If you’re a medical professional looking for a new home, you’ll want to make sure you get the best deal on your mortgage. Luckily, there are specialist home loans for doctors available that can offer a lower interest rate and require less deposit than most other home loans. In most cases the banks will also forgo LMI (Lenders Mortgage Insurance) which can save you a significant amount of money over the course of your loan. Walshs’ Lending Team have worked with thousands of medical professionals throughout their careers to purchase property – from first homes to investment properties. Over the years we’ve built deep relationships with the lenders who offer specialist products for our medical clients and we can negotiate with them to get the best deal on your behalf.
Deciding to buy a new home or investment property is an exciting time, but there are several things you should consider as you start to look for the home loan that will meet your needs as a medical professional.
1) Does your mortgage broker have a good relationship with specialist medical lenders?
When it comes to home loans for doctors, it’s important to work with a broker who not only has a good relationship with lenders in general, but has a great relationship with the right specialist medical lenders.
The doctor home loan market has many players, but your broker should understand this market and have deep and stable relationships with the lenders that are going to be able to offer competitive rates and give you the best deals.
Your broker should also be experienced enough to know the limits that each lender will negotiate to, so they can push for the best deal possible for you. By working with a knowledgeable and experienced broker who understands the medical home lending space, you can be sure that you’re getting the best possible medical home loan for you.
2) Is your broker going to work hard for you to get the best deal?
As a doctor or other medical professional, you have enough on your plate without having to worry about whether or not you’re getting the best home loan possible. That’s where we come in. Walshs specialise in helping our clients get the best possible deal on their mortgage. We’ll work with you to find the right lender and the best rate, and we’ll make sure that you understand all of the terms of your loan before you sign anything. With us on your side, you can be confident that you’re getting the best possible deal on your medical home loan.
3) Compare interest rates and fees from a number of home loans for doctors
Home loans designed for medical professionals are available from a number of lenders, and it’s important to compare interest rates and fees before choosing a lender. Home loans for doctors typically offer lower interest rates than standard home loans, and some lenders also offer special deals and discounts for home loan customers who are medically trained in a number of specialties. However, doctor home loans can sometimes have higher fees than standard home loans, so it’s important to compare the total cost of the loan before making a decision. In general, medical home loans are a good option for doctors who want to purchase a new home, refinance their existing mortgage or purchase an investment property. The Walshs Lending Team will take you through the rates and fees from a number of market leaders to ensure you get the best deal possible.
4) Consider a fixed or variable rate loan
Most lenders offer two main types of interest rate – fixed and variable. Fixed interest rates offer stability, with the same monthly repayments for a finite amount of time. This can make budgeting easier, as you’ll always know how much your repayments will be, but your repayments may take a big leap when the fixed period has ended.
Variable interest rates can go up or down over time, which means your repayments are likely to change. However, they often start out lower than fixed rates, so you could save money in the short term. Ultimately, the best medical home loan for you will depend on your individual circumstances and finances. The Walshs team will ask the right questions about your budget and your needs, then clearly be able to clearly explain the options for each lender and advise on the best loan for you.
5) Consider an offset account
Offset accounts are a popular feature on home loans for doctors, as they can help to reduce the amount of interest you pay on your loan. Here’s how they work: instead of keeping your savings in a separate account, you link it to your home loan. This way, the money in your savings account is offset against the outstanding balance on your loan, which reduces the amount of interest you pay. For example, if you have a $400,000 loan and $20,000 in your offset account, you’ll only be charged interest on $380,000. Of course, you’ll still need to make regular repayments on your loan, but an offset account can help to reduce the overall cost of your home loan over time. Most of the loans we can help you to apply for have offset options and the Walshs Lending Team can advise you on how to ensure you use this account to your best advantage.
6) Get your home loan pre-approved
The first thing to do once we have decided on the best medical specific home loan for you is to apply for pre-approval. Pre-approval will give you a stronger idea of how much you can afford to borrow and can help to speed up the process when you’re ready to buy. Once we’ve worked together to find the right doctor home loan that meets your needs, our next step will likely be to get your loan pre-approved so that you can move forward with your purchase with confidence.
The Walshs Lending Team will help you find the best medical home loan for your needs
The medical lending team at Walshs is here to help. We have a long history of working with doctors and medical professionals, and we know the lenders who are most likely to be offering lending products specific to your needs. We work hard for our clients, taking into account your unique needs and helping you every step of the way of your journey to your new dream home or investment property.
If you’re looking for advice on the best actions to take in the lead up to application or during the approval process, our team can advise you. So don’t spend hours researching which medical home loan is right for you – let us do it for you!
Contact us today for a free consultation – we would love to hear from you.