What discounts do doctors receive?
- No LMI: Pay nothing in lender’s mortgage insurance which saves you on average $17,000 for $800,000 loan amount when borrowing 90% of the property value.
- Special interest rate discounts for the life of the loan: Receive negotiated discounts below the bank’s advertised rate.
- Additional cashback offers: Some lenders may offer up to $2,000 in cashbacks to win your business.
- Annual fee waiver: If your loan exceeds $1,000,000 you may be eligible for an annual fee waiver. This saves on average $11,850 over the life of the loan.
Can doctors borrow 100% or more the purchase without the help of a guarantor?
Yes with a few select banks! The loan will be split into two:
Split 1: Standard 90% home loan with no LMI
Split 2: An exertion loan for the remaining 10% & costs (stamp duty, bank fees & legal costs).
- Maximum of loan amount: $500,000
- Interest rate: 5% to 8% pa
- Loan term: 10 to 15 years
To be eligible you must either be self-employed for more than 2 years OR registered with AHPRA as a specialist.
This product is not available through retail branches. Speak to one of our mortgage specialists on 1300 030 388 or enquire online to find out if you qualify.
Why do doctors receive favorable treatment?
- Doctors have a statistical track record of paying their home loans on time.
- Doctors are regarded as low risk borrowers earning a high income.
Criteria for waived LMI & special discounts
- You will need to be currently employed as a doctor
- Unlike other professions who also receive LMI waiver, there are no minimum income requirements.
- Current AHPRA registration
Is your income acceptable?
Doctors often have unusual income structures that are not accepted by all banks. You don’t want to be caught out by approaching a bank who won’t accept your income.
- Base PAYG salary for permanent part/full time: 100% is accepted
- Casual Income: 100% is acceptable. Most banks require 12 months with your current employer however there are a few banks who can consider casual income with as little as 3 months with your employer.
- Overtime: A few banks will consider 100% however most banks generally only accept 80%. You will need to be with your employer for at least 3 months.
- Allowances: Depending upon the allowance 100% can be considered otherwise generally only 80% is acceptable.
- Invoices paid to your ABN: 2 year tax returns are generally required. However depending upon how long you’ve been getting paid through invoices a combination of invoices, BAS, interim tax returns & evidence of your previous income can be accepted.
- Business income from running your practice: 2 year tax returns are generally required. However depending upon how long you’ve been self-employed a combination of BAS & interim tax returns can be accepted.
Incomes for doctors can be unusual, especially the more specialized you become. Speak to one of our mortgage specialists on 1300 030 388 or enquire online to find out if your income qualifies and how much you can borrow.
Why should I use a mortgage broker to help me apply for a home loan?
We can save you time and money by using our expertise and leveraging our relationships with banks to find products tailored to your personal situation. We will consider your objectives and circumstances to provide the ideal recommendations available to you in the Australian lending environment.
The best part is, our services are completely free of charge to you. We are remunerated by the lenders for introducing them quality customers that fit their risk appetite. By also saving the lenders time and resources we create a win-win situation which is what we’re all about.
Get your doctor home loan approved today
Did you know that we have special packages for medical professionals and can negotiate special discounts on your behalf? Speak to a mortgage specialist on 1300 030 388 or enquire online to find out if you are eligible.