The truth is that there are benefits and discounts for doctors on home loans, as well as LMI waivers. With that, you may be wondering why doctors get special deals on home loans. They have a good reputation with banks because of their high earnings and stable careers. The higher earnings of the profession mean there’s less of a chance that a doctor will default on the loan repayments. Banks definitely want business from a doctor and if you’re a doctor it puts you in an advantageous position of receiving exclusive offers that may not always be available to the general public.

So what are these benefits, exactly? Over and above eliminating interest payments waivers, the loan can save up to $50,000 per loan from $500,000 to $4 million. You can experience preferential loan conditions and other benefits working as a doctor. Lenders tend to offer more competitive terms and greater discounts to borrowers like physicians with high credit who also wish to have more than a home loan. Similar discounts and special benefits such as saving on interest rates are also included with the Professional Packaging. Additional benefits of home loans for doctors are special discounts (i.e. home loan fee waivers), being able to build your property portfolio fast, and asset protection.

Below are a few of the top benefits of doctor home loans:

• – Can borrow up to 100 percent of the property value without paying any LMI
• – You are able to access special interest rates for low-risk borrowers
• – There are some lenders that may offer additional discounts and fee waivers
• – Can get into the property market much earlier without waiting to save a 20 percent deposit or getting a guarantor

You may also be wondering how to compare home loans for doctors. Always compare apples with apples and read the comparison rate to determine the correct costs. What this does is sums up the whole cost to a single percentage rate, including the interest rate along with all other fees. Consult with a financial advisor to better understand what it takes to get an attractive mortgage loan offer. Some lending firms in Australia, including the big four, give doctors specialist loans for doctors. You can also use an easy loan calculator online.

Below is a summary of the list of features you should compare when shopping for home loans for doctors.

• – Interest rates: It’s a primary concern for any type of home loan. Spend time comparing the interest rates from different lenders and see if you’re eligible for any discounts.
• – Fees: Get an understanding of all fees and additional charges associated with a home loan to get a full picture of the cost (including stamp duty charges, for example).
• – Lenders Mortgage Insurance (LMI): This is the main attraction and benefit if you’re a doctor wanting a home loan. The LMI benefit allows you to borrow up to 100 percent of the property value (depending on the lender) without paying any LMI premium.
• – High Loan to Value Ratio (LVR): LVR is the size of your home loan in relation to the value of the property you want to purchase. When you’re a doctor, you can often borrow higher LVR loans amounting to 90 percent or even higher of the property price without any LMI or guarantee requirement.
• – Other features: There may also be other features you want in your home loan based on your financial situation such as a redraw facility and a linked offset account.