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How to find the best home loans for medical professionals

Photo by: Marcelo Leal on Unsplash.

Buying a home is an important endeavour for any person, but as a medical professional it might seem more daunting. Whether you’re a seasoned medical professional or a newly graduated medical worker just about to start your first job, there are many ways you can save money and get the best value out of home loans for medical professionals.

In this article, we’ll take you through a step-by-step process to finding the best home loans for medical professionals. We’ll explain how these steps can help you achieve the best results and where you can go next for more information:  

  1. Research your options
  2. Check the eligibility requirements
  3. Prepare your deposit  
  4. Find a mortgage broker for doctors

Research your options

The first thing to do when looking for a home loan for medical professionals is research! Researching will help you determine:

  1. The benefits on offer with home loans for doctors
  2. The requirements you’ll need to meet when applying for a specialised loan
  3. The amount you’ll need to save for a deposit and property purchasing costs

We know, however, that research can be dull and time-consuming. So, we’ve given you a head start:

Avoid Lender’s Mortgage Insurance (LMI)

Lenders often provide LMI waivers on their home loans for professionals. This means that you can make a smaller deposit and/or borrow more without having to pay LMI to your lender. Avoiding this cost can save you tens of thousands of dollars on your home loan, so it’s well worth researching who offers this benefit.

Low-risk borrower benefits

Your profession is considered ‘low risk’ due to most doctors having a high income and a good track record of paying back loans on time. This is appealing to banks, as they will be more inclined to provide you with better rates and fees when you want to take out a loan.

Exclusive rates and discounts

Home loans for professionals often have exclusive interest rates and discounts that last for the life of the loan. Sometimes, these rates are lower than those advertised to the general public or other borrowers. When working with a mortgage broker for doctors, you can use their negotiating power to access even greater discounts.

Keep in mind that there are other aspects of your profession and current financial situation that can influence if you can get a discount, such as:

  • Your current profession
  • Your income level
  • The size of the loan you wish to take out

Get in touch with your lender or a mortgage broker to determine what you’ll be able to access as a medical professional.

Check the eligibility requirements

In order to qualify for a home loan for medical professionals, you’ll need to meet the eligibility criteria the lender has set on these specialised loans. To be eligible, medical professionals must usually have:

  1. An occupation that is accepted by your lender  
  2. A membership with a recognised industry association in your field

While all home loans for medical professionals have benefits, these benefits and who is eligible for them vary. It’s important to check that the lender/s you’re interested in will accept your occupation and income before you apply to avoid your application being rejected, creating a black spot on your credit score.

A list of commonly accepted occupations can be found below:

Accepted Occupations

  • Anaesthesiologists & anaesthetists
  • Cardiologists
  • Chiropractors
  • Cosmetic surgeons
  • Dentists
  • Dermatologists
  • Doctors, Intern Doctors & General Practitioners
  • Epidemiologists
  • Endocrinologists
  • Gastroenterologists
  • Gynaecologists
  • Immunologists
  • Neurologists
  • Obstetricians
  • Oncologists
  • Ophthalmologists
  • Optometrists
  • Orthodontists
  • Paediatricians
  • Pathologists
  • Pharmacists
  • Plastic Surgeons
  • Psychiatrists & Psychologists
  • Radiologists
  • Rheumatologists
  • Surgeons
  • Urologists
  • Veterinarians

Prepare your deposit

Saving up for a home loan deposit is one of the most important steps in getting a home loan. Lenders like to see that you can meet your financial goals by saving a substantial deposit, as it shows that you know how to manage your money and can make repayments on time.

Usually, banks require a minimum 10% deposit plus stamp duty costs from home loan applicants. However, many home loans for medical professionals have smaller deposit requirements than regular loans, as medical professionals are considered to be low-risk borrowers.

Every lender is different, however, so it’s important that you determine how much you’ll be required to put forward as a deposit when doing your research.

Find a mortgage broker for doctors

Although buying a home is one of the most exciting transactions you’ll ever make, it can also be an overwhelming one, too. From the hours of research to the endless communications with banks, the process can seem never-ending and for some, too daunting to even try.

That’s where a mortgage broker comes in.

Mortgage brokers are your one-stop shop when it comes to home loans. As an experienced ethical mortgage broker, we research and compare home loans across over 30 lenders, so you can be certain you’re getting the best deal on the market. We also help our clients prepare their applications and communicate with banks so they can enjoy more valuable free time focusing on what matters to them. And if you secure a home loan with us, we’ll donate up to 50% of our profits so a family doing it tough in Australia or the Asia Pacific gets a home, too.

It’s never too early to get a helping hand with your home loan. Send us a quick message to have all your burning questions answered, or keep reading our content on home loans for medical professionals.

Disclaimer: The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstance and requirements.