How are Home Loans for Healthcare Workers Different ?

Are you a dedicated healthcare professional dreaming of owning your own home or wanting to buy a new home? We’ve got fantastic news for you.

Lenders understand that healthcare workers have a stable income, rarely default on loans and generally borrow higher amounts, that’s why home loans for healthcare workers are available with discounts and special offers. Health care workers include medical professionals (doctors and nurses), pharmacists, dentists, vets, ambulance officers, physiotherapists, hospital administrators and more.

The special home loan offers for healthcare workers vary by lender and profession, with a broader range of offers for medical professionals than other healthcare workers. Special conditions and criteria also apply and may vary across professions.

Some of the special offers on home loans for medical professionals include:

Waived LMI on a 95% LVR

That means you can borrow up to 95% of your home’s value without the added expense of lenders mortgage insurance. For example, a doctor or nurse borrowing $950,000 could save $39,000 on LMI.

Reduced Interest Rates

Many lenders provide special interest rates for medical professional, which can be up to 1% less than the standard variable rate. The discount rate varies on a case by case basis, with larger loans generally receiving greater discounts.

Non-Base Income Serviced at 100%

A large part of income for healthcare workers comes from overtime and allowances. Most non-base income for eligible healthcare workers have 100% serviceability. For example, penalty and overtime payments. No serviceability limit is a tremendous advantage as it means you can borrow more than the general public, whose non-base income is serviced at 50 – 80%.

Guarantor Loan

You can borrow up to 105% of the purchase price with a guarantor loan.

As mortgage experts, we’re here to guide you through every step, navigating the complexity and ensuring a smooth and stress free experience.

Whether you’re buying your first home, upgrading, or refinancing, we’re committed to helping you secure the best deal possible.

Contact Us Today to learn more and get started on your journey to realising your home ownership dreams sooner.