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.
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 doctors and medical professionals, vehicles, and commercial properties for the business.
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.
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.
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.
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!
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.
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 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:
(e.g. Radiology Information System / Picture Archiving and Communication System)
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:
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:
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’).
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.
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!
