Five ways mortgage brokers add value for doctors

December 16, 2015
Nandini Varma

 

You take care of your patient’s health, now let a home loan expert manage your financial wellbeing.

Members of the medical profession can benefit from the expertise of a mortgage broker in a variety of ways. Let’s take a look at five key advantages.

1. The potential to save on lenders mortgage insurance

Lenders mortgage insurance (LMI) applies whenever a home buyer or property investor takes out a loan for 80 per cent or more of a property’s value. This type of insurance protects the lender - not the borrower, and depending on the size of the loan the cost of LMI can run into tens of thousands of dollars. Clearly, it is an expense worth minimising.

Doctors are viewed by some lenders as presenting a lower risk than many other types of borrowers. Reflecting this, certain lenders may either lower the threshold at which LMI applies for members of the medical profession or waive the cost altogether – a substantial saving.

Conditions do apply. You will need to work in an ‘eligible profession’ and this covers a wide range of medical specialisations from anesthetists through to vascular surgeons and even veterinary surgeons. You also usually need to be a member of an eligible industry body such as the Australian Medical Association.

The important thing is that your local Mortgage Choice home loan expert can identify those lenders that provide LMI savings to doctors, and confirm whether you are eligible. The LMI waiver generally applies no matter if you are buying a home, refinancing an existing mortgage or taking out an investment loan.

2. Professional packages offer valuable rate discounts

Your Mortgage Choice broker has an in-depth understanding of the home loan market, and we know that lenders often cater to medical professionals with exclusive ‘professional package’ loans. These package often combine a range of money-saving inclusions, and these may be open to negotiation. However the overarching appeal is a generous rate discount that applies for the life of the loan.

Your Mortgage Choice broker can negotiate a professional package on your behalf saving you valuable time and money.

3. Your leisure time is valuable

As a health professional chances are you work long hours, and it’s a highly responsible job. The last thing most medical professionals want to do during time away from work is chase a home loan.

Your Mortgage Choice broker will do all the leg work on your behalf, not just researching which loan is best suited for your needs but also helping to complete the necessary paperwork and following your loan application all the way through to settlement. It leaves you free to find the right property – or just relax, knowing we are hard at work taking care of your loan.

4. Your financial health matters

Just as you are trained to meet the health needs of your patients, a Mortgage Choice broker is trained to know which type of loan - and loan features, are right for your circumstances.

We only recommend home loans that have features you are likely to need and use, and that’s an important step in maximising the value of your home and minimising the cost of your loan.

5. We come to you

Time is money, and your Mortgage Choice broker understands that it is nether practical nor time-efficient for you to take time out of your practice to meet with lenders.

We will meet with you at a time and place that is convenient – be it your consulting rooms, your home, even a local café. It means more time with your patients and less interruption in your life. Call 03 9363 3333  to book an appointment today and discover how you can benefit from partnering with us.

 
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