Home Loans for Doctors, Medicos and Other Health Professionals
Home loans for doctors, medicos, specialists, and other health professionals do not vary greatly from what’s available for other professions. However, health care specialists have the edge due to the fact that they have higher income levels which they can leverage for better home loan rates.
Doctors, specialists, dentists, and other healthcare professionals are considered essential services by the government – they enjoy benefits in terms of certain fees and mortgage charges, and are considered low-risk by most Australian lenders.
Let’s look at how home loans for doctors are tailored to accommodate the unique financial circumstances of healthcare professionals.
Why apply for a doctor home loan?
Lenders look at health professionals as low-risk borrowers, and in many cases, they provide discounts and privileges to prospective doctor home buyers. Here are potential benefits of home loans for doctors:
Waived Lenders Mortgage Insurance (LMI) – One of the key advantages of doctors and other medicos is the ability to secure a higher Loan-to-Value Ratio (LVR) without incurring Lenders Mortgage Insurance (LMI). LMI is required for borrowers with an LVR above 80%, or home buyers who have a lower deposit. With a doctor’s home loan, medicos can often access higher LVRs of up to 90% or even 100% without the need to pay thousands more for LMI.
Flexible income arrangements – Medical professionals, particularly doctors, have complex employment arrangements, i.e. working in multiple hospitals, having overtime income, or being self-employed. Home loans for doctors take into account these employment structures and accommodate them as long as you can present an accurate income stream and prove trustworthiness to lenders.
Discounted interest rate – Some lenders offer lower interest rates on home loans for doctors as an incentive to attract medical professionals. These rates effectively save on costs over the life of the loan and make homeownership more affordable.
Tailored loan features – Banks may include specific features that cater to health professionals. These include but would not be limited to: additional repayment flexibility, loan portability, and the ability to finance associated expenses such as medical equipment, business construction loans, and professional development financing.
Is now the right time for this type of home loan?
Building or construction can be a perfect avenue for doctors, both for building equity and investing in the housing market. Now is the perfect time to consider the options around getting a home loan.
Moreover, the ability to leverage higher income to secure reduced interest rates is another factor that comes into play when acquiring these types of loans. And it cannot be overstated that when LMI cost is waived, that means you could be saving thousands of dollars in upfront costs.
Lenders look at health professionals as relatively low-risk borrowers, so if you’re considering buying a property or investing in real estate, here at Intellichoice, you can source the best finance for doctors.
Who is eligible?
Lenders are comfortable with having an array of special offers for doctors, dentists, and health professionals like anesthetists, psychiatrists, vets, dentists, and other specialists. And while some medical research doctors and naturopaths may be more riskier than traditional medical doctors, our network of lenders can still look after these health professionals.
How to compare home loans for doctors?
Our recommendation here at Intellichoice is that you first start with your current lender to see if there are any benefits that they provide for your particular field as a professional.
If you feel that you’re not getting the service you require, then our home loan brokers are more than happy to compare all the current offers in the market and come back with a solution that suits your preferred loan type, loan term, features, and repayment scheme. Start your journey by contacting our home loan specialists for more information.
How to apply for a doctor home loan?
Different lenders have different terms and conditions, but here are the general requirements to prepare:
- Prepare all your relevant and pertinent documents including primary personal identification documents citizenship if needed certification healthcare card and copy of employment contract and any other additional information that we request
- Provide any relevant documents for income details hi example payslips tax returns at cetera
- Documentation for your current assets and liabilities
- Additional documentation could also be your registration of your Medical Board of Australia other profession on body and recognises your field as proof of being a health professional
Considering construction loans for doctors?
There are several specialist lenders that offer health professional discounts in relation to construction loans. Some of these perks may include waived LMI, higher discounted interest rates, cost plus construction, equipment financing, and a range of other loan types that may be useful.
If on the other hand you’re a health professional considering building a medical centre or renovating a building to operate your practice, speak to us about the range of products available for specialists in this space. our brokers and specialist knowledge on how best to acquire the sort of deals needed to get your practice up and running.
Working with a verified mortgage broker like Intellichoice means you access expert advice and guidance from start to finish, making your home loan decisions much smoother and more successful in the long run.
- Many lenders might have an array of special offers for doctors dentists health Professionals like anesthetist psychiatrist vets healthcare and dental
- And some of our lenders also look after the likes of naturopath medical research Professionals and have a different arrived discounts for them weatherlight health professionals in the mix
How to compare home loans for doctors?
- Our recommendations that you first start with your current lender to see if there any benefits that they provide for your particular field as a professional
- If you feel that you are not getting the service you require their our brokers and more than happy to compare all that’s currently being offered in the market and come back with a solution that suits
How to apply for a doctor home loan?
- Prepare all your relevant and pertinent documents including primary personal identification documents citizenship if needed certification healthcare card and copy of employment contract and any other additional information that we request
- Provide any relevant documents for income details hi example payslips tax returns at cetera
- Documentation for your current assets and liabilities
- Additional documentation could also be your registration of your Medical Board of Australia other profession on body and recognises your field as proof of being a health professional
Considering construction loans for doctors?
There are several specialist lenders that offer health professional discounts in relation to construction loans and some of these perks May include waive lmi higher discounted interest rates and a range of other servers that may be useful.
If on the other hand you’re a health professional considering building a medical centre or renovating a building to operate your practice, speak to us about the range of products available for specialists in this space. our brokers and specialist knowledge on how best to acquire the sort of deals needed to get your practice up and running.
