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Home Loans for Doctors
Who can provide the best deal on home loans for doctors and medical professionals?
With over 40+ options available, finding the best home loans as doctors and medical professionals can get complicated very quickly. When looking out for the best deal, always look out for the following:
1. Interest rate – Your profession is considered low risk by banks. Banks, therefore have an appetite to provide better interest rates and fees.
2. Borrowing Amount – Options exist to lend you a higher percentage of the property value without additional costs (namely lenders mortgage insurance). Huge number of banks waive this additional cost.
What is my borrowing capacity?
The borrowing amount generally depends on your verified income against your liabilities. Different banks have different lending criteria with some being more flexible. Although generally minimum two years of financials are required, banks will generally assess case-by-case for doctors.
Our suggested best banks for medical professionals
What home loan options or features do I need?
From our extensive experience with medical professionals, we have identified that paying off the mortgage sooner is generally more important than just getting the best interest rate.
Important features like a redraw facility and an offset account allows you to reduce your interest expense by paying down your balance more flexibly & sooner. Be on the lookout for banks that do not charge you for these features as they are vital to helping you pay your mortgage sooner!
How much research do I reasonably need to do?
We understand you are incredibly busy between work, family and other commitments. However, your home purchase is one of the biggest financial commitment you make.
Given the severity and impact this will have on your financial position; it is important to invest time to learn more about what matters most.
Are you time sensitive or have limited knowledge within the industry? It is useful to partner with a finance broker who can help every step of the way. Make sure you have a finance team that you can fully trust to work towards your needs, not theirs.