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Home Loans For Pharmacists
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If you work as a pharmacist you may be aware that many lenders/credit providers view doctors as low-risk borrowers, but you may not be aware that many lenders/credit providers also classify your profession in the same category as doctors.
In view of the fact that you are considered to be a low-risk borrower you will find that some lenders/credit providers offer pharmacy home loans that are specifically designed for pharmacists. As a result, some lenders/credit providers may offer you a host of special borrowing features and discounts.
What Special Borrowing Features and Discounts are available to me?
Pharmacy home loans include a number of special borrowing features and discounts to help you save money on your home loan such as:
• Discounted interest rates;
• Higher Loan-to-Value Ratio (LVR) which enables you to borrow a larger percentage of the property’s purchase price; and
• The freedom of waived Lenders Mortgage Insurance (LMI) payments.
For example: With a normal home loan you will typically need to take out LMI if you plan to borrow more than 80% of the value of the property you are purchasing. However, being employed as a pharmacist you may find some lenders/credit providers will waive the requirements for you to pay the LMI premium.
Alex wants to Borrow more than 80 per cent to Buy a Villa
In this example, Alex is a pharmacist earning a salary of $120,000. He plans to buy a villa for $800,000 and he has a deposit of $80,000 which means he will need to borrow 90% of the purchase price of the property. He decides to approach his regular bank for a home loan, but he is put off by the fact that his bank will require him to take out expensive Lenders Mortgage Insurance (LMI).
Alex contacts his friendly finance broker who specialises in home loans for pharmacists. Not only does his finance broker enable him to get a better interest rate than what he would get from his regular bank, but his finance broker is also able to get the lender/credit provider to waive the need for him to take out Lenders Mortgage Insurance thereby, allowing Alex to save almost $38,000 in LMI charges.
How can I use a Pharmacy Home Loan?
Now that you have read this article you should be aware of the fact that you are able to take advantage of the attractive savings and borrowing features offered by a number of specialist lenders/credit providers to you, when you are looking at:
• Buying a home
• Buying an investment property; or
• Refinancing or even performing renovations.
Seek Expert and Professional Advice
It is wise to seek the assistance of a professionally qualified finance broker who has the required knowledge and experience of how pharmacy home loans work, and who can guide you through the pharmacy home loan process and requirements.
http://www.singhfinance.com.au is a reputed Australian finance brokerage firm that employs a team of expert and professionally qualified finance brokers. As a pharmacist you are dedicated to keeping your customers healthy and you will find their team of professionally qualified finance brokers are dedicated to keeping you financially healthy. Their finance brokers will present you with a number of pharmacy home loan options, to enable you to choose the most suitable pharmacy home loan package that best meets your needs and your individual circumstances.
For an obligation-free assessment, call on 0424 190 908 today or visit their website and simply click on the "ENQUIRE ONLINE" form. Singh Finance can even assist you when you are looking to:
• Refinance your existing pharmacy practice loan;
• Buy your start-up pharmacy practice;
• Acquire another pharmacy practice;
• Expand/remodel your existing pharmacy practice; or
• Even purchase equipment for your pharmacy practice (including fit outs).
Disclaimer: This article is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.
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