Medico Home Loans for Medical Professionals

Medico Home Loans are for Low Risk Medical Professionals.

There are certain professions within the medical industry who qualify for a doctor or medico home loan package. These special home loan products offer lower rates, can be taken out with a lower deposit and without having to pay LMI.

There are many benefits to working in the medical profession, and one is that you are a preferred and valuable client for lenders and banks in Australia. With a great income, less chance of default and a great network of other medical professionals you are a desirable client to have

Lenders consider medical professionals to be a low risk with above average income, which isn’t only stable but increases over the time. Lending institutions prefer medical professionals as clients because they often require other products such as Car Leases or Business Loans.

These Professionals as they are a lower risk can apply for Medico Home Loans which have higher loan amounts at higher LVR’s with out paying LMI. Generally up to $2,000,000 to 90% LVR where other applicants would only be able to borrow to 80% LVR.

Lenders Mortgage Insurance (LMI)

Lenders typically require LMI when you borrow more than 80 per cent of a property’s value, as protection against loss due to calling in the home loan. Lenders pass the cost of LMI on to the borrower which can be expensive.

Acceptable healthcare professionals taking out these medico home loans allow them to avoid incurring this cost and potentially save a significant amount upfront.

Eligibility for Medico Home Loans

Acceptable Professional Groups (Group 1 to 90% LVR with Group 2 to 85% LVR)

Applicant(s) must be employed and working in Australia as one of the following:

Eligible Professions Group 1 (Maximum 90% LVR No LMI):

• Medical Specialists • General Practitioner • Dental Practitioner (Must be a Dentist) • Hospital employed Doctors (intern, Resident, Registrar, Staff Specialist)

Eligible Professions Group 2 (Maximum 85% LVR No LMI):

• Physiotherapists • Pharmacists • Psychologists • Chiropractor • Nurses. (PAYG) • Veterinarian • Radiographer • Sonographer

Registration MUST be verified on the Australian Health Practitioner Regulation Agency (AHPRA) website or relevant veterinary board.

Medico Home loans for medical professionals are great value and you should know the benefits available before applying. Applying for finance is one of the biggest things you’ll do in life. We’re here to help you by making sure you have the info and options you need to find the finance solution you’re looking for.

We have a full range of Home Loans and Commercial Loans including Prime, Near Prime, Medico Loans, SMSF Loans, Ex Pat Home Loans, Bad Credit Home Loans and Alt Doc Home Loans for the Self Employed Australian.

Ray Ethell offers a wealth of experience to his clients, gained from over 20 years in the Finance industry, and prides himself on providing reliable customer focused service.