If you are a doctor looking for a great mortgage you’ve come to the right place! Most medical practitioners don’t know it, but you are entitled to exclusive discounts and loan packages that can save you upwards of thousands!

Instead of approaching a bank, speak to one our mortgage brokers who can get you in touch with lenders that will offer you an attractive loan package.

Will I have to pay LMI?

Doctors and other specified medical practitioners do NOT have to pay LMI! We know lenders that will waive this requirement outright once the loan is set up. This is part the Medico Package that is offered by some lenders.

Under this package you may also be entitled to great rates and discounts! Some lenders will negotiate competitive rates even on small loan amounts. Other discounts may include generous reductions on interest rates. Depending on the lender and your individual case, you may be able to save thousands.

To find out if you can save contact us today! Speak to one of our brokers on 1300 886 115 or enquire online.

What you need to know!

Most people think that they are getting a competitive loan package until Lenders Mortgage Insurance (LMI) hits them. This is the insurance that you will be required to pay upon settlement when you borrow over 80% LVR (those applying for low doc loans will be required to pay LMI where their loan is 60% LVR). It helps to lower the risk involved for lender and can be quite a significant sum!

For example: If you were looking to purchase a property that was $700,000 and you required a loan for $650,000, you may end up paying LMI to the amount of $23,000 or more! Now imagine if you didn’t have to pay this? Read on to find out if qualify for generous discounts and an LMI waiver!

How long do I have to be working as a doctor?

You may be an experienced doctor who has been working for years, or you may have just started your career. If you have a strong credit history and are in a good financial position you will qualify. Read on to find out if your occupation satisfies the requirement to be eligible for the discount.

What medical practitioners will qualify?

If you work in the medical industry, you are most likely to qualify. Some occupations include:

• Doctors
• Dentists
• Physiotherapists
• Radiologists
• Osteopaths
• Psychiatrists
• Veterinarians
• Chiropractors
• Optometrists
• Surgeons
• Radiographers (case by case basis)
• Pharmacists (case by case basis)

Which medical occupations may not qualify?

There are a variety of people, who will not be entitled to the Medico Package, including:

• Nutritionists
• Psychologists
• Dieticians
• Medical researchers
• Naturopaths
• Nurses
• Midwives
• Podiatrists

However, if you are occupied in one of these vocations and are in a strong financial position, some lenders may offer attractive rates and discounts. Our mortgage brokers know of major and non-conforming lenders that will approve your loan and offer you a competitive package.

Types of loans available

The Medico Package is available for a variety of loan types however this largely depends on the lender. Some lenders will only waive LMI where the loan is for the purchase of a first home or investment property. Others do not have this restriction and will offer the package to a variety of other property types.

As a doctor it is common to be earning shift allowances and overtime income, for which there are mortgage available. You may also be able to apply for a salary sacrifice mortgage in order to save tax whilst paying off expenses. Follow the links to find out more.

Contact us today!

If you are a medical practitioner and want to benefit from the great rates and LMI waiver, speak to us today! Our expert mortgage brokers are specialists in helping professionals such as doctors get approval for their loans. Enquire online or call 1300 886 115 to find out how we can help you with your employment mortgage!

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