Being a Junior doctor can mean you’re income is spread thin across training fees, relocation costs and exams fees making it hard to save for a home.
And with most banks requiring a 20% deposit to avoid the pricey Lender’s Mortgage Insurance (LMI), the hope of homeownership for many aspiring doctors is often a distant dream.
As a niche broker specialising in mortgages for medical professionals, Walshs has access to a full panel of lenders, including specialist banks with medical-specific policies.
Specialty lending arrangements include unique policies tailored to doctors that negate the need for hefty deposits. In fact, Walshs can arrange owner-occupied and investment loans with a 5% deposit and no LMI.
The firm also has a future income policy that enables doctors to borrow more, based on their prospective payslip rather than their current income.
“For junior doctors, the most difficult part of the purchase process isn’t a lack of deposit but rather the bank lending them enough money,” Walshs Director Peter Hodgson, says.
“Most, if not all banks in Australia determine how much people can borrow based on their current income but at Walshs, we use an income two years ahead of a hospital-based doctor’s current pay grade,” he says.
“This allows our clients to buy sooner and buy a better asset because they can borrow more.”
The Trusted Choice
Facilitating more than $340 million of lending last year across 365 properties for 2,300 doctors – yes that’s one settlement a day – there’s no denying Walshs are experts in medical mortgages.
Whether your goal is to purchase your own home or build your investment portfolio, our team offers a full mortgage broking service with loans designed specifically for doctors.
Perks include the ability to borrow up to 95% of the property value with no LMI, exclusive interest rates and higher borrowing potential.
We’re also best buds with our accounting and financial planning teams to safeguard the structure of your loan for future financial success.
If you want to stop daydreaming and turn your homeowner dreams into a reality, give us a call on (07) 3221 5677 or book a 1-1 meeting with one of our medically-minded lending experts.