Which professionals are eligible for lower interest rates and waived LMI premiums?

LMI waiver for health professionals including doctors, dentists, physiotherapists, chiropractors, pharmacists and veterinary practitioners. Other professions are also eligible for no LMI home loans.

• LMI waiver for accountants

• LMI waiver for nurses and midwives

• LMI waiver for lawyers, solicitors and barristers

• LMI waiver for professional athletes

Essentially, General Practitioners, Specialists, Pharmacists, Physiotherapists, Chiropractors, Veterinarians, Nurses and Midwifes are all eligible for specific medical professional policies with certain lenders.

Below is our full list, however if you do not see your specialty on the list, reach out and we can confirm with the lender that you are eligible.

benefits of working with mortgage broker mint equity instead of a bank for medical professional loans

Fast tracked applications

Many of our lenders offer quick approvals for our clients, including self employed, and can provide a home loan approval withing 24 hours depending on when your documentation is submitted. We are proactive and responsive, so if you need to move quickly, we can facilitate that.

Lender options

At Mint Equity we provide access to a range of lenders, including banks, credit unions, and other financial institutions. This means that we can offer a wider range of loan products and interest rates than a single bank can provide. In particular, we have access to specialised doctor home loan programs which provide reduced interest rates and waived LMI, saving you significantly more.

Tailored professional loans for doctors

We provide tailored loan solutions to meet the specific needs of their clients, including doctors or other borrowers with complex financial circumstances. Banks, on the other hand, generally offer a more limited range of loan products that may not be suitable for all borrowers especially those with complex finance structures.

Expertise in the doctor home loan market

We have in-depth knowledge of the home loan market, including interest rates, loan features, and lender policies. We provide expert advice on the best loan products and options available to their clients, based on their unique financial circumstances and goals. In particular we are experienced at navigating the loans process for self employed borrowers including Doctors and Medical professionals.

Cost savings

We negotiate with the lenders for lower interest rates and fees at the beginning of our clients loan and every six months following settlement to ensure our clients are on the lowest rate offered by their lender. By being our client we can ensure you are on the current best home loan for doctors.

Time saved

We handle the paperwork and negotiations with lenders on your behalf, saving your time and effort. We provide you with access to our secure encrypted portal so you can safely upload your personal information and documentation. If you are refinancing, we will manage the discharge process and ensure the outgoing and incoming banks are ready for settlement.

Overall, using a Mint Equity mortgage broker can offer you a range of advantages over a bank, including access to a wider range of lenders and loan products, tailored loan solutions, expertise in the home loan market, potential cost savings, time-saving, and our ongoing support.

We take the stress out of financing for doctors

We understand you don’t have a lot of spare time, so we provide a range of digital tools to help streamline the home loan application process for our clients. Some of the digital tools that we provide include:

Client information portal

Our encrypted client centre enables you to enter information securely from a computer or mobile device, making it easy to apply for a doctor home loan at anytime and anywhere. Our client centre will automatically save your data as you go. If you need to leave before you have finished, simply close your browser and log back in when you have more time.

Document portal

Our secure encrypted document portal allows our clients to upload and manage their loan application documents online, eliminating the need to email or print documents.

Easy access to banks statements

We utilise encrypted technology that enables our clients to easily download all of their bank statements for the last 3 months with the click of a button. No need to manually access your online banking and download each statement one by one.

Loan calculators

We provide a range of online loan calculators that can help our clients estimate their borrowing capacity, loan repayments, and other key loan details. We also crunch the numbers for you with multiple lenders for a more accurate product comparison. This is key when choosing the right home loan.

eSignatures

Wherever possible we use electronic signatures to speed up the loan approval process, allowing our clients to sign loan documents electronically and reducing the need for paper-based documents.

We are continuously improving our digital tools with the latest tech available to help simplify and streamline the home loan application process for our clients, making it easier to apply for a home loan and track the progress of your application.

How quickly can I get a pre-approval?

Most of the time spent on a doctor mortgage application is collecting all the information. If you are able to provide all the information and supporting quickly, in some cases we can get pre-approval within 24 hours.

Mint Equity has priority status with many lenders which enables us to turn around doctor home loan pre-approvals very quickly. However, we would always recommend allowing up to 5 business days to ensure you have enough time to provide all the documentation we’ll need to submit your loan.

Home loan for doctors can be complex, this is why you should work with a medical loan expert

Income structure

Doctors often have a unique income structure that can make it more challenging to qualify for a home loan. For example, doctors may be self-employed or work on a contract basis, which can make it difficult to show a consistent income over time. You may also have overtime and other employment benefits which should be included in your borrowing capacity. We understand this and know which lenders have an appetite for lending to medical professionals and offer the best interest rates and product options for doctors.

High levels of debt

Doctors often have high levels of student loan debt and other financial obligations, which can affect their ability to qualify for a home loan. Lenders may be more cautious about approving loans for clients with high levels of debt. We have access to specialised home loans for doctors throughout lending panel.

Low deposit

Some Doctors may have a low deposit saved up or want to maximise the available cash for the property purchase. This is where waived LMI home loans become the appropriate choice for doctor home loans. This enables them to purchase a property with a small deposit without increasing borrowing costs by paying costly LMI premiums.

Unique requirements

It’s common for unique requirements when it comes to doctor home loans, such as the need for a flexible repayment schedule, the ability to borrow a higher amount or having an offset account so any variable income reduces your interest repayments. Meeting these requirements can be challenging, but loans for doctors require a more tailored approach than a standard home loan. This is why working with the best doctor mortgage broker is key to structuring the loan appropriately and reducing ongoing costs and the need to refinance elsewhere at a later date.

Limited time for paperwork

Doctors often have busy schedules, which can make it challenging to find the time to complete the paperwork and other requirements for a home loan application. This can be particularly challenging if the doctor is working long hours or on-call shifts. Our priority is to take the stress and effort out of the home loan application process and make it as easy as possible for our clients.

Various options

Whether you’re looking to structure a professional loan for doctors, business loan for doctors, or purchase a property in your SMSF, working with a mortgage broker with in-depth knowledge and experience to structure your finances in a way that is favourable is vital for you to secure finance.