In the fast-paced world of healthcare, where every day is a whirlwind of dedication and hard work, one thing you shouldn’t have to worry about is securing the perfect home. At Parrington Finance, we understand the unique challenges faced by healthcare professionals.
This guide will walk you through the ins and outs of home loans for healthcare workers and the current grants & opportunities on offer in Australia.
Whether you’re a newcomer or a seasoned veteran in the healthcare sector, specialised home loans for medical professionals offer advantageous features such as reduced interest rates, lower down payments, and exemptions from lenders’ mortgage insurance (LMI).
Looking for a home loan that’s right for you? Get in touch today.
Medico loans, also recognised as home loans for medical professionals, have been tailored to support healthcare workers in Australia in their pursuit of homeownership. Lenders understand the unique financial profile of healthcare professionals, which includes stable income, higher-than-average salaries, and a track record of responsible financial management. To reward their financial stability, these loans come with a range of exclusive discounts and benefits.
In a nutshell, medical practitioners such as doctors and registered nurses now have the opportunity to borrow up to 95% of a home’s value without the burden of paying lender’s mortgage insurance (LMI).
Typically, when the loan-to-value ratio (LVR) exceeds 80%, lenders require borrowers to pay for LMI. However, for healthcare workers, this requirement is waived as of June 2023, making homeownership more accessible than ever before.
There are a number of benefits to getting a home loan for healthcare workers in Australia.
Some of the most common benefits include:
In addition to the above benefits, healthcare workers may also be eligible for other benefits, such as:
Healthcare workers should compare offers from multiple lenders to get the best possible interest rate and terms.
Speak to our team today to get expert advice on finding a home loan today.
There are various reasons why medical professionals are favoured by lenders.
Most lenders have strict policies for home loans and consider your financial situation and credit score before any approval. All of the above reasons work in favour of healthcare workers and make it easy for them to to secure a loan without LMI.
There are a number of different types of home loans available to healthcare workers in Australia. Some of the most common include:
It is also important to note that some lenders may have specific requirements for healthcare workers who are applying for a home loan. For example, they may require borrowers to have a certain level of income or to be employed in a certain profession.
If you are a healthcare worker and are interested in buying a home, get in touch today!
The eligibility criteria for a home loan for healthcare workers will vary depending on the lender. However, some common criteria include:
Some lenders may also have additional requirements, such as a minimum income requirement or a requirement to be employed in a certain location.
If you are unsure whether you are eligible for a home loan for healthcare workers, it is best to speak to a mortgage broker. Our team can help you to assess your eligibility and find the right home loan for your needs.
Different medical practitioners may be eligible for waived LMI (lenders’ mortgage insurance), but the specific criteria can vary from one lender to another.
If you are one of the below then most likely you are qualified for medico loans:
According to data from Westpac, a $90k per year minimum income is needed for these professions (casual income calculated over 48 weeks), with a maximum LVR of 90%:
If your profession falls under one of the below categories then there is no requirement for a minimum income. You are eligible for a maximum LVR of 95%.
To apply for a home loan for healthcare workers, you will need to follow these steps:
Here are some additional tips for applying for a home loan for healthcare workers: