Lenders are always cautious about who they approve for mortgages. So, when someone with a frequent, stable and high income such as a medical professional exists, they will do all they can to entice these types of lenders as they can feel comfortable in the repayment of these loans. As a medical professional, taking advantage of such offers can assist in getting your new home paid off faster and with less of your money going towards higher or longer-term interest rates.

Loanscope has established relationships with many clients who work in the medical industry, so we have significant experience working between medical professionals and the banks in order to establish a loan agreement.

Unlike other mortgage brokers, our experience brokering loans for those in the medical field has allowed us to understand things that others would miss. We understand the complex pay slips received by those in the medical industry, and we’re frequently available after usual business hours and on weekends to accommodate for the busy and irregular work schedules of the medical industry.

Benefits available to you may include increased loan to value ratio, a waiver of lenders mortgage insurance, a potential 100% offset account, or an umbrella loan facility. Let’s look into each of those deeper.

Increased Loan to Value Ratio

Bankers consider borrowers by assessing the risk that they present through their repayment capabilities. Medical professionals are more trusted lenders in regard to repayments. Therefore, you can borrow up to 90% of the value of your property. In some circumstances such as if you are a specialist or self-employed, you could even borrow 100% of the property’s value in unsecured funds against your income. Meaning you won’t have to provide as much cash up front towards the new place. A discussion with a mortgage broker will help you establish what percentage you can afford to borrow and reasonably pay off.

Lenders Mortgage Insurance Waiver

Lenders Mortgage Insurance (LMI) is a way for the lender too protect themselves in the event that a mortgage cannot be paid back and can mean thousands of dollars in upfront costs for the borrower. LMI tends to be required for loans valued at 80% of the property value or more. Given that medical professionals are considered lower risk and are likely to be able to borrow such a high percentage of the value of the home, LMI would be prominent. However, a selected number of banks offer a waiver of this insurance for medical professionals. Taking advantage of this service could save you thousands of dollars.

Business Growth

If you’re a medical professional, a relationship with a mortgage broker, especially one with established experience working between banks and those in the medical field, can help with acquiring the necessary loans to grow your medical business. Our services could assist in getting loans that can finance specialised equipment. Additionally, you could be eligible for the purchasing of up to 100% of the value for real estate that would function as medical practice or commercial facilities.

Are you eligible?

Well, we’re here to help you find out! Figuring out your eligibility for such schemes can be complex when trying to align yourself with a list of requirements. We understand those who work in a medical field. We have the experience that will allow us to confidently guide you through the mortgage process. We make sure you are comfortable and assured in your mortgage, trying our best to let you make the most of the benefits offered to medical professionals by the banks.

Contact Loanscope today and, at no cost to you, we can guide you through your loan as a medical professional.

Emmanuel Guignard (MBA)
Director & Principal Mortgage Broker
With over 15 years’ experience in the finance industry and a recently completed MBA in Financial Planning, Emmanuel leads the broking team at Loanscope. His experience includes working with a wide range of property investors, from first time buyers to investors with large property portfolios. This includes handling complex applications involving trusts, company structures and self-managed super funds. He also operates as a qualified mentor to other mortgage brokers via the FBBA mentor program.
Emmanuel Guignard