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Why Medical Professional Home Loans in Australia Offer Exclusive Advantages

Medical professionals in Australia enjoy unique benefits when it comes to home loans due to their financially stable and high-income careers

Lenders recognise the significance and earning potential of these healthcare professionals, making them highly sought-after candidates for special home loan programs. 

loans for veterinarians and doctors

Dedicated Home Loan Options Exclusively for Medical Professionals

Exclusive Mortgage Options

Numerous banks and lending institutions provide exclusive mortgage options specifically tailored to meet the needs of doctors and medical professionals. These specialised loans often require a lower deposit compared to loans available to other borrowers. Additionally, medical professionals may enjoy reduced interest charges and fees, allowing them to save money throughout the loan term.

Whether a medical professional is a first-time homebuyer or looking to expand their property portfolio, certain lending institutes offer dedicated home loan options exclusively for individuals working in the healthcare sector. Others consider applications on a case-by-case basis. Regardless, banks perceive medical professionals as low-risk borrowers, prompting them to go the extra mile in attracting and retaining their business.

Prominent lending providers in Australia, such as Westpac, Commonwealth Bank, ANZ, NAB, and Suncorp, actively encourage medical professionals to apply for home loans.

Most of these lenders offer the opportunity to borrow up to 90% Loan-to-Value Ratio (LVR) without requiring Lenders Mortgage Insurance (LMI). Some even provide loan packages up to 95% of the property price.

Lenders Mortgage Insurance is a cost that varies based on the size of the deposit. For example, if a home is valued at $400,000 and a buyer has a 10% deposit of $40,000, they can expect to pay nearly $7,000 for LMI. Naturally, most people aim to avoid this substantial expense. However, being a medical professional can potentially unlock a significant benefit—an LMI waiver.

The Home You've Always Wanted with a Surprisingly Small Deposit

Assuming an applicant meets all the necessary criteria, an LMI waiver can enable doctors and other medical professionals to purchase a million-dollar home with as little as $50,000. Other potential advantages include reduced LMI premiums, lower interest rates, increased lending capacity, and minimized fees.

It is essential to note that not all medical professionals qualify for LMI waivers, discounted fees, and favorable interest rates. Some positions are deemed more stable than others, determining who qualifies and who does not.

Contact our team today on 0477 618 486 to find out more.

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