Doctors are often regarded as heroes for saving numerous lives. But doctors are like any human being. Like an average Aussie, they are also looking for the perfect mortgage for doctors to acquire. Luckily, financial institutions such as MediProCapital have such offers made for professionals.
Want that nice new home by the beach? No problem! Well, that is if you are a doctor. Their MD title gives them a lot of perks, one of which includes home mortgages.
Eyeing that commercial property to expand your income? No problem as well! Again, just be sure that you are a licensed doctor (among other professions).
Have friends of family who are not doctors, but are professionals? Read on. They might actually be entitled to discounted home loans.
Among the list of preferred borrowers
Doctors are among the top borrowers preferred by banks and financial institutions. However, aside from those working in the field of medicine, lawyers and accountants are also entitled to these privileges.
Why are these professions singled out? Lawyers, accountants, and doctors earn a whole lot than an average Aussie. They can pay for the interest rates easily compared to ordinary citizens. That is exactly the reason why they are preferred borrowers.
According to experts, institutions see doctors and other professionals as low-risk borrowers. Their work allows them to have a stable income, some with rapidly increasing earnings, which can pay the amount borrowed on time fully and promptly.
A wider array of options
Doctors do not only have more freedom in borrowing from home loan providers, in some cases, Lenders’ Mortgage Insurance (LMI) is waived. In other cases, a lender will allow a doctor to borrow 90% or even 100% (payment of LMI is compulsory for this much) of the value they plan to purchase without paying the LMI. An ordinary Aussie can only borrow as much as 80%, topped with enormous interest rates and payments.
With the right home loan service provider, a doctor (and any professional) can generally enjoy the benefits of having lower interest rates and even waived fees.
What are you waiting for? Exercise the perks of your profession and get that beach house you have always wanted!