Medico Home Loan
Borrow to 90% LVR without paying LMI
Complete our Express Form for a Rate Quote
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Home Loans for Medical Professionals in Australia
Home Loans for Medical Professionals without LMI to 90% LVR [...]
Medico Home Loan
A Medico home loan is a home loan program designed specifically for medical professionals. Medical Professional include doctors, dentists, pharmacists, veterinarians, and other healthcare professionals. Furthermore these home loans are typically offered by lenders and are designed to meet the needs of medical professionals.
Medico home loans typically come with features and benefits, such as:
- Reduced interest rates: Lenders may offer lower interest rates to medical professionals due to their stable income and high earning potential.
- Flexible underwriting criteria: Medical professionals may be able to qualify for higher loan amounts compared to other borrowers with similar income levels. Additionally, lenders may consider alternative sources of income, such as bonuses and partnership income.
- Reduced or waived mortgage insurance: Lenders may offer reduced or waived mortgage insurance premiums to medical professionals, which can result in significant savings.
Furthermore, medico home loans can provide medical professionals with a more streamlined and customized home buying experience.
- Suitable for Purchase, refinance of owner-occupied and/or Investment property to 90% LVR.
- Cat 1, 2 locations acceptable.
- Must have clean credit.
Acceptable Professional Groups (Group 1 to 90% LVR with Group 2 to 85% LVR)
Applicant(s) must be employed and working in Australia as one of the following:
Eligible Professions Group 1 (Maximum 90% LVR No LMI):
• Medical Specialists • General Practitioner • Dental Practitioner (Must be a Dentist) • Hospital employed Doctors (intern, Resident, Registrar, Staff Specialist)
Eligible Professions Group 2 (Maximum 85% LVR No LMI):
• Physiotherapists • Pharmacists • Psychologists • Chiropractor • Nurses. (PAYG) • Veterinarian • Radiographer • Sonographer
Registration MUST be verified on the Australian Health Practitioner Regulation Agency (AHPRA) website or relevant veterinary board.
Maximum Loan Amount for a Medico Home Loan
Loan size to $2,000,000
Acceptable Securities
- Residential & Rural Residential securities in Cat 1 – 2 with a max land size of 25 acres (10 hectares).
- Residential: Up to 2 properties on 1 title.
- High Density Greater than 50m2, excluding balcony and car parking and within acceptable postcode Max @ 70% LVR High Density. Apartments (depending on location).
Income documentation
- (PAYG) Last 2 pay slips plus one of the following: Letter of employment, Tax assessment notice, Latest income statement from MYGOV website or 3 months bank statements
- (SELF EMPLOYED) 2 years tax returns for Companies and last 2 personal returns for sole traders and tax assessment notices minimum 2 years ABN registration.
Standard Features & Versatility
- Owner Occupied P&I Only
- Investment P&I and Interest Only
- Fixed Rates from 1 to 5 years
Unlimited & no minimum online access
Our loans have an option to an Offset Account where 100% of the balance is offset against the home loan to reduce the total interest payable.
Full functionality available per split
Customer BPAY reference # and the home loan account #’s are the same
Unlimited for variable loans, capped to $20,000 p.a. for fixed rates