Home Loans for Doctors
There are very few career paths that are held in quite as high a regard as the medical field; or more specifically doctors that provide their knowledge and expertise to the general public on a daily basis. These modern day heroes are tasked with diagnosing, treating and advising patients from all walks of life - and a little known fact is that because of their stable career and reliable borrowing power, they are also one of the most highly sought after types of borrower for banks.
Applying for a mortgage as a doctor
Home loans for doctors are unlike any other types on the market; and for good reason. These medical experts will have had to undergo extensive training to obtain their qualifications and once hired they will often receive a stable income, as well as a very appealing pension scheme and much more. And these are just a few of the reasons why banks are so keen to get them on board as borrowers.
It won’t matter whether the doctor is a first time home buyer, a repeat investor, or simply wants to refinance their existing mortgage; if they are nationally licensed within Australia then they may well be in a position to take advantage of some of the most appealing mortgage features in the country. And what are these features exactly?
· Zero bank fees that most applicants will have to pay
· A reduced, if not entirely negated, LMI (loan insurance)
· The ability to borrow much more than the average applicant
· An option to receive up to 90% of the cost of their home
· A reduced deposit
· Much fairer repayment terms
· LVR to match their income, with beneficial features
Although plenty of doctors apply for mortgages without knowing any of the above information – those that do will often have access to much fairer deals, not to mention being given an astounding amount of power when it comes to negotiating the terms of their home loan. Banks will jump head over tail to get medical experts on board because of their borrowing power and low risk lending advantages – and a great way to ensure that you receive the right type of deal is by hiring a mortgage broker to help with the terms and conditions that your loan might incorporate.