08 Jun How Mortgage Brokers are helping doctors with home loans
At Josh Financial Services, home loans for doctors and medical professionals is our specialty. Whether you are buying your first home, refinancing, renovating your property, purchasing an investment property or require finance for medical practice, our team of dedicated Finance and Mortgage Brokers will help you make the right choice and match you with a home loan that best meets your needs.
Help and assistance, be it a general or a professional one, is required by every person at some point in their life. Like teachers are there to help their students, parents to help their children, doctors to assist their patients, in the same way, brokers are there to assist their clients.
These brokers could belong to any of the industry that helps match buyers with sellers and borrowers with lenders. Because of the busy schedules of doctors and the over shift time they serve, mortgage brokers have come on the forefront from the background to help doctors avail home loans with full research and without any hassle.
To understand how mortgage brokers are managing and adding value to the financial well-being of doctors through their expertise and experience, let us have a look at the points that are listed below in this article.
Potential to save on Lenders Mortgage Insurance (LMI)
Mortgage brokers, because of their active presence in the markets, have access to lenders and their home loan deals from several different markets. They can also save you money by helping you get a waiver of service fee on short-term loans or Lenders Mortgage Insurance, LMI, waiver. LMI is basically a type of insurance that protects the lender. The cost of LMI can actually be calculated to be into thousands of dollars depending on the size of the loan. Therefore, getting a waiver on such a hefty expense is worth every effort.
Typically, this cost is either minimized or sometimes even waived off altogether for doctors as they are viewed as low-risk borrowers by lenders because of their high earnings potential.
A possibility to save on loan rates
A mortgage broker has an in-depth understanding of the home loan market as it is their work to deal with various clients on a daily basis. They can assist you in selecting the best loan that suits your needs and can get you the lowest home loan rates that are possible. Sometimes, even the lenders themselves are willing to offer the medical professionals with exclusive professional package loans that combine a range of money-saving inclusions.
One of the important and most useful benefits for doctors is that these mortgage brokers offer convenience. Because of the availability of many products in the markets and less time to search for them, these brokers offer you the choice of shopping for the absolute best deals that they have shortlisted for you. They are able to get multiple quotes for you from different lenders, that are in accordance with your financial conditions and aspirations before you make the final decision of settling down for one of them.
Ability to enjoy your leisure time
By giving the responsibility to the mortgage broker for chasing down a suitable home loan opportunity, you as a doctor can enjoy your free time doing some leisure activities after working for long hours on a job that requires a high level of responsibility. These mortgage brokers help you complete the necessary paperwork that is required for loan application and for its settlement.
What is the qualification Criteria
Doctors who demonstrate that they meet the following eligibility criteria:
- You’ll need to be an Australian Citizen or Permanent Resident.
- You’ll need to provide current proof of Registration with a practitioners board.
- Your property purchase must be either owner occupied or for investment purposes.
- The maximum loan amount is $3 million.
Call us on 1300 537 000 to discuss your options with a Specialist Mortgage Broker. Alternatively, click the button below to submit loan enquiry.