Medical Professional = Low Risk
Medical professionals are considered low risk borrowers by lenders and are therefore in a unique position to get exclusive offers that are not available to other members of the public.
These offers include:
- Significant interest rate discounts
- Lenders Mortgage Insurance waivers (borrowing up to 90% without paying LMI)
- Fee waivers
- Higher LVRs (borrowing up to 105% of property value with a guarantor loan)
- Higher maximum borrowing amount
Medico varies from bank to bank so the type of discount will depend on the bank.
Types of medical professionals that are eligible:
- Anaesthesiologist
- Anaesthetist
- Cardiologist
- Chiropractor
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dentist
- Dermatologist
- Doctor
- Ear, Nose and Throat Surgeon
- Endocrinologist
- Gastroenterologist
- General Practitioner (GP)
- Gynaecologist
- Intern doctor (internship)
- Neurosurgeon
- Obstetrician
- Optometrist
- Pharmacist
- Psychiatrist
- Veterinarian
Interns, residents, registrars and staff specialists are all eligible.
You must also be a member of an Australian or New Zealand medical association in order to be eligible.
Types of medical professionals that are not eligible:
Medico is not available to some medical professionals such as psychologists, medical research scientists and naturopaths.
However, there may still be a reduced interest rate available to ineligible medical professionals who have a strong employment history and substantial savings.
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