As a doctor or medical professional, not only are you considered an asset in Australia; but you’re also part of one of the few professions that banks and lenders go out of their way to reward.
And how do they do this, you ask? With incredible borrowing options that are available to those in your shoes.
There are several reasons why applying for a mortgage as a doctor can be so appealing, but if you’re still unsure, here are three of them to make your decision all the more easy:
No need for insurance (LMI) when borrowing up to 90% of your home’s value (LVR)
You read that right – if you’re a medical professional then up to 90% of the value of your home, without having to pay insurance. (This is usually set at 80% for non-medical professionals). Why is this? Because those in your professional field are considered low risk borrowers.
That translates to a lower deposit and zero insurance when taking out a new loan.
Negated bank fees
Most banks will charge their potential borrowers in a range of ways – but that won’t always be the case if you’re a doctor or medical practitioner. For a start most banks will be keen to waiver these types of fees to get customers like you on board; allowing you to potentially save thousands.
Bank fees can add a huge amount to a mortgage, but as a doctor you won’t have to deal with them.
Enjoy a higher maximum borrowing amount
Most lenders will work out what a potential borrower can afford to pay back based on their annual income. Because of your higher than average income, and your low risk as a borrower, you could find yourself receiving even more from a bank without difficulty. (Up to $4.5 million with some lenders!)
Even if you’ve found a home that’s in the higher end market, lenders may be willing to finance it.
To learn more about mortgages for doctors, refinancing, or taking out a new loan, simply get in touch with our brokering experts by filling in the form on this page. Our team can help with all manner of home loans – regardless of whether you’re keen to invest in a property or apply for your very first mortgage.
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Disclaimer -This page/article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.