Medical doctors are considered ‘low risk’ by the majority of lenders because of higher incomes, and the likelihood that income will increase over time. Additionally, Doctors are considered to be future customers of other types of products. It’s for this reason that banks apply various discount on their products.
LMI Waivers
Doctors and certain other medical professionals are one of just a few groups that are considered for higher LVR borrowing without having to take out costly Lenders Mortgage Insurance (LMI) – potentially saving you thousands.
As a medical doctor you may usually borrow up to 100% LVR (or 100%) of the purchase price with no LMI (with strict lending criteria, including serviceability requirements, or far fewer requirements with a guarantor), or up to 90% LMI (or up to 90% of the value of the property) with no LMI. In the latter category a larger number of medical professionals are considered for this type of loan.
Doctors are understood to be in a professional with higher incomes and much lower risk.
Your medical profession must be accepted by the banks, and you must also be a member of approved medial industry associations (listed below).
Doctor Interest Rates
As a lower-risk professional your interest rate will usually be in the lower-tiers of those offered by the banks (consider the low rates listed below). We have access to a library of unpublished rates for medical professionals so we’d encourage you to call us to find out more. In most cases, the bigger discounts apply to those that are borrowing less than 80% of the property value.
Generally speaking, doctors in the following areas are considered for the LMI-waiver and special industry product rates and/or discounts.
- General Practitioners
- Gastroenterologists
- Nephrologists
- Neurosurgeons
- Dentists
- Dermatologists
- Psychiatrists
- Radiologists
- Optometrists
- Gynaecologists
- Cardiologists
- Clinical Pharmacologists
- Anaesthetists
- Haematologists
- Herpetologists
- Immunologists
- Urologists
- Rheumatologists
- Otolaryngologists
- Pathologists
- Surgeons
Experience level is usually irrelevant, and interns and residents also qualify for this benefit in the eyes of some lenders.
Eligibility
A doctor must be a certified member of one of the following organisations. Others are considered on a case-by-case basis.
- Australian Association of Practice Managers
- Australian College of Rural and Remote Medicine (ACRRM)
- Australian Dental Association (ADA)
- Australian Dental Council (ADC)
- Australian Medical Association (AMA)
- Australian Medical Council (AMC)
- Australian Veterinary Business Association
- Australian Veterinary Association
- Australasian College for Emergency Medicine (ACEM)
- Australasian College of Cosmetic Surgery (ACCS)
- Australasian College of Dermatologists (ACD)
- College of Intensive Care Medicine of Australia and New Zealand (CICM)
- Medical Practitioners Board of Australia
- Royal Australasian College of Dental Surgeons (RACDS)
- Royal Australasian College of Medical Administrators (RACMA)
- Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
- Royal Australian and New Zealand College of Ophthalmologists (RANZCO)
- Royal Australasian College of Surgeons (RACS)
- Royal Australasian College of Physicians (RACP)
- Royal College of Pathologists of Australasia (RCPA)
- Royal Australian and New Zealand College of Psychiatrists (RANZCP)
- Optometrists Association Australia
- The Australia and New Zealand College of Anaesthetists (ANZCA)
- The Royal Australian College of General Practitioners (RACGP)
- The Royal Australian and New Zealand College of Radiologists (RANZCR)
- Urological Society of Australia and New Zealand (USANZ)
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