Our Guide on Home Loans for Medical Professionals – What to Know

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. 

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