It is very common for medical professionals to want to apply for home loan early in their career. However, a lot of banks won’t even consider approving a home loan until full earnings are in place with one to two years of financial records required. So, what’s the best home loan for medical professionals?
Getting your degree, whether you’re a doctor, dentist or vet, is a long, arduous and expensive process. While it’s important to consider the professional and educational debts that have accrued, it’s also important to get on the first rung of the property ladder.
How BOQ Specialist can help
BOQ Specialist has an understanding of how much medical professionals earn from when they are interns, right through to when they reach their specialisation. This means we can lend up to 100 per cent finance on owner-occupied property.
"Our Banking Package allows for medical professionals to get their foot in the door early in their career,” says Pipi Sopp, a BOQ Specialist consultant. “They have just spent hundreds of thousands of dollars on their degree, so to be able to organise a home loan without having to save for a deposit is a great option. It’s also possible to organise 95 per cent finance on an investment property.”
A medical income is very stable and BOQ Specialist’s consultants have a comprehensive understanding of that income. This allows us to offer options that are not available at other financial institutions. We don't charge lenders mortgage insurance to our clients and that can be a huge saving.
It’s also common for the home loan to be made in a partnership, often with a family member or life partner. “There are lots of options,” says Pipi. “We can tailor and structure the loan to suit many different scenarios or situations.”
Finding time to find the best home loan for medical professionals
While understanding the income and earning potential of medical professionals is essential,
BOQ Specialist consultants also have a good insight into the day-to-day schedules of their clients.
“We know our clients don't just work from nine to five, and often they can't take phone calls. It’s also difficult for them to find the time to visit a bank or branch. That's why our consultants are happy to see clients after hours. We're always contactable and we're happy to work within the time constraints of our clients. After all, a doctor working in an emergency department or doing night shifts is working ridiculous hours. We understand that and will find a way to accommodate them,” says Pipi.
Tailored financial solutions
While a first home loan is usually used to purchase a place to live, it’s easy for situations to change in the medial professions. A doctor may be living in a capital city but decide to work in a rural location for a period of time. It may be that they buy their property as an owner occupier but in six months’ time, it becomes an investment property.
BOQ Specialist consultants can help structure a loan to suit each client’s particular situation. The best home loan for a medical professional is one that’s perfectly tailored to their needs.
In the market for a home loan? Click on the link to find out more about our home loans. Ready to take the next step? Contact us to find out how we can tailor a finance solution for you, or call us on 1300 131 141.
We offer our clients a range of home loan options for financing a new home, re-financing, renovating or acquiring an investment property.
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The credit provider is BOQ Specialist - a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian Credit Licence no. 244616 (BOQ Specialist). Terms, conditions, fees, charges, lending and eligibility criteria apply. We reserve the right to cease offering these products at any time without notice. BOQ Specialist is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate.
The information contained in this article ("Information") is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided.