Mortgage Broker for Doctors: Tailored Solutions for Medical Professionals

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Why doctors choose Get a Better Rate

Medical professionals deserve to know that their mortgage broker understands and respects their unique needs and requirements. That is why Get a Better Rate prioritises health professionals through specialised home loan packages designed to support them through every step of the banking process.

Doctors tend to choose Get a Better Rate because we take the time to cultivate specialised knowledge about the health industry and the support professionals in that field need. Furthermore, we offer a diverse range of lenders to choose a home loan, differing from the big banks that only offer internal products.

Get a Better Rate has even partnered with Health Professionals Bank to supply medical professionals with the home loans they have been searching for. There is no need to settle for a generic home loan when you have our support and knowledge leading you to tailored financial solutions.

Benefits of using a specialised mortgage broker for doctors

The full workload required of doctors leaves little time to delegate to researching loan options. Whether it is a home loan to purchase a new home or a mortgage to open a new practice, doctors have unique financial needs that are not always met by major lenders.

Using a specialised mortgage broker has significant benefits for doctors. These professionals understand the unique financial needs of medical professionals and can save them time and money, which are often in short supply due to the demanding nature of their work.

Common benefits include:

  • Waived lenders mortgage insurance (LMI), resulting in large amounts of money saved

  • Waived annual fees

  • Exclusive discounts on interest rates

  • Saved time as mortgage brokers take on the work of finding relevant home loans and comparing them for you

  • Competitive mortgage rates are found for you by your broker

  • Ongoing support throughout the home loan application process

  • Exclusive cash back offers

  • Assistance to achieve the maximum borrowing capacity possible

  • A range of loan products are available, including specific home loans for doctors

Do not spend your precious time and money searching for what lenders will provide you with home loans suited for a medical professional. Take the initiative to save money and time by hiring a mortgage broker to connect you with the lenders that best suit your unique position. 

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Our mortgage services for medical professionals

If you are interested in medical profession home loans, choose one of the top mortgage brokers in Sydney CBD. Get a Better Rate provides various mortgage services tailored to support medical professionals. Each service is intended to address the unique financial situation of doctors, who tend to be 'low-risk' borrowers.

Generally, medical professionals have a stable and steady cash flow and more lucrative income potential than other professions. These financial factors, alongside the societal respect and trust the medical industry provides its workers, make them respectable clients for lenders.

Waived lenders mortgage insurance

Doctor home loans offer the exclusive benefit of waived LMI for medical professionals who apply for the specialised product. This means doctors can borrow up to 100% of their home loan value without paying the lender's mortgage insurance. 

When you do not have to pay the lender's mortgage insurance, you can save a lot on your home loan fees throughout the loan's lifetime.

Waived annual fees

Home loans for doctors tend to be confident in the financial security and high incomes of medical professionals. This means that many lenders offer to cover annual loan fees for home loans above a certain amount. This can save you a significant amount of money throughout your home loan.

Exclusive discount rates

Interest rates tend to be one of the main points of consideration when choosing the best home loan for your needs.

Doctor home loans are often so appealing to medical professionals as they offer special discounts on interest rates. These rates tend to be lower than a lender's advertised rate, framing it as an exclusive offer only a medical professional can take advantage of.

Exclusive cash back offers

Whether you are a first home buyer looking for a mortgage, an experienced buyer interested in an investment property, or a medical professional looking to refinance or renovate your existing home, medical professionals can receive exclusive cash-back offers from their broker. Choose to get cash back on top of your desired home loan packages to save more time and money.

Ongoing support from mortgage experts

Any qualified medical professional will be sure to receive specialised guidance through available doctor home loans by an experienced mortgage broker. This includes all of the hard work of finding home loans for doctors and comparing products being taken on by the broker.

Your broker will do their best to secure the highest borrowing capacity possible, even as they search for competitive interest rates and loan terms. When you trust a broker to take the initiative, the usual stress of finding a home loan that suits your personal and financial situation is removed.

We acknowledge that doctors and other medical professionals are in a unique position regarding their finances and work capacity. That is why Get a Better Rate has tailored its mortgage services to support such unique needs through medical loan packages.

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Medical Professionals Panel

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Our tailored process to mortgages for Doctors

Unlike the hands-off approach most lenders tend to take to their clients, the mortgage brokers at Get a Better Rate always use a personalised approach to support their clients throughout their home loan journey.

This is more evident than our tailored process for medical professionals seeking a home loan.

Step 1: Initial consultation

Get a Better Rate offers free consultations to all borrowers interested in using our mortgage broking services. In this first step, one of our expert brokers will sit down one-on-one with you to explain everything there is to know about medical profession home loans. During this time, we will also clearly understand your personal situation and what you are looking for in a home loan.

Further consultations with one of our team members will cost you nothing out of pocket. Mortgage brokers mostly operate through commissions offered by lenders, so your services and application for a loan will cover the costs of the expert advice you will receive. Learn more about how mortgage brokers get paid and how commissions are calculated.

Step 2: Choose your doctor home loan

Once our brokers know your home loan specifications, they will find suitable doctor home loans that meet your criteria. We have an extensive panel of lenders to choose from, including big-name banks like ANZ or ING. Medical professional-specific lenders such as Health Professionals Bank are also included in our panel, as we are invested in supporting doctors as best we can.

Our brokers will compare competitive interest rates, loan terms, and repayment periods to find the best options in the current market. All this hard work will be done on our own time, allowing you the time and freedom to focus on more important things in your life.

Ultimately, you will simply have to choose your desired home loan from your broker's options.

Step 3: Loan application

With Get a Better Rate's ongoing support, you will not be left alone to navigate the intricacies of home loan applications. Our brokers will provide expert advice and guidance throughout every step of the paperwork needed to apply for a home loan.

All you need to do is bring along the personal identification documents required for the application:

  • Proof of identity

    • Primary identification: passport, photo ID, or driver's licence

    • Secondary identification: birth certificate, citizenship certificate, Medicare card, health care card, recent bill with name and address

  • Proof of income: recent payslips or bank statements within the last 6 months

    • Self-employed individuals will also need to show recent personal and business tax returns, as well as tax assessment notices from the previous 2 years

  • Proof of financial assets: properties, superannuation, savings, shares, or vehicle ownership

  • Proof of financial liabilities: debt, ongoing loans, or credit card limits

  • Summarisation of ongoing living expenses: utility bills, education and/or childcare, transport costs, insurance, etc

Step 4: Approval and settlement

After your loan application is submitted, you simply have to wait and see if it is approved. Your chosen lender will assess your submitted documents, credit score, and borrowing risk against your chosen home loan.

If approved, you will move into settlement, wherein the lender acknowledges everything is in order and your property purchase or refinancing efforts will go through.

Step 5: Enjoy your new home loan

After settlement has been reached, you can enjoy the benefits of your new loan. Medical professionals can enjoy interest rate discounts and no LMI through the efforts of Get a Better Rate, so be sure to start the process today!

Get in touch

Meet our principal mortgage broker: Peter Hammond

For over twenty years, Get a Better Rate founder and principal mortgage broker Peter Hammond has worked with leading Australian financial institutions. This experience has included working alongside well-known brands such as Westpac, Macquarie Bank, and Aussie Home Loans.

Peter Hammond Mortgage Broker

Peter has used this experience to create Get a Better Rate from the ground up. Over the past seven years, he has led with a customer-first mentality to ensure that each client has gotten a rate and loan best suited to their needs.

Peter has acknowledged the medical industry as a critical aspect of Australia's economy, society, and workforce. That is why he has dedicated a significant portion of Get a Better Rate's efforts towards offering tailored home loans for doctors. You can contact Peter to learn more about how to apply for a doctor home loan and what kind of everyday low-interest rates you can enjoy with our services.

Get in touch: Start your journey today for free

If you are ready to start your journey towards a tailored home loan that supports your medical profession, look no further than Get a Better Rate! We offer a free initial consultation to align with your financial values and needs, placing you first throughout the search for the perfect home loan.

Whether you are looking to build your property portfolio with a new investment property, buy your first home, or refinance to a new loan with a more competitive interest rate, we can help you reach your goal. With the added benefits of not having to pay lenders mortgage insurance, connecting with lenders that focus on medical professions, and so many more, there is no reason to take that first step towards moving up the property ladder.

Contact us online with a form application or call principal broker Peter Hammond at 0420 991 404 to set up your free consultation.

FAQs

What are the benefits of a doctor's home loan?

The main benefits of doctor home loans are the discounted interest rates, no need to pay LMI, high borrowing capacity, and lack of annual fees. Your mortgage broker or lender may be able to offer additional and unique benefits when you use their services.

How can a mortgage broker help doctors secure a favourable mortgage?

Mortgage brokers can help doctors directly access home loans specifically tailored to medical professionals. There is no need to search for themselves when a broker can help them save time and money while also finding the most competitive loan packages.

Additionally, brokers can help doctors borrow up to 100% of the property without paying LMI.

Do doctors get cheaper home loans?

Doctors can obtain cheaper home loans by receiving interest rate discounts and waived LMI. Some lenders may waive annual fees, lowering the cost of taking out a loan even further.

Are doctors exempt from Lenders Mortgage Insurance (LMI)?

Since doctors are considered 'low-risk' borrowers, many lenders offer exclusive deals to waive LMI costs. This enables doctors to borrow as high as 95-100% of the property value, meaning that some doctors can enjoy cheaper home loans due to their exemption from LMI.

How much deposit do doctors need?

Typically, borrowers are expected to pay a deposit of around 20% of the property's value, lest they pay LMI. However, doctors can usually deposit only 5-10% without paying the LMI premium. Some lenders may even allow no deposit since doctors are considered so low-risk!