As brokers specialising in loans for doctors, dentists, veterinarians and other specialists, we meet many medical professionals who were able to improve their financial situation by taking advantage of the status of their profession. Additionally, many can benefit from being better organised through listening to the right advice.
We understand that for medical professionals, finding the time to manage their finances can be a challenge with their busy schedules. So when it comes to reviewing or refinancing their loans, it often gets put off. Many medicos turn to a broker to save time and money while obtaining loans but if the broker is unfamiliar with the medical industry, the process can actually end up taking longer and can cause more headaches.
To help take the pain out of managing finance for medical professionals, here are the top three things you need to know.
Use a broker who specialises in medical professionals
While regular brokers are great for those in non-specialised industries, specialist brokers who are intimately familiar with the medical industry are a great asset for medical professionals. Those in the profession often have an extensive list of needs when it comes to finance, many of which can be quite complex.
During their working lifetime, those in the medical profession will often need to take out multiple loans from different lenders to fund the purchase of assets such as motor vehicles, office or medical equipment, and residential or commercial property.
Having a broker that specialises in the medical industry means that they know the different deals, services and packs that are available from different lending institutions to help cut the cost of repaying these loans and get you the best deal for your money.
Understand Medical Professionals are in a unique position
While doctors have some of the lowest default rates on loans of any profession, making them ideal borrowers in the eyes of the bank, they are also saddled with a large amount of debt to repay before they can start saving for retirement.
A good broker will be able to understand the challenges of working with medical professionals and assist you with loan options and services that will help you balance your books and provide enough savings to maintain your lifestyle during retirement.
Know banks like Medical professionals
When it comes to different professions, banks prefer to lend to medicos above anyone else due to their high salary and the sense of reliability that comes with their career choice.
Banks favour medical professionals to such an extent that they have made a series of exclusive loans and deals dubbed ‘Medico Packs’ which are offered only to those professionals via the services of specialised brokers. These deals can be applied to multiple different types of loans including capital equipment loans, home loans, investment loans, car loans, and various other asset loans for both personal and professional purchases.
For more information on Medico Packs and how to manage your finances and take the pain out of the loans process, our team of experienced specialists is always here to help and they don’t charge anything to clients when working on getting the best loan deal possible.