Refinance Home Loan for Medical Professionals
These are possible circumstances
- Your partner or yourself has just recently qualified as a GP. You have an existing home loan that does not take advantage of the Medical Professionals Home Loan.
- You have just changed job as a Medical Administrator for a local hospital
- You have an existing Home Loan but your lender did not explain that some professions within the Allied Health profession such as Physiotherapist or Chiropractor, may also be eligible for a Medical Professional Home Loan Package with a number of Lenders
- Your current Home Loan has not been reviewed for 2-3 years, a number of new home loan types have since been introduced that you could qualify for.
- You might be considering an property Investment scenario. Having the right type of home loan is key and why Refinancing Home Loan might be a key process. It will allow you to expand your property portfolio smoothly.
How can I access the Medical Professional Home Loan Packages ?
Finding information directly from a Bank or lender can be very difficult and knowing who offers which packages and to which medical profession can be a bigger challenge. Having an independent and expert mortgage broker to do the investigation work for you can save you thousands in savings and time.
Accessing information about theses packages can be extremely difficult to obtain by the public
The big banks represent 95% of these packages with each bank offering different opportunities to access their medical professional packages. Other Home Loan lenders include specialist lenders who will take care of your particular needs.
What is in the Medical Professional Home Loan Packages ?
Many medical professional Home Loan packages offer
- Interest rate discounts
- Lender Mortgage Insurance Waiver
- Special lending considerations for refinancing your practice
- And bundles such as Credit card, insurance etc discounts
If your practice is situated in a residential property which has been modified to meet the needs of your practice, in many situations we can access residential (lower) interest rates and favourable valuation conditions to improve the success and outcome of your refinance.
Eligible Medical Professionals for Medical Professional Home Loans:
- Medical Doctor (GP, GP Registrar)
- Specialists (Surgeons, Psychiatrist, Cardiologists, Radiologists, etc)
- Medical Administrator
- Intern (Hospital Employed)
- Staff Specialists (Hospital Employed)
- Dentist, Dental Specialist, Orthodontists
Example: Refinance Home Loan for Medical Professional
Dave is a local builder and has been paying a mortgage for the last 3.5 years.
Mary has been attending Newcastle University for the last 3 years to complete her degree and has just recently graduated as a Psychologist and has been working with local provider for 6 months building her practice experience.
They have an existing Home Loan primarily based on Dave’s Income for $480,000
By Refinancing to a new home loan and taking advantage of Mary’s new professional status, Dave and Mary can save around $1,800 per year… just on interest rates alone.
More importantly Mary is planning to open her own small practice and has identified an ideal older house down by the lake which will be ideal for to set up with 2 treatment rooms.
Once again taking advantage of Mary’s professional standing Dave & Mary are able to refinance and purchase the new property utilising equity from their own home and the new practice without paying Lenders Mortgage Insurance at 90% LVR, saving them approx $23,000 in fees.
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