Navigating the path to homeownership can be particularly challenging for junior doctors, whose income is often spread thin across training fees, relocation costs, and exam fees, leaving little room for saving cash for your first home or an investment property.
But with property still being one of the biggest growth asset classes in Australia Walshs Director Peter Hodgson, says “It’s crucial for young doctors to understand that they have the potential to make a property purchase as long as they do their research on what to buy and how get the best home loan to ensure they are future-proofing their wealth down the track.”
“As their career advances their income will increase drastically, so it’s about getting the purchase right and ensuring as a junior doctor, that you understand the importance of debt structuring.” Peter says.
Peter underscores the important role of income projection in facilitating homeownership for junior doctors, he says “While many banks in Australia base borrowing capacities solely on current income, at Walshs, we project income levels two years ahead, aligning with a hospital-based doctor’s anticipated pay scale. This strategic approach empowers our clients to expedite their property acquisition plans and acquire more desirable assets by virtue of enhanced borrowing capacities.”
Medical professionals have access to a number of special lending arrangements through Walshs that allow the purchase of a property with a 5% or 10% deposit, or by using equity or a parental guarantor. In this respect, doctors can acquire residential investment property without a significant capital outlay.
As a team of specialised medical mortgage brokers, the Walshs lending team understands the unique financial needs of medical professionals, having access to a network of lenders with unique policies tailored to doctors, effectively eliminating the necessity for substantial deposits. Walshs facilitates owner-occupied and investment loans with a minimal 5% deposit requirement and without the burden of Lenders Mortgage Insurance (LMI).
As a full-service financial services firm, the lending team are also able to collaborate with their accounting and financial planning counterparts, to ensure optimal structuring of loan arrangements for doctors, safeguarding their long-term financial well-being.
If you would like to discuss your property plans with one of our mortgage brokers or find out how our accounting and financial planning teams can help you, please book a meeting here with one of our team call 07 32215677.
