Medical professionals are considered less risky by home loan lenders. So, they are offered several discounts and benefits. Read more about discounts with this article. Also, learn about the eligibility criteria and requirements for approval on medico home loans.
Statistics have confirmed that medical professionals ("medicos") have the lowest delinquency rate plus they have a higher than average loan size. Why is this important, you may well ask? It is important because when it comes to getting a home loan, medicos are offered special package. Lenders offer them more benefits, discounts, and special deals. Learn more about medico loans (also known as "Medico Pack") here.
What is the Use of Medico Loans?
A medico loan is not just used for buying a home. It has several purposes. You can use it to purchase:
>> Residential properties
>> Practice premises that are converted residential houses
>> Owner-occupied dwelling
>> An Investment property
>> Refinance your existing home loan
>> Obtain Cash Out (Equity Release), or
>> Consolidate your debts
You must remember that refinancing of working capital, equipment finance and all other business related loan purposes are excluded from medico finance.
Features of Medico Loan
Medico loan is a better option than the usual home loan because of its features. Here are two important features that will compel you to choose a medico finance loan package.
1. Confirmation and validation of 5 per cent genuine savings is not required
2. A maximum Loan to Value Ratio (LVR) of 90 percent may be approved without Lenders Mortgage Insurance (LMI).
Special Deals and Discounts
Usually, medical professional make regular payments. It is for this reason that lenders consider them less risky. And so, lenders offer special deals and huge discounts on home loans. Here are a few of them:
>> Discounted Interest Rates
>> Discounts on Lenders Mortgage Insurance (LMI) or even no Mortgage Insurance
>> Easier Loan Approval
>> No Set Up Cost or Application Costs
>> No Valuation
>> Special Interest Rate for Family Members
>> Easier Cash Out (Equity Release Policy)
Eligibility Criteria for Medico Loan
A medico finance loan is available if you fit into any one of the following medical professions:
>> General Practitioners
>> Hospital - Employed Doctors (e.g. Intern, Resident, Registrar, Staff Specialist)
>> Dentists
>> Veterinary Practitioners
>> Pharmacists
>> Surgeons
>> Optometrists
>> Radiologists, and
>> Physiotherapists
Income Documents
It doesn't matter if you are a self-employed medical practitioner or a PAYG medical professional.You have to provide copies of the most recent Tax Returns.
Employment Documents
You only have to provide copies of the following:
>> Your University degree or qualification, or
>> Your Registration with the Medical Practitioners Board of Australia or equivalent body
So, now that you know everything about medico loans, don't commit the mistake of avoiding it. Take advantage of your professional status and avail medico finance loans today.
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