Medico Home Loans are for Low Risk Medical Professionals.
Lenders offer Medico Home Loans to medical professionals as they consider them to be a low risk with above average income, which isn’t only stable but increases over the time. Lending institutions prefer medical professionals as clients because they often require other products such as Car Leases or Business Loans.
These Professionals as they are a lower risk can apply for Medico Home Loans which have higher loan amounts at higher LVR’s with out paying LMI. Generally up to $2,000,000 to 90% LVR where other applicants would only be able to borrow to 80% LVR.
Lenders Mortgage Insurance (LMI)
Lenders typically require LMI when you borrow more than 80 per cent of a property’s value, as protection against loss due to calling in the home loan. A Lender will pass the cost of LMI on to the borrower which can be expensive.
Acceptable healthcare professionals taking out these medico home loans allow them to avoid incurring this cost and potentially save a significant amount upfront.
Eligibility for Medico Home Loans
Acceptable Professional Groups (Group 1 to 90% LVR with Group 2 to 85% LVR)
Applicant(s) must be employed and working in Australia with a clean credit file 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.
In Conclusion:
Lenders offer Medico Home Loans to medical professionals as they consider them to be a low risk with above average income, which increases over the lifetime.
Medico Home loans for medical professionals are great value and you should know the benefits available before applying.
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