Home loans for doctors and medical practitioners:
If you’re a medical practitioner looking to get into the property market, you’re luckier than most really. How? Well because eligible medical practitioners can obtain loans up to 90% of the property value without mortgage insurance, subject to certain criteria.
Banks look favourably at doctors because of their low default rates and ability to earn more in the future, they’re considered low risk.
For example, if you purchased a property for $1,000,000 and borrowed up to 90% of the property value, depending on which bank, you’d be usually incurring a lenders mortgage insurance cost of around $22,000. Good thing is that this amount can be added to the loan, known as being capitalised onto the loan.
As a medical practitioner, this amount is waived and you’re able to save thousands. Some eligible medical practitioners are:
- General Practitioner
- Hospital Employed Doctors – Intern, Resident, Registrar, Staff Specialist, Medical Specialists
- Dentists
- Veterinary Practitioners
- Optometrists
- Pharmacists
- Doctors on 457 Visa
- And many others (contact us today to find out more)
In each case, our medical practitioners must be Australian Citizens or hold Permanent Residency visas. We must be able to confirm the relevant qualification along with the employment using the following documents:
- Most recent tax return
- Copy of university degree or qualification
- Copy of registration with the Medical Practitioners Board of Australia or equivalent
In any case, speak to your mortgage broker to see which lenders are offering these types of awesome benefits to medical practitioners and sorry to the rest of us, including us brokers.
There are professional packages available for those in the accounting, law, mining, energy and resource industries which we will be blogging about soon, stay tuned.
Peter Vassilis
Black and White Finance