If you've never heard of Medico Home Loan packages before, it can be looked at as the special considerations made for those in the medical profession when they are looking at applying for a home loan. You may wonder why medical practitioners receive these benefits, and why other professions aren't included. When it comes to most Australian banks, doctors and other medical and health care professionals tend to be favoured over others. This is because they are generally low risk borrowers with high incomes and better ability to make repayments. They are also proven to have higher chances of requiring larger and more diverse borrowings in the future. It is for these reasons that they receive the following benefits:
1. Ability to borrow up to 90% of the property value without paying any lenders mortgage insurance.
2. They do not need their genuine savings validated for loans up to 90%
3. Can borrow up to 105% of the property value if their parents guarantee the loan
4. Easier loan approval
5. Special interest rates for family members
6. Professional home loan and refinance loan packages available
7. Easier cash out (home equity release loans)
Although, these are available there are some eligibility and application requirements. These will include:
1. Type of security property: Property types that can be provided as security for medico home loans include residential properties or practice premises that are converted residential houses.
2. Employment verification: You will need to ensure you can verify your employment by providing a copy of your university degree qualification and a copy of registration with the medical practitioners board of Australia or equivalent.
3. Income verification: As well as employment verification, income verification is also required. This will mean you need to produce, copies of your most recent tax return with established self employed medical practitioner, PAYG medical professional.
These are only minimal requirements, considering the advantages you receive. Mortgage Choice Northern Rivers can assist you in making sure you are prepared and meet requirements.
If you are working in a medical profession, seeking finance assistance and you are needing further clarification of the benefits, features or special discounts related to this loan package, contact Mortgage Choice Northern Rivers today. Our team of experts will take the time to match a medico home loan to your objectives and finance needs at no cost to you. We will eliminate the stress and save you valuable time in getting loan approval. Call the team today on 66847096 and discuss the possibilities.