase to $7 million, up from $5 million.
To find out more about your eligibility for a great range of specialised home loan deals, talk to the team at Professional Lending Solutions today.
Medical professionals applying for a home loan can enjoy the benefits of special discounts like lower interest rates. However, when applying directly to a bank or lender, you won’t be automatically offered a lower interest rate, even if you are a medical professional.
The team at Professional Lending Solutions has access to a broad panel of lenders offering a great range of deals customised for healthcare workers. To ensure you get a competitive home loan that is ideally suited to your situation, book an appointment with one of our friendly brokers today.
Medical equipment is usually the largest non-property expense associated with setting up your own practice. However, investing in good quality equipment can significantly increase the returns for your business. This is why doctors need to have access to competitive finance options for equipment purchases.
We can finance almost any type of medical equipment including:
(e.g. Radiology Information System / Picture Archiving and Communication System)
We can help you obtain finance for your new medical equipment via a lease, hire purchase or chattel mortgage/equipment loan.
What are the benefits of securing medical equipment finance through Professional Lending Solutions?
You can borrow the full cost of the equipment.
There is no need to provide any other security.
We will obtain quotes from several competitive lenders.
Minimal supporting information is required.
We can ensure quick approval and settlement, so you can purchase the equipment you need as soon as possible.
Unfortunately, not everyone working in the healthcare industry will be considered eligible for ‘Medico Package’ discounts. Below is a list of preferred medical professionals that are eligible to apply for loans for healthcare workers:
To be eligible for loans for medical professionals, you must also be able to provide proof of membership for one of the following associations:
It is possible for a borrower to approach a bank directly for advice about home loans for medical professionals. But there’s a good reason why we don’t recommend it. Going directly to one lender will severely restrict your potential loan options, meaning it is unlikely you’ll end up with the most competitive loan to suit your needs.
In contrast, when you talk to the team at Professional Lending Solutions, you can rest assured that you’ll gain the following benefits:
Brokers are governed by legislation commonly referred to as ‘Best Interest Duty.’ Basically, this means that we are legally required to act in the best interests of our clients, at all times. We won’t (legally, we can’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’).
We have access to an extensive lending panel, which includes loan products from the major banks, smaller banks and even independent lenders you’ve probably never heard of. This means we have access to a broad range of loan products, so we can find a loan that not only offers a great interest rate, but that also provides the loan structure best suited to your needs.
Our comprehensive understanding of the finance industry is coupled with years’ worth of experience obtaining home loans for doctors and medical professionals. This means our understanding of your unique circumstances is unparalleled. If you want the best possible result, then it’s worth using a professional with years of industry experience.
It is theoretically possible for you to do your own extensive online research and compare loan products from a wide range of lenders. But who has the time for that?! Most doctors lead busy lives, often juggling demanding schedules. By working with an experienced mortgage broker, you can save valuable time navigating the complexities of the loan application process.
We specialise in tailored loan solutions to meet the specific needs of medical professionals. We understand the unique financial circumstances and income structures common in the medical industry, and we can customise your loan products accordingly. By working with a broker, you’ll receive financial solutions that align with your professional and financial goals.
Our brokers have powerful negotiation skills honed through years of working with lenders. We can leverage our industry knowledge and pre-existing relationships to negotiate favourable terms, interest rates and fees on behalf of medical professionals. This can result in significant cost savings over the life of the loan, securing you the most competitive loan terms available on the market.
At Professional Lending Solutions, we pride ourselves on being experts in securing specialised loans for medical professionals. This means that you can trust us to navigate the complexities of securing specialist loans tailored to the unique needs of those working in the healthcare industry.
Whether you’re seeking a mortgage, refinancing an existing home loan or pursuing equipment finance for your practice, our team of brokers is ready to assist. With our industry experience and established reputation, we can ensure you secure the right loan solution for your situation.
Contact us today to take the first step towards achieving your financial goals with confidence!
