Medical Professional Loans
If you are an approved medical professional or practicing doctor, you might be eligible for a home loan of 90% of the property value. At Mortgage Domayne our brokers will ensure we align your home loan with a lender who offer the medico package with a great rate.
We offer this loan type because medical professionals are more inclined to pay off their home loan without any defaults. Because of this increased ability to pay back the loans with no defaults, banks are prepared to waive their LMI (Lenders Mortgage Insurance) premium. This allows the approved medical professional to have a rather straight forward loan and therefore increasing the ability to save money.
To qualify for this type of loan, it is important to show evidence of your medical registration. The medical registration itself can be as simple as having copies of board approved qualifications from approved medical bodies such as AHPRA (Australian Health Practitioner Regulation Agency). Think of your registration papers being like the medical notes you’re given to assist diagnosing your patient. These documents help you to access medical professional loans.
To qualify for the loan, only one buyer within a buying party of 2 or more needs to meet the eligibility criteria. Provided the appropriate paperwork and registration details are accurate, the buying parties (+2) can qualify for the loan irrespective of their field of work and do not have to think about LMI. So long as you have a minimum of a genuine 10% of your deposit you can qualify for the loan.
Taking advantage of a waived LMI does not impact your mortgage options. At Mortgage Domayne, our brokers look at your options with you, especially loans specifically designed for professionals. We explore your mortgage options and are able to access variable interest rate mortgages with discounts and fixed rate offers containing features which may include offset accounts. Our lending partners provide rates and features to ensure that what you get is better than going to the bank directly.