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How Medical Professionals Can Get Ahead in the Property Market

The property market is already competitive as it is with many borrowers looking to invest in high-value properties. Lenders will look into several factors to ensure one’s ability to repay a loan — from credit records to financial history to profession. If you’re a medical professional, your chances of getting a loan are relatively higher.  

In fact, many lenders closely look at industry professionals and experts as high net worth individuals, including those in the medical profession and those eligible with industry sector requirements. 

Because of high employment demand for medical professionals and the view that their employment is “recession proof” they are considered low-risk borrowers by lenders and can get exclusive finance offers that may not be available to the public. 

These offers can include higher loan amounts and loan to value ratios, waived mortgage insurance, discounted  interest rates, insurance and fee waivers, and higher maximum borrowing amount. 

If you are looking to purchase or refinance a property and work as a medical professional, you have a distinct advantage. Let’s look into all the added benefits that medical professionals can enjoy when they’re looking at mortgage options.

Advantages of Taking Out a Home Loan for Medical Professionals

If you work in the medical field and are exploring your home loan options, it’s important to be aware of what these advantages are.

 

Significant interest rate discounts

If you are borrowing less than 90% of the property value, you can take advantage of loans with discounted interest rates. You can also get more finance offers that are not open to the average home buyer.

 

Lenders Mortgage Insurance waivers 

You’ll be relieved to note that Lenders Mortgage Insurance (LMI) is not required on mortgages up to 90% of the property value and in some specific cases, if you are self employed up to 100%. Most property buyers are usually charged LMI if they do not have a 20% deposit. But as a medical professional and when considered a low-risk borrower, this is waived for loans up to 90% of your property’s total value.

 

Higher loan-to-value ratios 

Another added advantage that can be available to medical professionals is the ability to borrow up to 105% of the property’s purchase price with a specialist lending loan. This is subject to special conditions and specific qualifications though and may not be available for all medical professionals.

 

Higher maximum borrowing amount

Medical professionals such as doctors and surgeons can also get higher borrowing amounts up to $4.5 million for residential or investment properties. Some banks will offer larger loans amounts depending on eligibility and will be offered on a case-to-case basis.

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Eligibility and Qualifications

To be eligible for these loan discounts and get better access to more property offers,  you need to be a member of a registered medical association such as the Australian Association of Practice Managers or Australian Dental Association.

You will also need to qualify for the following conditions: 

  • Be an Australian Citizen or hold a permanent residency Visa
  • An  Industry Sector Professional 
  • Occupation Qualifications 
  • Income requirements
  • Meet the lender’s eligibility for Industry Sector Policy requirements

Check the following infographic for the list of qualified medical professionals and associations a medical professional will need to be a part of in order to qualify.

Home Loans for Medical Professionals

Your Next Best Step

If you are in the medical industry and are looking at purchasing or refinancing and are keen to know if you are eligible for added discounts and benefits, talking to a mortgage broker who is familiar with different lenders is your best bet. 

Get in touch with Shore Financial’s mortgage brokers and find out more about these offers. Be one step closer to your dream property. Seek expert financial advice today. 

 

Disclaimer: This is general information only and should not be taken as financial advice. Please speak to a Shore financial planning professional before making a decision on your home loan.

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