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Home Loans For Medical Doctors
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When most medical doctors or other medical professionals are looking around for a home loan, they are unaware of the special discounts, savings and benefits being offered to them by most lenders/credit providers. Many lenders/credit providers have developed specialised home loans (also known as medico home loans) to attract medical professionals and to fight competition. If you are you a medical doctor or other healthcare professional and you are looking for a home loan - why not consider, taking advantage of medico home loans!
You could also use this type of home loan when you are looking at buying a converted residential house to use as your practice premises.
When you read this article you will know what special discounts, savings and benefits are being offered to you by most lenders/credit providers.
What Special Deals and Discounts do Medico Home Loans provide?
Many lenders/credit providers offer medical doctors and other medical professionals, special deals and huge discounts on medico home loans. This is because the lenders/credit providers consider medical professionals to be “low risk” (i.e. they make regular payments on their loans and they have the lowest delinquency rates amongst all borrowers). Here are 7 reasons to choose a medico home loan:
1. Better interest rate discounts
2. Discounts on Lenders Mortgage Insurance (LMI) or even waived LMI
3. No set up costs or application fees
4. No valuation required
5. Special interest rate for family members
6. Easier cash out (Equity Release) policy
7. Easier home loan approval
What are the Important Features of a Medico Home Loan?
A medico home loan is a much better option for you to choose than the usual standard home loan as it has two important features that will compel you to choose a medico home loan:
Option #1 - Confirmation and validation of 5 per cent genuine savings is not required; and
Option #2 - Up to a maximum of 90 per cent of the property’s loan-to-value ratio (LVR) may be approved without the need to obtain lenders mortgage insurance (LMI)
Who is Eligible for a Medico Home Loan?
To take advantage of the special discounts, deals and benefits that medico home loans provide you must fit into any one of the following medical professions:
• General Practitioners
• Hospital – employed Doctors (e.g. Intern, Resident, Registrar, Staff Specialist)
• Veterinary Practitioners
What Income Documents are Required?
It doesn’t matter if you are an established self-employed medical professional or a PAYG medical professional your income documents are standard, and you only have to provide copies of the most recent Tax Return.
What Employment Documents are Required?
Lenders/credit providers have made this very easy for you as you only have to provide copies of the following:
• Your University degree or qualification, or
• Your registration with the Medical Practitioners Board of Australia or equivalent body.
Now that you have read this article you should know that you are considered by most lenders/credit providers to be” low risk” and that they have made home loans simpler for you by providing medico home loans. Take advantage of your professional status and avail yourself of a medico home loan today.
Seek Expert and Professional Advice
http://www.singhfinance.com.au is a reputed Australian finance brokerage firm that employs a team of professionally qualified finance brokers who will welcome the opportunity to obtain the best medico home loan package. So, if you are a medical professional (medico) and you are looking for a home loan contact the firm today and their expert finance brokers will start working for you. You can even get pharmacy loan solutions from Singh Finance. Call on 0424 190 908 today or visit their website and simply click on the "ENQUIRE ONLINE" form.
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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