Medical Healthcare Professional Loans

Medical Healthcare Loans

Buying Property as a Medical Professional:
Can You Avoid LMI?

Purchasing a Property as a Medical Professional: Can You Use a Company or Trust Entity?

Medical Healthcare Professional Loans: Your Guide to Avoiding LMI and Saving

As a registered healthcare professional in Australia, you have access to a unique range of financial products that can help you save thousands of dollars on your next property purchase. Medical Professional Loans are designed specifically for healthcare workers, and they offer a number of advantages over traditional loans, including:

  • LMI waivers: Medical Professional Loans typically offer LMI waivers of up to 100% of the property purchase price. This means that you may not have to pay any LMI at all, even if you have a small deposit.
  • Competitive interest rates: Medical Professional Loans typically offer competitive interest rates. This is because lenders view medical professionals as low-risk borrowers.
  • Flexible terms: Medical Professional Loans offer flexible terms to suit your individual needs. For example, you may be able to choose a loan term of up to 30 years.

To be eligible for a Medical Professional Loan, you must be a registered healthcare professional with the Australian Health Practitioner Regulation Agency (AHPRA) or a specialist listed by the relevant organisations. You will also need to meet the lender’s minimum income and credit requirements.

AHPRA Home Loans:

In addition to the benefits listed above, Medical Professional or AHPRA Home Loans can also offer a number of other advantages, such as:

  • Fast approval: Medical Healthcare Professional Loans can often be approved quickly, which can be helpful if you are on a tight timeline to purchase a property.
  • Expert advice: We understand that there are conditions attached to these specialist healthcare products, and that’s why our team of credit advisers are here to help you navigate through the lending landscape who specialise with AHPRA home lending.

Depending on your financial situation, you may be eligible for a 100% finance facility, which could potentially save you thousands of dollars in LMI premiums. Alternatively, if you have a 5% deposit, you may qualify for a 95% loan facility.

 

First Home Buyers Grant: Can Medical Healthcare Professionals Use It With Their Deposit?

As a medical professional in Australia, you may be eligible for the First Home Buyers Grant (FHOG) when purchasing your first home. The FHOG is a government grant that can help first home buyers offset the cost of buying a property.

To be eligible for the FHOG, you must meet a number of criteria, including:

  • You must be an Australian citizen or permanent resident.
  • You must be buying your first home.
  • You must not have owned a property in Australia in your own name, with your family member or jointly with anyone else.

If you are eligible for the FHOG, you can use it to help cover the cost of your deposit. The amount of the grant varies depending on the state or territory in which you are buying.

For example, in New South Wales, the FHOG is currently $10,000 for first home buyers who purchase a property valued up to $1 million.

To apply for the FHOG, you will need to contact the relevant Office of State Revenue government agency in your state or territory.

 

Additional information:

In addition to the information above, here are some other things to keep in mind about the FHOG:

  • You can use the FHOG to purchase a new or established property.
  • You can use the FHOG to purchase a house, apartment, townhouse, or vacant land to build your first home.
  • You cannot use the FHOG to purchase an investment property.
  • You must occupy the property as your principal place of residence within the required months of purchase as stipulated by Office of State Revenue legislation in your state.

 

Getting Help

If you are unsure about how to use the FHOG with your deposit, or if you have any other questions about buying your first home, please contact us by following this link to get in touch with us.

 

  • Medical professionals may also be eligible for other government grants and concessions when purchasing their first home. For example, the First Home Buyer Assistance Scheme (FHBAS) offers a stamp duty concession to eligible first home buyers.
  • It is important to compare different lenders and loan products that suit your financial structure and long-term wealth creation. Please reach out to us to help you compare different loans to find a suitable lender for your long-term wealth structure and lifestyle.

 

If you have any questions about the FHOG, please contact us at Neomoney or follow this link for relevant Office of State Revenue government agency in your state or territory.

Medical Professional Interest Rate Discounts: Save Money on Your Mortgage

As a registered medical healthcare professional or eligible associate, you may qualify for a further discount on your interest rate and pay no Lenders Mortgage Insurance (LMI) premium up to 100% or 90% of the purchase price on your property or investment property. This is because lenders view medical professionals as low-risk borrowers since their statistical data score these professions high.

The amount of the interest rate discount you can receive will vary depending on a number of factors, including the lender you choose, the loan amount you borrow, and the type of loan you apply for.

For example, some lenders offer tiered discounts based on the amount of money you borrow. Other lenders offer different interest rates for Principal & Interest (P&I) loans and Interest Only (I/O) loans.

At Neomoney, we work with a number of lenders who offer specialised products designed just for medical healthcare professionals.

Additional information:

Here are some other things to keep in mind about interest rate discounts:

  • You may need to meet certain criteria to be eligible for an interest rate discount. For example, some lenders may require you to have a good credit score, a low debt-to-income ratio and a low Loan to Value Ratio (LVR).
  • Interest rate discounts are offered for the lift of the loan while remaining with the same lender.
  • Loan increases and top-up loans are a good time to negotiate a lower interest rate with your lender, especially if you have a good credit history and a low Loan to Value Ratio (LVR).

 

Medical Healthcare Professional Loans

Healthcare Loans!

Maximising Your Property Purchase as a Registered Medical Professional.

Medical Professional Loans and Medico Loans Without Genuine Savings Deposits: What You Need to Know

Medical Professional Loans and Medico Loans are specialist loan products designed to help medical professionals purchase a either as their first home or an investment property without having to show genuine savings for the 10% deposit.

This means that you can use a variety of sources to fund your deposit and any other associated costs, such as government stamp duty and transfer fees. These sources can include:

  • Gifted funds
  • Borrowed funds
  • Equity in a property
  • Savings account statement
  • Proceeds from the sale of an asset

When you apply for a Medical Professional Loan or Medico Loan, your lender will require evidence of your “Funds to Complete” one of the above forms of deposit to ensure that you have the ability to settle the purchase. This means that you need to provide documentation that shows proof of the source of your funds or Funds to Complete the purchase.

Purchasing a Property in a Company or Trust Entity as a Medical Professional: What You Need to Know

As a registered medical professional, you have the option to purchase a property in your own name, in the name of a related company, in the name of a trust entity or in a company and trust entity. However, you must be able to demonstrate direct ownership and/or directorship of the company or trust entity.

There are a number of reasons why you might choose to purchase a property in a company or trust entity.

For example, you may want to:

  • Protect your personal assets from liability.
  • Structure your finances in a tax-efficient manner.
  • Plan for your retirement.
  • Facilitate the transfer of your property to your beneficiaries after your death.

Things to consider before purchasing a property in a company or trust entity

There are a number of things you need to consider before purchasing a property in a company or trust entity, such as:

  • The cost of setting up and maintaining the company or trust: There is a cost associated with setting up and maintaining a company or trust entity. You will need to pay for legal and accounting fees, as well as annual registration fees.
  • The tax implications of purchasing the property in a company or trust entity: There are tax implications associated with purchasing a property in a company or trust entity compared to purchase a property in your own name. You should seek professional advice to ensure that you understand the tax implications before you proceed.
  • The ongoing management of the company or trust: Once you have purchased the property in a company or trust entity, you will need to manage the company or trust on an ongoing basis. From example, the Australian Securities and Investment Commission (ASIC) annual fee, accountant fees and lodgement of tax returns, etcetera.

Additional information:

Here are some other details to keep in mind about purchasing a property in a company or trust entity:

  • There are a number of different types of company structures and trust structures available. The best structure for you will depend on your individual circumstances.
  • You will need to set up and maintain the company or trust entity. This can involve some additional costs and paperwork as mentioned above.

 

We recommend you seek professional taxation advice if you plan to purchase a property in a company or trust entity since there are different taxation implications associated from a purchase in an individual name, company name, trust name or company and trust entities structures to fully understand which entity is best suited for your taxation planning and estate planning requirements for current and long-term future wealth creation.

Medico Healthcare Loans: Eligible Healthcare Professions for LMI Waivers and  Low Deposit Premiums

If you are a medical professional who fits into one of the below professions, we may be able to assist you with a loan facility for your Home or Investment purchase.

Medical Healthcare Professional Loans

Lenders Mortgage Insurance Premium (LMI) Waiver

Medical Healthcare Professional Loans

Medical Practitioners

Medical Specialists

As a healthcare professional in Australia, you may be eligible for a waiver on the Lenders Mortgage Insurance (LMI) premium when applying for a new or increased loan amount with a loan to value ratio (LVR) of up to 95% or 90%. However, there are certain criteria that must be met to qualify for this waiver.

To be eligible, you must hold either Generalist or Specialist registration with the Australian Health Practitioner Regulation Agency (AHPRA) and be listed on their register of practitioners. Your registration must also be current at the time the loan application is submitted.

It’s important to note that if you hold Limited registration or non-practising registration, you will not be eligible for this waiver. However, if your absence from practice is temporary, such as on parental leave, a lender may accept your non-practising registration.

We enclose a listed on the Medical Board of Australia list of Specialist fields of practice as per the list below;

Addiction Medicine ~

  • Specialist in addiction medicine

Anaesthesia ~

  • Specialist anaesthetist

Dermatology ~

  • Specialist dermatologist

Emergency Medicine ~

  • Specialist emergency physician
  • Specialist paediatric emergency physician

General Practice ~

  • Specialist general practitioner

Intensive Care Medicine ~

  • Specialist intensive care physician
  • Specialist paediatric intensive care physician

Medical Administration ~

  • Specialist medical administrator

Obstetrics and Gynaecology ~

  • Specialist obstetrician and gynaecologist
  • Specialist gynaecological oncologist
  • Specialist in maternal–fetal medicine
  • Specialist in obstetrics and gynaecological ultrasound
  • Specialist in reproductive endocrinology and infertility
  • Specialist urogynaecologist

Occupational and Environmental Medicine ~

  • Specialist occupational and environmental physician

Ophthalmology ~

  • Specialist ophthalmologist

Paediatrics and Child Health ~

  • Specialist paediatrician
  • Specialist paediatric clinical geneticist
  • Specialist in community child health
  • Specialist general paediatrician
  • Specialist neonatologist
  • Specialist paediatric cardiologist
  • Specialist paediatric clinical pharmacologist
  • Specialist paediatric emergency physician
  • Specialist paediatric endocrinologist
  • Specialist paediatric gastroenterologist and hepatologist
  • Specialist paediatric haematologist
  • Specialist paediatric immunologist and allergist
  • Specialist paediatric infectious diseases physician
  • Specialist paediatric intensive care physician
  • Specialist paediatric medical oncologist
  • Specialist paediatric nephrologist
  • Specialist paediatric neurologist
  • Specialist paediatric nuclear medicine physician
  • Specialist paediatric palliative medicine physician
  • Specialist paediatric rehabilitation physician
  • Specialist paediatric respiratory and sleep medicine physician
  • Specialist paediatric rheumatologist

Pain Medicine ~

  • Specialist pain medicine physician

Palliative Medicine ~

  • Specialist palliative medicine physician

Pathology ~

  • Specialist pathologist
  • Specialist general pathologist
  • Specialist anatomical pathologist
  • Specialist chemical pathologist
  • Specialist haematologist
  • Specialist immunologist
  • Specialist microbiologist
  • Specialist forensic pathologist

Physician ~

  • Specialist physician
  • Specialist cardiologist
  • Specialist clinical geneticist
  • Specialist clinical pharmacologist
  • Specialist endocrinologist
  • Specialist gastroenterologist and hepatologist
  • Specialist general physician
  • Specialist geriatrician
  • Specialist haematologist
  • Specialist immunologist and allergist
  • Specialist infectious diseases physician
  • Specialist medical oncologist
  • Specialist nephrologist
  • Specialist neurologist
  • Specialist nuclear medicine physician
  • Specialist respiratory and sleep medicine physician
  • Specialist rheumatologist

Psychiatry ~

  • Specialist psychiatrist

Public Health Medicine ~

  • Specialist public health physician

Radiation Oncology ~

  • Specialist radiation oncologist

Radiology ~

  • Specialist radiologist
  • Specialist radiologist
  • Specialist in nuclear medicine

Rehabilitation Medicine ~

  • Specialist rehabilitation physician

Sexual Health Medicine ~

  • Specialist sexual health physician

Sport and Exercise Medicine ~

  • Specialist sport and exercise physician

Surgery ~

  • Specialist surgeon
  • Specialist cardio-thoracic surgeon
  • Specialist general surgeon
  • Specialist neurosurgeon
  • Specialist orthopaedic surgeon
  • Specialist otolaryngologist – head and neck surgeon
  • Specialist oral and maxillofacial surgeon
  • Specialist paediatric surgeon
  • Specialist plastic surgeon
  • Specialist urologist
  • Specialist vascular surgeon

Chiropractors

As a healthcare professional in Australia, you may be eligible for a waiver on the Lenders Mortgage Insurance (LMI) premium when applying for a new or increased loan amount with a loan to value ratio (LVR) of up to 90%. However, there are certain criteria that must be met to qualify for this waiver.

To be eligible, you must hold either Generalist or Specialist registration with the Australian Health Practitioner Regulation Agency (AHPRA) and be listed on their register of practitioners. Your registration must also be current at the time the loan application is submitted.

It’s important to note that if you hold Limited registration or non-practising registration, you will not be eligible for this waiver. However, if your absence from practice is temporary, such as on parental leave, a lender may accept your non-practising registration.

Dentists.

As a healthcare professional in Australia, you may be eligible for a waiver on the Lenders Mortgage Insurance (LMI) premium when applying for a new or increased loan amount with a loan to value ratio (LVR) of up to 90% or 95%. However, there are certain criteria that must be met to qualify for this waiver.

To be eligible, you must hold either Generalist or Specialist registration with the Australian Health Practitioner Regulation Agency (AHPRA) and be listed on their register of practitioners. Your registration must also be current at the time the loan application is submitted.

It’s important to note that if you hold Limited registration or non-practising registration, you will not be eligible for this waiver. However, if your absence from practice is temporary, such as on parental leave, a lender may accept your non-practising registration.

General Practitioner (also known as Medical Practitioner).

As a healthcare professional in Australia, you may be eligible for a waiver on the Lenders Mortgage Insurance (LMI) premium when applying for a new or increased loan amount with a loan to value ratio (LVR) of up to 90% or 95%. However, there are certain criteria that must be met to qualify for this waiver.

To be eligible, you must hold either Generalist or Specialist registration with the Australian Health Practitioner Regulation Agency (AHPRA) and be listed on their register of practitioners. Your registration must also be current at the time the loan application is submitted.

It’s important to note that if you hold Limited registration or non-practising registration, you will not be eligible for this waiver. However, if your absence from practice is temporary, such as on parental leave, a lender may accept your non-practising registration.

Hospital Employed Doctors (e.g. Intern, Resident, Registrar, Staff Specialist).

As a healthcare professional in Australia, you may be eligible for a waiver on the Lenders Mortgage Insurance (LMI) premium when applying for a new or increased loan amount with a loan to value ratio (LVR) of up to 90% or 95%. However, there are certain criteria that must be met to qualify for this waiver.

To be eligible, you must hold either Generalist or Specialist registration with the Australian Health Practitioner Regulation Agency (AHPRA) and be listed on their register of practitioners. Your registration must also be current at the time the loan application is submitted.

It’s important to note that if you hold Limited registration or non-practising registration, you will not be eligible for this waiver. However, if your absence from practice is temporary, such as on parental leave, a lender may accept your non-practising registration.

Optometrists

As a healthcare professional in Australia, you may be eligible for a waiver on the Lenders Mortgage Insurance (LMI) premium when applying for a new or increased loan amount with a loan to value ratio (LVR) of up to 90%. However, there are certain criteria that must be met to qualify for this waiver.

To be eligible, you must hold either Generalist or Specialist registration with the Australian Health Practitioner Regulation Agency (AHPRA) and be listed on their register of practitioners. Your registration must also be current at the time the loan application is submitted.

It’s important to note that if you hold Limited registration or non-practising registration, you will not be eligible for this waiver. However, if your absence from practice is temporary, such as on parental leave, a lender may accept your non-practising registration.

Pharmacists.

As a healthcare professional in Australia, you may be eligible for a waiver on the Lenders Mortgage Insurance (LMI) premium when applying for a new or increased loan amount with a loan to value ratio (LVR) of up to 90%. However, there are certain criteria that must be met to qualify for this waiver.

To be eligible, you must hold either Generalist or Specialist registration with the Australian Health Practitioner Regulation Agency (AHPRA) and be listed on their register of practitioners. Your registration must also be current at the time the loan application is submitted.

It’s important to note that if you hold Limited registration or non-practising registration, you will not be eligible for this waiver. However, if your absence from practice is temporary, such as on parental leave, a lender may accept your non-practising registration.

Physiotherapists

As a healthcare professional in Australia, you may be eligible for a waiver on the Lenders Mortgage Insurance (LMI) premium when applying for a new or increased loan amount with a loan to value ratio (LVR) of up to 90%. However, there are certain criteria that must be met to qualify for this waiver.

To be eligible, you must hold either Generalist or Specialist registration with the Australian Health Practitioner Regulation Agency (AHPRA) and be listed on their register of practitioners. Your registration must also be current at the time the loan application is submitted.

It’s important to note that if you hold Limited registration or non-practising registration, you will not be eligible for this waiver. However, if your absence from practice is temporary, such as on parental leave, a lender may accept your non-practising registration.

Veterinarian.

As a healthcare professional in Australia, you may be eligible for a waiver on the Lenders Mortgage Insurance (LMI) premium when applying for a new or increased loan amount with a loan to value ratio (LVR) of up to 90%. However, there are certain criteria that must be met to qualify for this waiver.

For eligible veterinarians, your registration must be able to be verified on the register of veterinarians (or equivalent) maintained by the relevant state or territory veterinary regulator, and must be current at the time the loan application is submitted.

It’s important to note that if you hold Limited registration or non-practising registration, you will not be eligible for this waiver. However, if your absence from practice is temporary, such as on parental leave, a lender may accept your non-practising registration.

Other Medical Professionals

As eligible Medical Professionals in Australia, you may be eligible for a waiver on the Lenders Mortgage Insurance LMI premium when applying for a new or increased loan amount with a LVR of up to 90%. To qualify for this waiver, there are certain criteria that you must meet.

Firstly, you must have a minimum income of $90,000 per annum, and you must provide evidence of your qualifications and employment as a medical professional. This can be shown through a copy of your most recent Australian tax return or a copy of your Australian university degree or qualification, or a copy of your registration with the Medical Practitioners Board of Australia or equivalent body, which must be current at the time the loan application is submitted.

Medical Professional list:

  • Audiologist
  • Chiropractors
  • Midwife
  • Occupational therapist
  • Osteopath
  • Podiatrist
  • Psychologist
  • Radiographer
  • Registered nurse
  • Sonographer
  • Speech Pathologist

What if My Profession is Not Included in The List of Eligible Medical Professionals for a Lenders Mortgage Insurance (LMI) Premium Waiver?

If your profession is not listed, we still encourage you to contact us at Neomoney as we may still be able to assist you with a rate discount or request a special ruling to be implemented specifically for your situation. Our team of mortgage brokers has extensive experience in helping healthcare professionals secure mortgage loans and can offer tailored solutions to meet your specific needs.

So click HERE to reach out and explore your options with us. 

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