Home loan benefits for Medical Professionals/Medical Workers!

Physicians, doctors, and other medical professionals have the unique position of having an extensive list of exclusive offers from lenders as they are part of the few percentages of low-risk borrowers. This means that they are considered as clients with stable, high-income, which already puts them under a favourable light for home loans. These exclusive benefits are eligible for the following professionals:

• Anesthesiologist
• Anesthetist
• Cardiologist
• Chiropractor
• Clinical Pharmacologist
• Cosmetic Surgeon
• Dentist
• Dermatologist
• Doctor
• Ear, Nose and Throat Surgeon
• Endocrinologist
• Gastroenterologist
• General Practitioner (GP)
• Gynecologist
• Intern doctor (internship)
• Neurosurgeon
• Obstetrician
• Optometrist
• Pharmacist
• Psychiatrist
• Veterinarian

While the prospects above have the benefit of leveraging special offers, keep in mind that all are subject to follow the same application process as everyone.

What is the Home Loan Benefits for Medical Professionals?

Benefit #1: Zero Down Payment Requirements

One of the most significant advantages of being a medical professional is the fact that the mortgage loan is within a little to none payment threshold. Borrowers often find this first step the biggest hurdle as preparing for the down payment usually takes years of work, while doctors, physicians, general practitioners, and more can reap the benefit of having as little as 0% for the mortgage loan.

Benefit #2: Borrow Up to 90% of the Purchase Price

Another significant benefit and arguably one that fast-tracks the progressing or purchasing homes is the advantage of borrowing a whopping 90% of the purchase price. While this can be possible in other professions, medical professionals have the benefit of lending without incurring mortgage insurance, which can save the applicant a large sum of their budget. Down the line, you can expect to acquire an up-front saving of thousands of dollars due to this benefit.

Benefit #3: Discounted Interest Rates

Because of how medical professions are attractive prospects for lenders, they are given the benefit of having a discounted interest rate and a lack of need for Lenders Mortgage Insurance (LMI). This means that if you’re planning to buy a house that is worth $900,000, not paying for an LMI means that you can save up to $25,000. Other benefits include:

• Fee waivers
• Higher LVRs
• Higher maximum borrowing amount

Who are Medical Professionals that are not part of the Doctor’s Home Loan Benefits?

Most medical professionals are highly reliable. However, not all titles are given the same benefits. Nurses, psychiatrists, psychologists, medical research scientists, and naturopaths are a few examples of those who are not eligible for home loan benefits.

However, they may still acquire certain perks such as a reduced interest rate for those who have a consistent credit score, substantial savings, as well as a steady employment history.

Borrowing money for your home loan can be a time-consuming and challenging process for many, though knowing the perks that are in line with your profession can help speed up the progress as well as help you save thousands of dollars down the line. The guide above should provide necessary information on what you can expect from a home loan for medical professionals.

If you’re looking for a medical worker loans in Australia, engage the services of a mortgage broker to aid you through this process from start to finish. We’ll take a look at your financial position and put a plan in place to ensure your home loan gets approved in the most beneficial way for yourself.  Contact us on 02 9121 6247 or submit your scenario online. 

Why you MUST use a parental guarantor home loan if you’re a first home buyer!

With house prices shooting up and down, anyone who hasn’t gotten their hands in the market for homes is in for a rough ride. For those who do not have the wealth built up to invest in properties, all might seem lost. However, there is one thing that we can do, and that is to rely on a family guarantee home loan. By getting one of your relatives to pledge their equity, you can land the dream house of yours.

Here are the three main advantages of using a family guarantee home loan to enter the property market as a first home buyer:

1. You Can Borrow More Money

As you might know, when taking out a loan, most lenders will require you to deposit at least 20 per cent of the total loan for the request to be approved. However, there are still some other loans that allow a deposit lower than the 20 per cent mark. Those are only available if you are eligible for Lenders Mortgage Insurance or LMI for short. This type of insurance covers the lender in the case that you cannot meet your payments. However, taking out money for LMI can be quite costly, and should be avoided, especially if your income isn’t high.

With family guarantee loans, if you couldn’t hit the 20 per cent deposit mark before, now you can. In other words, you can borrow as much as you need to cover the rest of the deposit you couldn’t in the beginning, allowing you to secure the entire cost of the deposit. You can even borrow out the money to pay for the house entirely + additional costs such as stamp duty, legal fees and even extra money for renovations!

Of course, this doesn’t mean that you’re free from monthly payments. You’ll still have to pay back the lender, you’re essentially using the sufficient equity in your guarantor’s property and providing this as security to the bank with your new purchase! Better yet, as soon as your new loan is sitting at or below 80% loan to value ratio, your guarantor’s property can be released from your loan!

2. You Can Enjoy First Home Buyer Benefits

Because you are now able to purchase a home, you can enjoy first home buyer benefits like others who have bought a home before you. Benefits, such as a first home buyer grant and the stamp duty concessions are rewarded to you, and all of these can pile up to thousands of dollars in value.

3. You Can Avoid Unnecessary Fees

If you end up borrowing money that totals over 80 per cent of the value of your property, an LMI is generally required to be taken out. This is to guarantee the lender that in the event you cannot pay back the amount you’ve borrowed, the lender is cushioned from the blow.

But of course, getting an LMI is extremely expensive. A family guarantee loan can cover that 20 per cent, meaning that you’ll have to borrow only 80 per cent of the money to cover the rest of the cost and not more. As a result, you buy yourself home without having to take out the costly LMI.

The property market isn’t the most straightforward thing to understand. Because of that, there is plenty of planning, strategizing, and understanding of the risks you’re about to face to be done. Only that way, and with proper discussions with all the relevant parties such as your guarantors, you can ensure that the purchase of your home is smooth sailing.

Engage the services of a mortgage broker to aid you through this process from start to finish. We’ll take a look at your financial position and put a plan in place to ensure your home loan gets approved in the most beneficial way for yourself.  Contact us on 02 9121 6247 or submit your scenario online. 

Refinance your home loan with a low doc product, it makes things easy!

Whether you’ve been looking to bring stability back to your finances or make a few long-term investments, refinancing is an effort that requires structure and strategy to make sure not only your loan gets approved, but your new loan is beneficial to your financial circumstances.

It may seem a lot harder than expected to get assistance in achieving your financial goals, as loan requirements become even more complicated each time and the lines get longer. One way you could possibly reorganize your finances for the better is through low-doc loans.

Low doc loans are regarded as the best option for anyone that seeks to attain refinancing without having to go through the trouble of traditional methods that entail extensive paperwork of income verification (typically for self-employed borrowers).

How do low-doc loans exactly work and what makes them great for refinancing?

Low-doc loans are a form of financial assistance that has been developed to enable those with a not-so-stellar tax return or financial statement records to borrow money easily. Generally, low-doc loans work best with self-employed professionals that don’t have their documentation of earnings but manage to rake in a steady flow of income. This is usually the situation for those who don’t have their tax returns up-to-date or they’re merely too complicated due to your tax structure.

Is it easy to apply for a low-doc loan?

As opposed to a prime loan, low-doc loans have a less complicated application process. When applying for a low-doc loan, you need to provide alternative documents that function as proof of your income. Accepted alternative forms of proof for your financial stability include:

• Business bank statements that detail your earnings in a given period
• A letter from an accountant certifying your current financial status and income
• A letter from the borrower certifying your current financial status and income
• Business activity statements

What do you need when applying for a low-doc loan?

In addition to having a reliable and verified proof of financial stability, a lender may also ask for compliance with several other requirements, such as a minimum credit score. To ensure that your low-doc loan application process for your plans of refinancing are as easy as possible, let’s look at these requirements that you should also secure:

Australian Business Number (ABN)

In compliance with the Australian government regulations, each self-employed professional in the country is required to have an ABN that acts as a form of legitimization. An ABN must be held traditionally for a minimum of 2 years with GST registration in order to show that you have sufficient experience in running a company. This period essentially suggests that you are capable of paying your monthly dues. We do however have lenders who accept a minimum of 6 months trading history however with higher fee’s and interest rates.

Evidence of your intent

A lot of the time borrowers refinance with a low doc lender is to access equity in their property. It’s ideal that you have and provide any evidence of your intent to not only refinance but also where the additional top up funds where will be going. Your new loan must have some type of benefit such as reduced monthly repayments, better interest rate, flexibility or accessing certain products with the new lender. Cash out or equity access requirements differ from lender to lender, some with a maximum amount of $100,000 without evidence, some even have unlimited cash out amounts with some type of evidence where the funds will be going.

If you’re looking for low-doc loans in Australia, get in touch with Highline Lending to see how we can help. We’ll assess your current financial position and lifestyle and match you with the best lender to get your home loan approved from the get-go! Contact us on 02 9121 6247 or submit your scenario online. 

Applying for a home loan with a new job? Here’s what you need to know

It is to most people’s understanding that getting a loan or a mortgage has a common requirement, and that’s for the borrower to be employed for a long time. This is because it proves that the borrower has a stable source of income. Unfortunately, this has been quite a dilemma for the current generation, where many workers hop from job to job, seeking better working conditions and compensations.

If you’re in the same situation, what can you do to get a higher chance of qualifying for a mortgage? What are the decisions that will affect your ability to apply for a loan? Let’s find out.

Assessing Your Ability to Get a Home Loan

When you head out to apply for a home loan, there are a few things a lender will take into account to determine your eligibility:

• Length of time in the current job
• Frequency of job/industry changes
• Time in the industry
• Rate of individuals in the same sector to default on repayments
• Your employment terms

A lender’s job is to determine how likely you are to default on the repayment or, in other words, how able are you to pay back everything. Even if you feel like you can pay back what you borrowed because you love your job or you’re getting a lot of pay, anything can happen.

You might suddenly lose your job, or you might find the job to be boring once more. These are the reasons lenders have requirements, and why one of the requirements is that the borrower must be in the same job for at least a year.

Lending to Individuals that are Changing Jobs

If you’re in the middle of changing jobs, most lenders will not approve your mortgage. However, there are a few lenders out there that will offer a loan to you despite your situation. Yet, they still have some assessment to make. If they find that you did well in your previous job and conclude that you’re only changing jobs for better compensation or working environment, they’ll most likely approve the loan. In addition, if your new role is in the same industry as your previous, and you have a long work history, this also works in your favor.

If, on the other hand, you were fired from your previous job, your chances of getting the loan approved diminish. However, if the new job is enough to support your life while taking care of the repayments, they may still consider approving the loan.

Lending to Individuals with New Jobs

If you’ve already transitioned to a new job, lenders will consider other aspects. If you look promising to them, they’ll most likely approve of your home loan. They’ll check your industry and determine why you’re changing. They’ll also assess your financial strength and experience in the line of work.

Another factor that plays a massive role in your ability to secure your loan your current standing. For example, if you’re a professional with multiple sources of income, high credit score, little to no liabilities, and so on, you up to your chances of a loan. Of course, if you have none of these, you might still be able to get the credit, albeit with a lower success rate.

In conclusion, despite changing jobs frequently, you still have a chance at landing a mortgage. We have lenders who accept 1-day employment for those who have just started a new role.

If you are looking for mortgage brokers in Australia to help you get a mortgage, get in touch with us today! We’re happy to help. We’ll assess your current financial position and lifestyle and match you with the best lender to get your home loan approved from the get-go!

Contact us on on 02 9121 6247 or submit your scenario online.