Sometimes referred to as a medico package home loan, as the name suggests, it’s a particular discounted home loan ( life of the loan discounts) with a unique flexible policy available for borrowers employed in the medical industry. In addition, banks provide favourable deals and flexible policies for medical professionals and other professionals. As a result, according to the bank’s statistics, medical professionals and doctors have the lowest mortgage delinquency rate. As a result, they tend to start their practice that requires commercial and business loans later.
Medicos and other professionals that are high-income earners are given access to massive mortgage savings through home loan deals which is impossible for others to get. Experts say banks record preferred borrowers, and doctors are at the topmost.
The nine industries that banks have special policies and loans for;
1. Medical professionals, health care professionals, nurses and doctors
2. Lawyers, barristers, judges and magistrate
3. Civil Engineers, Software Engineers, mining Engineers and geotechnical sciences
4. Accountant with CPA or CA and Financial Planners, Auditors and Actuarial
5. CEO, CFO and high management
6. Real estate agents, property valuers, Quantity Surveyor and Architects
8. Professional athletics
9. Actors, actresses, public personnel, Radio host and Television host.
Of course, just like reviewing a patient’s medical history when diagnosing a patient,
each application is considered case-by-case. Lenders must review your financial
situation before providing you with an LMI waived mortgage that offers unique
benefits. They will also seek confirmation of your employment as a medical
practitioner and evidence of specific insurance covers before approving your loan.
These unique benefits may be available for applications in either the Medical Professional’s name or in the name of related companies or trusts provided direct ownership and directorship by the applicant is evident. In addition, eligibility is not dependent upon all borrowers being employed as eligible Medical professionals. To find out more about financial benefits through Strategic Brokers, please contact our Medical & Professional Lending Specialist.
At Strategic Brokers, we make the loan application process easier! Contact us on (02) 8188 1088 to speak about your loan options.
We can help you stay focused on the future of financial services.