Home loans for Medical Specialists
Loan Discounts for Medical Specialists
Medical Specialists, being experts in their field are seen as having stable employment, so lenders are willing to offer more discounts in order to win your business.
Who is eligible?
- General Medical Practitioners
- Doctors employed in a Hospital
- Dentists
- Medical Specialists
- Vet and other eligible Medical Professionals
- Other Health Professionals
Furthermore, you will need to provide evidence that you hold the relevant industry membership and qualification and that you are currently working as a medical professional.
You must also be currently practicing in the field and be able to provide evidence of this.
What are the benefits?
- Large discounts on your interest rates
- Application Fee Waivers
- Refinance rebates from Lenders
- Fixed rates with Unlimited additional payments
- Usually when you borrow more than 80% of the security value, you are required to pay mortgage insurance; however if you qualify as a medical professional, you could borrow up to 90% of the value of the property and have your LMI waived. This could equate to tens of thousands of dollars in fees saved
- Some lenders may also allow you to borrow up to 100% of the value of the security and waive the LMI on the loan if you are buying a commercial practice to operate as a medical centre
- There are special discounts that may be applicable that are not currently advertised to the general public.
- Higher maximum borrowing limits, meaning you can take advantage of this and expand your property portfolio quicker
- You can borrow in your name, joint names, a trust or a company
What are the benefits of LMI been waived?
LMI is a fee that is added onto your loan in order to protect the bank in the event that they are required to sell your property due to default, and they make a loss between the outstanding loan amount and the sale price.
- The LMI calculated as a percentage of the amount of the loan, and the greater your loan over 80%, the higher your premium
- By having the LMI waived you are literally saving tens of thousands of wasted fees to bank, allowing you to put that towards paying down your loan so as to increase your equity.
- 90% LVR with NO LMI
- 85% LVR with NO LMI
Lenders without Medical Policy
There are lenders who offer discounts outside medical policy which means you can use some of the smaller banks which have some very flexible pricing. The key to medical policy is that you can either get an LMI Waiver, or 100% LVR with certain type properties. However, you can get better deals if you are borrowing under 80% LVR from lenders outside the traditional big banks with no need to seek a medical policy approach. In most cases, these deals come out significantly better as they are priced based on strength, merit, and quality!
There are many medical organisation medical professionals can/will be part of. However, it’s Not always required that you be part of an organisation to enable you to get special medical home loan. Many medical and health professionals can qualify for 85%LVR with NO LMI without being a member of an organisation also.
- Australian and New Zealand College of Anaesthetists
- Australian and New Zealand College of Anaesthetists, Faculty of Pain Medicine
- College of Intensive Care Medicine of Australia and New Zealand
- The Royal Australian College of General Practitioners
- Australian College of Rural and Remote Medicine
- The Australasian College of Dermatologists
- Australasian College for Emergency Medicine
- Australasian College of Sports Physicians
- The Royal Australasian College of Dental Surgeons
- Royal Australasian College of Medical Administrators
- The Royal Australasian College of Physicians Division of Adult Medicine and Division of Paediatrics & Child Health
- The Royal Australasian College of Physicians, Australasian Faculty of Occupational and Environmental Medicine
- The Royal Australasian College of Physicians, Australasian Chapter of Addiction Medicine
- The Royal Australasian College of Physicians, Australasian Chapter of Palliative Medicine
- The Royal Australasian College of Physicians, Australasian Faculty of Public Health Medicine
- The Royal Australasian College of Physicians, Australasian Faculty of Rehabilitation Medicine
- The Royal Australasian College of Physicians, Australasian Chapter of Sexual Health Medicine
- Royal Australasian College of Surgeons
- The Royal Australian and New Zealand College of Obstetricians and Gynaecologists
- The Royal Australian and New Zealand College of Ophthalmologists
- The Royal College of Pathologists of Australasia
- The Royal Australian and New Zealand College of Psychiatrists
- The Royal Australian and New Zealand College of Radiologists
The List of Australian Recognized Medical Specialties includes those organizations, specialties and qualifications that are recognized as medical specialties in Australia, as approved by the Minister for Health.
- Anaesthesia
- Pain Medicine
- Intensive Care Medicine
- General Practice*
- Dermatology
- Emergency Medicine
- Sport and Exercise Medicine
- Oral and Maxillofacial Surgery
- Medical Administration
- General Medicine General Paediatrics Cardiology
- Clinical Genetics
- Clinical Pharmacology
- Community Child Health
- Endocrinology
- Gastroenterology and Hepatology
- Geriatric Medicine
- Hematology
- Immunology and Allergy
- Infectious Diseases
- Intensive Care Medicine
- Medical Oncology
- Neonatal/Perinatal Medicine
- Nephrology
- Neurology
- Nuclear Medicine
- Pediatric Emergency Medicine
- Palliative Medicine
- Respiratory and Sleep Medicine
- Rheumatology
- Occupational and Environmental Medicine
- Addiction Medicine
- Palliative Medicine
- Public Health Medicine
- Rehabilitation Medicine
- Sexual Health Medicine
- Cardio-thoracic Surgery General Surgery
- Neurosurgery
- Orthopaedic Surgery
- Otolaryngology Head and Neck Surgery
- Paediatric Surgery
- Plastic and Reconstructive Surgery
- Urology
- Vascular Surgery
- Obstetrics and Gynaecology Gynaecological Oncology
- Maternal-Fetal Medicine
- Obstetrics and Gynaecological Ultrasound
- Reproductive Endocrinology and Infertility
- Urogynaecology
- Ophthalmology
- General Pathology
- Anatomical Pathology (including Cytopathology)
- Chemical Pathology
- Forensic Pathology
- Haematology
- Immunology
- Microbiology
- Psychiatry
- Diagnostic Radiology
- Diagnostic Ultrasound
- Nuclear Medicine
- Radiation Oncology
- Physiotherapists
- Veterinarians
In most cases you will be required to provide your qualification when applying for a medical policy loan. These can include any of the below
- Fellowship of the Australian and New Zealand College of Anaesthetists (FANZCA)
- Fellowship of the Faculty of Pain Medicine. Australian and New Zealand College of Anaesthetists (FFPMANZCA)
- Fellowship of the College of Intensive Care Medicine of Australia and New Zealand (FCICM)
- Fellowship of the Royal Australian College of General Practitioners (FRACGP)
- Fellowship of the Australian College of Rural and Remote Medicine (FACRRM)
- Fellowship of the Australasian College of Dermatologists (FACD)
- Fellowship of the Australasian College for Emergency Medicine (FACEM)
- Fellowship of the Australasian College of Sports Physicians (FACSP)
- Fellowship of the Royal Australasian College of Dental Surgeons (Oral and Maxillofacial Surgery) (FRACDS (OMS))
- Fellowship of the Royal Australasian College of Medical Administrators (FRACMA)
- Fellowship of the Royal Australasian College of Physicians (FRACP)
- Fellowship of the Australasian Faculty of Occupational and Environmental Medicine (FAFOEM)
- Fellowship of the Australasian Chapter of Addiction Medicine, Royal Australasian College of Physicians (FAChAM)
- Fellowship of the Australasian Chapter of Palliative Medicine, Royal Australasian College of Physicians (FAChPM)
- Fellowship of the Australasian Faculty of Public Health Medicine (FAFPHM)
- Fellowship of the Australasian Faculty of Rehabilitation Medicine (FAFRM)
- Fellowship of the Australasian Chapter of Sexual Health Medicine, Royal Australasian College of Physicians (FAChSHM)
- Fellowship of the Royal Australasian College of Surgeons (FRACS)
- Fellowship of the Royal Australian and New Zealand College of Obstetricians and Gynaecologists (FRANZCOG)
- Fellowship of the Royal Australian and New Zealand College of Ophthalmologists (FRANZCO)
Mortgage Providers are medical loan specialists, we have plenty of lenders who we work with to get you the best rates and best discounts on mortgage insurance or LMI waivers!
Speak to us today to see how we can get the best for you!