MediPro Capital Finance’s strong relationships with lending institutions of all sizes and specialities are helping doctors secure loans with lenders that best fit their needs.
John Paynter, managing director of the lending solutions firm which has specialised in loans for doctors, dentists, veterinarians and other health professionals for over 10 years, understands that the needs of borrowers are varied and an important part of fulfilling these needs is matching them to the right sized lender.
“When it comes to choosing a lender by size there is no right or wrong. However, there are ways that experienced mortgage brokers can help to find the best fit,” Mr Paynter said.
“There are many factors that help us match medical professionals to the right mortgage providers and loan products. We learned early in the piece that not everybody is just searching for the lowest rates or fees.
“Working as a medical professional can be tough and time consuming and plenty of our clients are simply looking for the ‘path of least resistance’; we completely understand that.
“Some will need to borrow the largest amount of money available on their income or obtain the highest lending ratio. Others prioritise the availability of features like fixed rates with an offset account or a lender’s ability to deal with coming off PAYG earnings to self employment.
“Other medicos we’ve worked with take a more philosophical approach and will want to support a smaller start-up bank because they believe they are less likely to take advantage of them, or they may lean toward the perceived safety or security of a larger organisation.
While it is not always possible to generalise on the nature of larger or smaller lending institutions, the collective experience of MediPro’s management and lending specialists can help medicos find what they need from their mortgage provider based on the characteristics of the organisation.
“While it is not always the case, I have found that smaller lenders might be more eager to take on new clients and that can be seen in their customer service levels, rates, ability to think outside of the box and work hard to secure the client,” Mr Paynter said.
“They don’t have established brands and reputations to rely on so they need to show their value through other means.
“On the other hand, we’ve experienced occasions when bigger institutions have shown more willingness to provide loans for larger amounts – over $3 million for example – with greater confidence and less time spent on analysing a client’s details compared to some of the smaller players.
While large and small lending institutions may have different levels of customer service MediPro Capital Finance makes the process of obtaining a home or business loan easy, whether obtaining finance through a large or small institution.
“We make the whole process pain-free and our clients don’t need to pay us any fees, no matter which lender the client decides to work with,” Mr Paynter said.
“However, once we help you get approval on the loan, we want our clients to have a good relationship with the lender throughout the duration of the loan so we really do place a high importance to finding the right lender – large or small – from our expansive network.