Good News for Doctors! Medico Home Loans are here

Doctors and medical professionals are considered very safe by Australian lenders. It is because they have the lowest delinquency rate. And, it is for this reason that many lenders are interested in approving loan applications of medicos. To attract medical practitioners and to fight competition, lenders offer huge discount and benefits on medico home loans.

If you are a medical professional and looking for a home loan, read this financing guide. It will help you in learning everything about the amazing loan package called “Medico Loans”(also known as "Medico Pack").

The Purpose of Medico Loans

A medico loan has several purposes. You can use it for:

• Residential properties purchase

• Practice premises that are converted residential houses

• Owner-occupied dwelling

• Investment property purchase

• Refinance your existing home loan

• Obtain Cash Out (Equity Release), or

• Consolidate your debts

Medico loan has so many purposes. However, keep in mind that refinancing of working capital, equipment finance and all other business related loan purposes are excluded from it.

Features of Medico Loan

Home loan for medical professionals includes special features like:

1. Confirmation and validation of 5 per cent genuine savings is not required

2. A maximum Loan to Value Ratio (LVR) of 90 percent may be approved without Lenders Mortgage Insurance (LMI).

Special Discounts

Usually, medical professional make regular payments. It is for this reason that there is less risk in medico loans. And so, lenders offer special deals and huge discounts on these home loans. Here are few discount deals that are provided to medicos:

• Discounted Interest Rates

• Discounts on Lenders Mortgage Insurance (LMI) or even no Mortgage Insurance

• Easier Loan Approval - even for the typical "hard loan proposals"

• No Set Up Cost or Application Costs

• No Valuation

• Special Interest Rate for Family Members

• Easier Cash Out (equity release policy)

Eligibility Criteria for Medico Loan

A medico loan is available if you fit into any one of the following medical professions:

• General Practitioners

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

• Dentists

• Veterinary Practitioners

• Pharmacists

• Surgeons

• Optometrists

• Radiologists, and

• Physiotherapist

Employment Documents

You only have to provide copies of the following:

• Your University degree or qualification, or

• Your Registration with the Medical Practitioners Board of Australia or equivalent body

So, once you prepare a file of your income and employment documents, you can visit a lender or a brokerage firm. Do remember to ask for as much discount as possible.

Singh Finance is famous for providing the best medico loan package. Contact the firm today and its expert finance brokers will start working for you. You can even get pharmacy loans from Singh Finance. So, call now and get ready to choose from a wide array of finance packages.

All the best!