Home Loans for Doctors

Home loans for doctors are unlike regular mortgages on the market. For a start, they are often far more flexible than generic loans – mainly due to the fact that doctors and medical specialists are considered to be some of the most reliable borrowers around. Banks call doctors low-risk borrowers in fact; and what that means for medical experts is that they can expect somewhat of a reward when they decide to invest in a new home.

What do these mortgages typically entail?

Cheaper interest rates, fairer repayment plans and even 0-10% deposits are just a few of the benefits that many of these types of mortgages include. Throw in the fact that the power actually belongs to the applying doctor and what you’re left with is a very appealing range of options that have banks snapping at one another to secure doctors as new customers.

Who can apply for them?

As the title might suggest, you’ll need to be a doctor to apply for this type of home loan. That’s anyone with a PhD in the medical field; including orthodontists, paediatricians and GPs (general practitioners). And to make things even more appealing, it will also be an option to save extra money on a loan by applying through a mortgage broker – particularly ones that deals with these types of applications.

How much could you save?

The savings can range from a complete reduction of bank fees and costs, right through to lower interest rates and much more in between. The better your broker, the more likely you will be to secure a cheaper deal – and that could result in you saving thousands of dollars every year. And even if you have a budget in mind, you’ll be pleased to hear that many banks will consider lending you more than they will to others with similar incomes.

This is because as a doctor, your career is pretty secure and you’ll be in a position to buy a new home, refinance your existing mortgage or purchase an investment property with relative ease; and with the support of most banks in Australia.