Can medical professionals get lower home loan rates?
As a doctor or a medical professional, you probably know that you are eligible for a range of favourable mortgage conditions. If you didn’t know, then you’re welcome! You are going to learn a lot in this article, and we’re looking forward to educating you about all the great benefits available to you.
One of the key questions that doctors ask us when they are looking for a new home loan or mortgage is “do I qualify for a lower home loan interest rate?” While there is no clear answer to that question, there are some benefits that you will be happy to hear about – so we wanted to take the time to address some of the key benefits doctors are eligible for and discuss how you can qualify.
What does it mean to be a doctor seeking a home loan?
One of the biggest bonuses that doctors have at their disposal is their borrowing power. As a doctor seeking a home loan you have the capacity to borrow up to 100% of the value of your property – and the best part is, you do not have to pay lenders mortgage insurance.
Of course, with this kind of borrowing, there is a very strict set of criteria in place which you need to adhere to. Working with MediPro can be hugely beneficial here simply due to the fact that we know what lenders are going to be looking for and we can help you be prepared.
- As a doctor seeking a home loan, you can borrow up to 100% of the amount of your property value and not pay any lenders mortgage insurance (LMI) (so long as you meet the specific lending criteria)
- You can also borrow up to 90% of the value of your property without LMI if you are a medical practitioner – and not only a doctor
- You have access to a wide range of borrowing options and can borrow up to $4.5 million to purchase your property
The benefits here do not just extend to doctors, with veterinarians, optometrists, pharmacists, chiropractors, and physiotherapists being able to access these options as well. Note that if you are a medical professional or an allied health professional, you need to be a member of an industry association that meets the lender’s specific criteria.
MediPro can help you to evaluate whether you are eligible for a range of industry-specific loans and conditions and access industry-specific interest rates. Work with us to save time and money when you next look to invest.
How do doctors get great home loan deals?
When you are a doctor seeking a home loan, you do not get money off the actual amount that you are seeking to borrow – but you do qualify for exceptional conditions which can save you money. So, while you do not get a lower home loan per se, you can secure a home loan with favourable conditions which means that you are getting a lower home loan than a person who is not a doctor.
As we have discussed above, doctors and certain medical professionals are eligible for a range of favourable loans and products. Many medical practitioners are eligible for a discount on their interest rate, can borrow up to 100%, and can avoid paying LMI. When you combine these factors, you are in a great position for substantial savings!
Why do lenders allow doctors and medical professionals to access these savings?
Lenders assess borrowers on the basis of their risk. Doctors are seen by banks and lenders a low-risk. This means that doctors are at a low risk of missing mortgage repayments due to their strong income and their employability. This means that lenders are quite happy to create a specific policy for doctors and medical professionals.
Ultimately, lenders are fighting for you. Of course they are! So, it makes sense that they are going to create a product which is favourable for you, the medical professional. With MediPro you can take advantage of the bank’s competition and benefit. Work with us today, and call us for a confidential discussion about how we can help you take advantage of the best possible rates under the best conditions.