Home Loan Discounts for Radiologists
Radiologists are often viewed as the most ideal borrower; this is due to the level of rigorous training and experience required in order to be able to practice. Banks view them as been of particularly low risk when it comes to borrowing and they tend to be higher income earners.
Statistically, doctors have the lowest rates of default when compared to all other professions. This view, taken by most lenders means that; they are willing to fight hard just to win your business over other banks. As a Radiologist, you are a Medical Doctor, meaning that these benefits will extend to you similar to a medical doctor.
What are the benefits?
- Most banks offer discounts on interest rates specifically for Doctors
- They give you a higher borrowing limit, with some lenders allowing you to borrow as much as $4.5 million.
- Usually banks will charge LMI where a borrower needs a loan more than 80% of the value of their property, however most lenders will allow Radiologists to borrow up to 90% of the value of the property with LMI waived completely. This could mean savings as high as the tens of thousands!
- To buy a commercial property to operate a Radiology practice, you can borrow up to 100% LVR.
Am I eligible?
- In order to be eligible under the medico package for most banks you will need to show that you have a current membership with the Royal Australian and New Zealand College of Radiologists or RANZCR.
- Most banks don’t need you meet an income minimum requirement as they do with other ‘professional’ industries.
What do I need?
As always, you will need to provide relevant income documents. It is understood that the way radiologists are employed (PAYG, contractor, self-employed, Medicare scheme etc), may not be typical of other industries. Therefore, banks will want you to provide evidence that shows how you are paid. This can either be through your last 2 payslips or your last 2 tax returns.
If you would like more information, enquire online today and one of our experienced brokers will contact you.