How do I know if I am eligible for a medical home loan?
Your eligibility for a medical home loan will depend on your ability to meet criteria such as medical profession, income and professional affiliations. Some medical professionals are not able to get access to mortgage benefits including nurses and midwives, among others. The best way to check your eligibility is to get in touch with us for a consultation.
Why do lenders offer special deals to medical practitioners?
Lenders need to protect themselves against the possibility of default by their borrowers. By reputation, medical professionals are considered far less likely to default on their mortgage than other borrowers. Many banks are prepared to reward medical professionals for their occupation in the form of a favourable lending policy.
Can I buy an investment property with a medical mortgage?
You can use a medical home loan for an investment property or an owner-occupied property, as well as for buying your first home. However, generally lenders have stricter eligibility requirements for investment loans compared to owner-occupied home loans.
What additional documents are required to apply for a medical home loan?
Along with the standard documentation required to support your home loan application, lenders require proof of employment as a medical practitioner before offering you a medical home loan.
Can I use the First Home Owners Grant as part of my deposit?
Yes, your deposit can come from a number of sources including the First Home Owners Grant (FHOG). With home loans, there is typically a requirement for a genuine 5% of savings to be used, although in some circumstances this may be waived.
What special offers are available to me besides the LMI waiver?
With a medical home loan, you can unlock loans specifically designed for medical professionals like variable mortgages with package discounts and fixed rate mortgages with offset and redraw options. The interest rates on medical mortgages are also very competitive.
What is my minimum deposit as a medical professional?
For medical professionals, the maximum amount you can borrow is higher than for general borrowers. There are lenders that are prepared to offer home loans with as little as 0–10% deposit with no LMI, at their most competitive rates.
Will I still qualify for the LMI waiver if I purchase a property with my partner / spouse who is not a medical professional?
Eligibility for the LMI waiver does not require both borrowers to be employed in the medical profession. So long as one of the parties meets the eligibility criteria, then you can both access this mortgage benefit.