As a Medical professional many lenders offer great incentives and increased loan to valuation borrowings to assist with purchasing a home, motor vehicle or equipment.
Lend 90% of the property value without having to pay Lenders Mortgage Insurance
Receive Establishment Fee Waivers
Having Evidence of 5% genuine savings is not required
Receive a minimum 1.0% off the standard variable rate by taking out lender specific packages that include credit cards and offset accounts.
Vehicle & Equipment Purchases
Providing you own a home or asset backed you could be automatically approved for $150,000 to purchase a vehicle/medical equipment without the requirement to supply payslips or tax returns under certain lenders self declaration policy.
Medical Practitioner asset/vehicle finance interest rates start from 4.4% p.a and can range from 12-60 month finance terms.
How Do I Qualify?
Under most lenders policies, medical professionals are defined as:
Hospital Employed Doctors which include;
Traineeships or Internships
Other Medical Specialists Include for a list of acceptable specialists refer to LINK HERE
If you don’t see your exact specialisation the link provides and feel you may qualify, we can address this with the particular lender to reconfirm.
Why do certain lenders offer such incentives and benefits to Medical Practitioners?
The basis of Lenders Mortgage Insurance is to protect the lender against the possibility of default by its mortgage customers.
Lenders understand as medical professionals, your risk profile to default on a mortgage or experience financial hardship is limited compared to other professions, and testament most lenders are prepared to absorb lenders mortgage (LMI) premiums and pass on the benefits to have you as a lending client.
If I am buying with my partner who is not a Medical Professional, will we still qualify for the medical professionals package?
Yes, providing one of the applicants is a medical processional you will be eligible.
Im a First Time Home Owner, Will the government grant still apply?
In short, yes you can. In Victoria for example, should you purchase a new property "never lived in" you may be eligible for a $10,000 grant and also receive 50% off stamp duty.
Should the purchasing property already be established you could be eligible for a 50% stamp duty reduction.
What documents do I require to be eligible?
The following supporting documents will be required.
2013/14 Personal Tax Return
Copy of university degree or qualification or
Copy of registration with the Medical Practitioners Board of Australia or equivalent body
For full details of the available medical practitioner packages and schemes including suitable lenders please contact us now or send through an enquiry below.
Remember, only certain finance professionals are authorised and have detailed knowledge to offer this type of package, if you walk into a local bank branch they will not have firm knowledge or be in a position to provide you qualified advice.