As a medical professional, people place tremendous trust in you to look after their health and wellbeing. In the same vein, banks and lenders also extend a certain level of trust to doctors, dentists and allied medical professionals by offering home loan “sweeteners” to eligible providers. Why? They recognise that medical professionals are low-risk borrowers with a high earning potential, and are therefore far less likely to default on their mortgage than other customers.
So, what’s the deal?
Practising medical professionals can borrow up to 90% of the purchase price of a property without having to pay Lenders’ Mortgage Insurance premiums. Ultimately, this will save you thousands of dollars in repayments over the life of the loan. That means more money to invest into your practice, family responsibilities or lifestyle pursuits. Some lenders also offer lower interest rates and discounted fees to physicians, and may even lend you 100% if you’re an owner-occupier (LMI applies).
The list of applicable professions is extensive and ranges from anaesthetics to dentists, optometrists to plastic surgeons. Applications are processed on a case-by- case basis. Loanscope can clarify whether you are eligible.
Why use a mortgage broker?
At Loanscope, we are experts at assessing your needs and diagnosing home loan solutions that won’t sting. Whether you’re investing or buying your first or next home, we can help. If you’re in the medical profession and are paying a standard home loan rate, it may be time to dissect your mortgage and have a full home loan check-up.
Here are 4 reasons why you, as a medical professional, should use our service:
1) When in doubt, seek a second opinion out
The mortgage industry is complex and continually evolving, but we understand the intricacies of each of the products available. We keep on top of the latest deals to ensure you get the best product today and in the future.
2) We know the merits of each lender
We work with more than 30 different lenders Australia-wide, which means we have hundreds of home loans at our fingertips. Whether you’re after a mortgage with all of the bells and whistles, like offset accounts and redraw facilities, or something more simple, Loanscope can help. We also understand the specific needs of medical professionals and will find a home loan that works to your advantage.
3) We save you time and money
When it comes to searching for a home loan, it can often be a tedious and protracted process. We save you precious time and energy searching for a mortgage, while also providing guidance about how to build your wealth in the long-run. The great Australian dream of owning a home is more likely to become a reality sooner with our help.
4) You pay nothing for the service
It costs you zero to use a mortgage broker – the lender pays us once settlement is finalised. Thus, you have absolutely nothing to lose by using our service, and everything to gain! If your search for the right home loan is giving you a headache, please get in touch with
Loanscope today. Call (03) 9988 1818.