Our Mortgage Brokers have extensive experience securing the best loan solutions tailored specifically for dentists.
Dentists have several advantages when it comes to securing home loans.
When it comes to securing the best home loan for dentists, Fox Home Loans a trusted expert you need by your side. With countless loan products available, navigating the options alone is overwhelming, and that's where we step in to make the process seamless and straightforward.
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.
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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Home loans for dentists are specialised mortgage loans offered by many Australian lenders specifically for dental professionals. They provide significant benefits due to your profession’s low-risk profile, such as waivers or reductions in Lenders Mortgage Insurance (LMI), discounted interest rates, and more flexible income assessment, particularly for those in private practice or with varied income streams.
In most cases, no! This is one of the most substantial benefits for dentists. While a standard home loan usually requires LMI if your deposit is less than 20%, many lenders will waive LMI for eligible dentists. This allows you to borrow up to 90% or even 95% of the property’s value without incurring this significant upfront cost, potentially saving you tens of thousands of dollars.
Yes, absolutely! Lenders understand that many dentists operate their own practices, work as independent contractors, or have income structures that include commissions or profit-sharing. If you’re self-employed, lenders will typically assess your income based on your last two years of tax returns and financial statements.
Often, yes. Beyond the LMI waiver, many lenders offer competitive interest rate discounts and professional packages specifically for dentists. This is due to your perceived low-risk profile and strong financial standing, leading to potentially lower monthly repayments and significant savings over the loan term.
The documents needed will be:
