Dentists in Australia
12 Dec
TODAY'S
BEST RATE
Home Loans From 5.99% Variable
With A Low 6.01% Comparison*

Low Rate Home Loans for Dentists

Are you a Dentist looking for the Best Home Loan available on the market today? Well, you’ve come to the right place!

Our Home Lending Specialists are experienced in securing competitive loans for applicants with careers in the Medical Industry.

There are several benefits available to Dentists in search of a first home loan, refinance, investment property or commercial property. Lenders consider Dentistry as a reliable career path, and tend to look upon these applications favourably.

While these benefits differ depending on an individuals application, it's highly likely that as a Dentist, you will be able to secure a low interest rate home loan and a reduced LMI option.

Dentists can borrow up to 95 percent with waived LMI, depending on which lender is offering the pre-approval.  Some other benefits of home loans for dentists can include significantly reduced interest rates and lender fees.

A dentist’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 dentist home loans in Australia helps simplify the process while offering various benefits.

couple holding keys
dentists equipment

Your local mortgage broker is here to help

To choose the best mortgage broker for a dentist’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 dentist 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 dentist’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 dentist’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.

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Dentists mouth X-Ray result

Starting your own practice? Consider a dental practice loan

If you’re a dentist thinking about opening your own practice, you have a lot of factors to consider. Financing is one of the major deciding factors that can determine the success of your business over the long term.

Medical professionals are considered prime borrowers by banks and lenders. We have a large panel of these lenders prepared to cover the cost of premises, including fit-out and equipment.

Here are some details about what you can borrow for your practice:

  • Practice premises (freehold property): Borrow up to 95% of the property value
  • Medical practice business finance: Borrow up to 95% of the business value (leasehold) including fit-out and equipment costs
  • Maximum loan term for freehold: 25 years
  • Interest only: Up to 5 years
  • Overdraft facility: $100,000 or more depending on applicant strength

If you’re serious about starting your own practice or inquiring about purchasing an existing one, you’ll want to learn more about medical practice loans for Dentists from Fox Finance.

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Healthcare Home Loan Options

Reduced Interest Rates

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.

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Waived LMI

You 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.

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95 Percent No LMI Home Loans

You 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.

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Guarantor Loan and No Deposit Loan

You 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.

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Non-Base Income Serviced at 100 Percent

The 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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Some Handy Calculators

Calculate Your Borrowing Power
Calculate Your Borrowing Power

Work out how much you can borrow based on your income and expenses

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Refinance Calculator
Refinance Calculator

Discover how much you can save by refinancing or switching home loans

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Stamp Duty Calculator
Stamp Duty Calculator

All it takes is a few easy steps to find out your upfront costs

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Property Purchase Calculator
Property Purchase Calculator

Work out how much it could cost you to purchase a property

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Dentists

5 Simple Steps To Getting Your Home Loan

  • 1. Enquire
    1. Enquire

    Fill out some basic details in our simple online form.

  • 2. Speak with an Expert
    2. Speak with an Expert

    Discuss your outlines and objectives with a Home Lending Specialist

  • 3. Choose Your Options
    3. Choose Your Options

    Run through the products you are eligible for. Compare and contrast what suits you best.

  • 4. Sign and Seal
    4. Sign and Seal

    Once satisfied with the approval after your Home Loan review, sign your documents online with our simplified process.

  • 5. Relax
    5. Relax

    Your current loan will be paid out, and your new loan will commence.

5 Simple Steps To Getting Your Home Loan

5 Simple Steps To Getting Your Home Loan

 

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Questions about home loans for dentists?

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