Special Home Loans for Doctors

Doctors receive preferential treatment from some financial institutions because they are considered low risk borrowers. If you are a doctor you can take advantage of these special loan offers to buy your 1st home, your next home, refinance, buy an investment property, or build a new home.

What are the advantages?

Lenders Mortgage Insurance Waiver

Lenders require most borrowers to pay mortgage insurance (LMI) if they borrow more than 80% of the property value. This is a one-off fee to pay for an insurance policy to cover the bank for any losses if the event of default.

However, some lenders will waive the LMI for doctors, for loans of up to 90% of the property value (90% LVR).

This can equate to very large savings indeed!

Example: The LMI on a $900,000 loan for a 1 million property purchase is currently $25,072 with one of the big 4 banks!

In some cases, you might also be able to borrow some funds unsecured if you have some self-employed income. It can be used to effectively borrow 100% of your residential or commercial property projects.

Who qualifies?

  • GP’s
  • Medical Specialists
  • Interns, residents, registrars and staff specialists
  • Pharmacists
  • Veterinarians
  • Chiropractors
  • Optometrists

You will also need to be a member of a relevant professional association eg:

  • Australian Medical Association
  • Australian Veterinary Association
  • Australian Dental Association
  • Optometrists Association of Australia

How Can Loanscope Help?

Each lender will have particular criteria you will need to meet. Loanscope will help you select the lender that best suits your situation and will offer you a low interest rate.

Just as importantly, Loanscope will advise you on the way to structure your loan in light of your future property investment plans. Structuring your loan correctly has tax implications that may save you plenty in the short – medium term. Only brokers with specialised knowledge and experience can assist you in this area. You are unlikely to get this additional service going directly to a bank.

Call or email us today for a free assessment. We are mobile and will fit in with your schedule to give you all of the information you need to make the right decision on your home or commercial finance.

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