What documents do I need to get started?
The documents you will need to provide when you apply for the loan depends on your situation and the type of loan you are after.
If you earn a salary from an employer will need to show two most recent pay slips, medical board certificate, last group certificate, and identification documents equivalent to 100 points.
Those who are self-employed will need to provide the last two years tax returns, medical board certificate, and identification documents equivalent to 100 points. However, if you cannot provide tax returns for the previous two years, there are solutions to secure finance for your property.
Your financial health is important
Did you know you know as a medical profession you may qualify for discounted interest rates and zero Lenders Mortgage Insurance if you are a medical professional?
Exemption from Lenders Mortgage Insurance can provide significant savings.
If you’re a practising doctor or approved medical practitioner, you may qualify for a home loan of up to 90% of the property value without the need to pay Lenders Mortgage Insurance.
Depending on the purchase price of the property you’re buying, this equates to a saving of between $10,000 and $40,000.
Who qualifies for this loan?
The medical profession covers a wide range of disciplines and banks regularly change who is eligible under "medico packages". A good starting point is AHPRA registration - if you are registered there is a good chance that there will be a bank for you. Even if there is not, we can still get you a fantastic deal that is right for you.
Why do lenders offer a preferential deal for health professionals?
Banks price for risk and that is also the basis of Lenders Mortgage Insurance - it is to protect the lender against mortgage default. However, lenders have realised that as a practicing medical professional, you are far less likely to default on your mortgage than the general public. Because of this, these banks are prepared to waive their LMI premium with a far lower deposit.
Do I qualify for the Medico LMI waiver if I am buying with my partner who is not a health practitioner?
Generally, as long as one of the borrowers meets the eligibility criteria then you are able to receive the highly valuable benefits.
Can I use the First Home Owners Grant as part of my deposit?
This does vary from state to state, however, generally if you are buying a newly constructed dwelling the answer is yes. Your deposit can be made up of a number of sources: genuine savings; gifts; and the First Home Owners Grant.
Am I limited to specific loan products or interest rates if I get a LMI waiver?
Having LMI waived does not restrict your type of loan product.
Taking advantage of an LMI waived offer does not limit your choice of mortgage. All of the different mortgage products will be available to you – including loans specifically designed for professional, like variable mortgages with package discounts, and fixed rate offers with features such as offset accounts and redraw. Interest rates on such mortgages are competitive, and there may be discounts of up to 1% on standard variable rates.
Additional Documentation Required
Just as you’ll need to see some medical history when diagnosing a patient, a lender will wasn’t to see some confirmation of your financial situation before making you a LMI waived mortgage offer. This documentation is:
Confirmation of your employment as a Medical Practitioner: this may be by way of a copy of your registration with the Medical Practitioners Board of Australia or equivalent body as well as your employment contract;
Where 5% genuine savings are required toward your deposit, then you’ll need to provide three months’ statements to evidence this. (But don’t forget that this requirement may also be waived for you – contact us to discuss this.)
As a Medical Practitioner you have an opportunity only available to certain professionals, but securing such a mortgage is only possible through a limited number of mortgage brokers.
It may be that you want to buy your first home but have less than a 20% deposit; or perhaps you wish to refinance, consolidating some debts; then again, it may be that you wish to purchase an investment property to provide passive income.
Whatever the reasons for your mortgage needs, Professional Home Loans is here to help you source the best mortgage for your particular circumstances. Because of your professional dedication, you may be eligible for take advantage of huge savings from an LMI free mortgage.
There is no cost for our service and absolutely no obligation. Discover you can access this special exemption and save tens of thousands of dollars off your loan.
Help. Guidance. Advice.
Buying property can be exciting and daunting at the same time, and time-consuming too.
With many different types of loans out there, and hundreds of home loans available, we’re here to help ensure you’re armed with the right information to help you make the right decisions.
We can help you find the right home loan from the right lender and best of all;
We do the hard work for you
You get a choice of lenders, including all the big banks
You end up with great loan options
Why use us as a mortgage broker when looking for finance?
A broker will do the leg-work for you. They have access to hundreds of loans from a wide variety of lenders and will work with you to find the loan that suits your individual circumstances.
We do the hard work for you.
We make sure you get the right home loan for your circumstances and will manage the process from start to finish.
Why use us?
GET IN TOUCH AND LETS MAKE IT HAPPEN
Looking to buy, renew or upgrade your equipment? We do the hard work for you making it easy to update your practice.