Are you looking for the Best Home Loan for Doctors that’s available on the market today? Well, you’ve come to the right place!
Our Home Loan Lending Specialists are very passionate about working with medical professionals to ensure that they are offered the very best home loan deal available to medical professionals on the market today. We live and breath this everyday, this is what we love doing and we are here to help you.
There are many benefits of home loans that are offered to doctors, as the amount of time and effort doctors put into their careers is a significant achievement. Lenders recognise the overall reliability and general income level of doctors. That can make it easier to secure an attractive loan, too.
Multiple types of doctors can qualify for these unique home loans. While these benefits differ depending on the circumstances, there are some benefits that every doctor can claim.
Doctors can borrow up to 100 percent with waived LMI or up to 100 percent of the property value, avoiding LMI altogether. Some other benefits of home loans for doctors include significantly reduced interest rates that the general public does not have access to.
A doctor’s home loan allows more significant amounts to be borrowed because the lenders are comfortable with the security held in your industry.
You can enjoy access to hundreds of loan products with only one point of contact. You can quickly build an investment property portfolio due to the higher exposure limits for investors with high net worths.
You will have access to industry-specific lenders and get the best deals possible. If desired, you can also have access to a fixed offset account. Finding the right home loan can be difficult, but applying for doctor home loans in Australia helps simplify the process while offering various benefits.
To choose the best mortgage broker for a doctor’s home loan, the most important thing you can do is to conduct research. You should reach out to friends and family to see what mortgage broker they have used when buying a home. Find out if they were satisfied with their service and if the mortgage broker was attentive and knowledgeable.
You can also get referrals from your real estate agent for their top choices for mortgage brokers in the area. They will be able to recommend brokers who are qualified for your specific needs to look for a doctor home loan. Since real estate agents make a commission after selling a home, they will take the time to recommend a good broker who can close your loan.
Another good way to choose a good mortgage broker for your doctor’s home loan is to read reviews online. You could also use the internet to research mortgage brokers. At Fox Home Loans, we’re proud of our reputation for providing great service to our clients.
Look for parts of reviews discussing how long it took for someone to get their doctor’s home loan approved and if there were any issues along the way. Pay attention to what the reviews say about the mortgage broker’s problem-solving, communication, and organisational skills.
There are a huge number of home loans products and this can make finding the right home loan a very tricky task. Plus, as a home buyer, you already have enough on your plate. Taking on the task of researching all the various home loan options and features can be very time consuming and even confusing without the right prior knowledge.
There are a huge number of home loans products and this can make finding the right home loan a very tricky task. Plus, as a home buyer you already have enough on your plate, so taking on the task of researching all the various home loan options and features can be very confusing.
If you’d like to know how much you qualify for, no problem, speak with us about setting up a home loan pre-approval so you know exactly how much your loan will be even before you commit to proceed. This is an obligation free service that we provide our customers.
* Terms and conditions apply. Subject to the lender’s own assessment and product policies. The Comparison Rate helps you work out the total cost of the loan (including fees and charges) and can also help you compare different loans. For further information on this and more, speak with one of our Lending Specialists today.
Healthcare workers can receive discounts in variable and fixed interest rates, but the discount rate can change depending on your circumstances. More significant loan amounts usually get higher interest rate discounts. A healthcare home loan for future home owners just like you can greatly reduce interest rates while factoring in your credit score, total income, and asset position.
Speak to a Mortgage BrokerYou are entitled to save thousands of dollars on LMI fees as a healthcare professional. LMI is typically applicable for home loans over 80 percent of the property value. However, healthcare workers can get LMI waived for up to a 95 percent loan-to-value ratio.
Speak to a Mortgage BrokerYou can receive a waived LMI on a 95 percent home loan. To qualify, you must buy residential property and be a permanent Australian citizen or resident living and working in Australia. You must hold a university degree from Australia or overseas and be employed as a healthcare worker. A minimum credit score is required.
Speak to a Mortgage BrokerYou can borrow up to 105 percent of the buying price with a guarantor loan. Healthcare workers can borrow up to 100 percent of the loan amount if getting a no-deposit home loan, but it is subject to extensive approval.
Speak to a Mortgage BrokerThe Emergency Service Credit Policy has an amendment that lifted the non-base income’s serviceability limit for all emergency service front line workers, including healthcare workers. The types of non-based incomes serviced at 100 percent include overtime compensations, shift allowances, industry-specific payments, penalty payments, and vehicle allowances.
A large portion of income for healthcare workers includes shift allowance and overtime compensation. Therefore, getting them serviced at 100 percent rather than 80 percent can increase your borrowing power significantly.
The general public usually does not have a serviceability limit, as their non-base income is serviced between 50 and 80 percent. It is important to note that certain non-base incomes are still assessed at 80 percent, like divided income, interest earnings, bonuses, pre-tax salary, and salary deductions of any kind.
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Fill out some basic details in our simple online form.
Discuss your outlines and objectives with a Home Lending Specialist
Run through the products you are eligible for. Compare and contrast what suits you best.
Once satisfied with the approval after your Home Loan review, sign your documents online with our simplified process.
Your current loan will be paid out, and your new loan will commence.
Fill out some basic details in our simple online form.
Discuss your outlines and objectives with a Home Lending Specialist
Run through the products you are eligible for. Compare and contrast what suits you best.
Once satisfied with the approval after your Home Loan review, sign your documents online with our simplified process.
Your current loan will be paid out, and your new loan will commence.
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of processed applications for everyday Australians and SME businesses
customers provided with genuine, efficient service
Stamp duty is a tax that we pay when we buy a house and is payable when the home contract becomes unconditional. The stamp duty amount that you are required to pay is different in each Australian State. Note that stamp duty is an overhead fee and cannot be included in your home loan (stamp duty is not included in the Loan-To-Value Ratio calculation). Call our Home Loan Specialists on 1300 665 906 today to learn more about home loans as well as applicable stamp duties, fees, charges and concessions in your area.
Refinancing is available to any property loan product pending terms and conditions. Considering a refinance each year gives you a clear indication as to where you can be saving money- whether it’s a lower interest rate, through a cashback offer, or a product with lower fees. Being open to all options your Lending Specialist will discuss is crucial for the investment property refinancing process. Options tailored to your profile mean that you are getting the most competitive products supplied to you upon review.
Rental income helps to strengthen a clients application by injecting surplus income on the profile. For example, if a joint application is made for an investment property; both applicants incomes will be included in addition to the calculated or current rental income figure. EG: Having 3 contributing sources of income on an application provides for a lower risk application.
Several genuine tax deductions can be made for an investment property. These can include maintenance costs (upkeep of the dwelling, gardening, plumbing etc.), any property agent fees, and land taxes. We have partners that can assist in discussing what you can and can’t claim. Just ask one of our friendly Lending Specialists to find out more.
The general rule for a property loan deposit is between 20-30% of the purchase price as a minimum. The higher the deposit, the lower the risk is for the lender to offer the loan product. Speaking to your Lending Specialist will give you a clear indication of how much deposit will be required to propose an offer for the investment property.
