Home Loans For Medical Professionals and Doctors
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. Our finance brokers also help with the acquisition of medical equipment, home loans for medical professionals, vehicles, and commercial properties for the Business.
Some Australian banks favor doctors 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 have one of the lowest default rates of any profession and are considered highly profitable clients by banks.
Typically If you borrow over 80% of the value of the residential property then banks will require you to pay LMI. This is a once-off fee that pays for the bank to be insured in case you do not repay your loan.
If you are an eligible medical Professional (refer Below) then some of our lenders offer to waive the requirement for LMI.
- Borrow up to 90% 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
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.
- Medical software (e.g. Radiology Information System / Picture Archiving and Communication System).
- Office, surgery, or clinic fit-outs.
- Vehicles for business or personal use.
We can help finance 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 Doctors and 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:
- Cardio-Thoracic Surgeon
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dental Specialist
- Ear and Throat Surgeon
- Emergency Medicine Specialist
- Emergency Surgeon
- Gastro-Intestinal Surgeon (Upper/Lower)
- General Practitioner
- General Surgeon
- Intern (Hospital Employed)
- Oral and Maxillofacial Surgeon
- Orthopaedic Registrar
- Orthopaedic Surgeon
- Paediatric Surgeon (Neonatal/Perinatal)
- Plastic Surgeon
- Reconstructive Surgeon
- Resident Medical Officer
- Residents (Hospital Employed)
- Respiratory/Thoracic Surgeon
- Specialist Physician
- Staff Specialists (Hospital Employed)
- Vascular Surgeon
To be eligible you must also be a member of one of the following associations:
- Australian Association of Practice Managers
- Australian College of Rural and Remote Medicine (ACRRM)
- Australian Dental Association (ADA)
- Australian Dental Council (ADC)
- Australian Medical Association (AMA)
- Australian Medical Council (AMC)
- Australian Veterinary Business Association
- Australian Veterinary Association
- Australasian College for Emergency Medicine (ACEM)
- Australasian College of Cosmetic Surgery (ACCS)
- Australasian College of Dermatologists (ACD)
- College of Intensive Care Medicine of Australia and New Zealand (CICM)
- Medical Practitioners Board of Australia
- Royal Australasian College of Dental Surgeons (RACDS)
- Royal Australasian College of Medical Administrators (RACMA)
- Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
- Royal Australian and New Zealand College of Ophthalmologists (RANZCO)
- Royal Australasian College of Surgeons (RACS)
- Royal Australasian College of Physicians (RACP)
- Royal College of Pathologists of Australasia (RCPA)
- Royal Australian and New Zealand College of Psychiatrists (RANZCP)
- Optometrists Association Australia
- The Australia and New Zealand College of Anaesthetists (ANZCA)
- The Royal Australian College of General Practitioners (RACGP)
- The Royal Australian and New Zealand College of Radiologists (RANZCR)
- Urological Society of Australia and New Zealand (USANZ)
- Other associations on a case by case basis
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!