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What medical professionals need to know before applying for a loan
stethoscope and pen on paper

What medical professionals need to know before applying for a loan

‘Medico Policy’ is a special package offered by lenders to those in the medical profession. These policies take the stability and growth opportunities of a medical professional into account along with the analysis that those in a medical profession have a statistically lower risk of defaulting on a loan.  

There are several different benefits that the borrower in these professions can receive, and they vary from lender to lender.  

Medical professionals may be eligible for a Lenders Mortgage Insurance (LMI) waiver for loans from 80% to 95% of the home’s market value. On a home purchase of $1,000,000, this can be a saving of up to $50,000, whether it be paid for through your home loan, or saving in paying it upfront.  

The loan can be used for the purpose of buying or refinancing an owner-occupied or an investment property and is not limited to one property. There is a maximum total lending per customer which varies between lenders but as a guide, this would sit around $4.75-5M.  

The minimum deposit required for a million-dollar purchase with an LMI waiver on a 95% loan would be $50,000 (excluding state taxes and associated fees), which can give you the opportunity to purchase your preferred home instead of settling for a less preferred option. 

A few things to keep in mind:  

  • Occupations include medical & dental practitioners, optometrists, GPs, surgeons, obstetricians, and pharmacists to name a few. Unfortunately, nurses are excluded from this policy 
  • Medico Policy is also available to interns who meet the requirements  
  • The borrower must have a current medical board certificate and be a current member of a medical association 
  • If the borrower has been self-employed for less than two years, there are options to seek approval from some lenders  

How can Duo Finance assist you?   

We understand that the standard 9 to 5 working days don’t exist for you, so we will match your schedule and speak at a time that suits you. We will take away all the stress and hassle that comes with the process of financing your home so that you can focus on your important work.  

We understand the market and the benefits available to you and will research and provide you with the options that suit your objectives and needs to meet your requirements.   

Let us take on the leg work to help you set up your home, whether your first home or one of many. We are here and happy to help you in your property journey.  Contact Duo Finance here today.