In this article, we’re going to look at the benefits of the medical professional home loan (Medico Home Loans).
We going to look at why doctors qualify for special home loan discounts and policies and what kind of doctors and medical professionals are included in these special home loans for Doctors.
What are the Benefits of a Medico Home Loan?
So first of all, what are the benefits of medical professional home loans. There’s basically two benefits for doctors and medical professionals when it comes to home loan lending.
- The first benefit is that lenders mortgage insurance is waived for doctors up to 90% of the loan amount to a loan limit of $2 million. So this means doctors can put down as little as 10% and not pay lenders mortgage insurance, which can range from thousands to tens of thousands of dollars on the loan amount, helping you get into the home or a property much sooner.
- The second benefit for doctors and medical professions is the benefit of higher interest rate discounts.
What Medical Professionals are eligible for Home Loans for Doctors?
Now, what are some medical professionals that are eligible for these special discounts? There’s a huge list there that you can look through yourself but in general, it can be anyone ranging from a GP — a general practitioner — to cardiologist to a chiropractor to a dentist to a pediatrician to a pharmacist to a surgeon, even a psychiatrist. So there’s a huge list and this is changing all the time.
What are Some Of the Criteria For a Home Loans for Doctors?
What else on the criteria for home loans for Doctors? To be eligible to qualify for these special benefits as medical practitioner, you need to be a member of your local board. Registration MUST be verified on the Australian Health Practitioner Regulation Agency (AHPRA) website or relevant veterinary board.
How Do You Apply For a Home Loan If You’re a Doctor?
Now, how do you apply for a medico home loan for a doctor? The reality is specialist loans aren’t always available to the public. As an experienced mortgage broker at Finance Me, we help doctors and other medical practitioners get home loans each and every day and we have the right contacts across all the different banks build to help navigate the process for you and make it simple because we understand you’re a very busy professional.
If you need help with a Medico Home Loan, get in touch with a Finance Expert at Finance Me.