Lenders consider gynaecologists preferred applicants because of their higher earning capacity and unmatched reputation as low-risk borrowers. Gynaecologists are more likely than most other borrowers to get benefits such as Lenders Mortgage Insurance (LMI) waivers on many home loans. Let’s take a detailed look at the benefits and discounts gynaecologists get over the general public, then we’ll show you how Home Loan Experts can help you obtain these concessions.
What Are The Benefits And Discounts For Gynaecologists?
Medical practitioners, including gynaecologists, are highly likely to be eligible for special discounts and benefits on their home loans, including:
- Maximum loan size: Borrow up to 100% of the property value with no Lenders Mortgage Insurance (LMI).
- 100% non-base income factored in by lenders: Lenders usually only factor in up to 80% of non-base income for general applicants, when determining whether they can make repayments. However, for medical practitioners, including gynaecologists, lenders factor in 100% of non-base income types, such as overtime compensations, shift allowances and vehicle allowances.
- Exclusive interest rate discounts that aren’t available to general borrowers.
- Endless exposure for investors with various properties that want to continue growing their portfolio.
- Flexible credit criteria for new graduates and early practitioners.
- Borrow up to 95% of the property value (with no LMI as well).
- Borrow up to $4.5 million to purchase a home or investment property.
- Refinance cashbacks up to $4,000.
In general, lending policies for doctors and other medical specialists are more favourable than for other borrowers. Read more about home loans for doctors here.
95% No LMI Home Loans
A lender on our panel is offering waived LMI on a 95% home loan for gynaecologists. There is no minimum income requirement. To qualify for no LMI on a 95% home loan:
- You must buy a residential property. (Only Category 1 and 2 locations accepted)
- You must hold a university degree from Australia or overseas.
- You must be an Australian citizen or permanent resident living and working in Australia.
- You must be employed as a gynaecologist and not on probation.
- You have PAYG income in the industry for at least the last three years; doesn’t all have to be with the same employer but you must be past your probation period.
- Minimum credit score required.
- You need a minimum of 2 years’ tax returns and full financials if self-employed. ABN must be registered for at least two years and you must provide evidence of reported profit each year.
- The maximum loan amount is $1 million.
Do I Qualify For 95% No LMI?
Banks and other lenders charge an LMI premium for customers borrowing more than 80% of the property value. This hefty fee is there to protect the lender if a borrower defaults on a loan. How much is the LMI? For most lenders, it can hover around $24,000 when borrowing 90% of the property value on a $1,000,000 property. As an eligible gynaecologist, you qualify to have this fee waived, even when you are planning to borrow 100% of the property value. Here’s a general idea of how much can you save by avoiding LMI:
| Property Value | LMI Premium Saved |
|---|---|
| $500,000 | $9,000 |
| $1,000,000 | $24,000 |
| $1,500,000 | $39,000 |
(Note that these aren’t exact figures and only give a general idea.) Waived LMI makes it easier for you to save money for other important expenses, like investing in multiple properties. Use our LMI calculator to find how much you could save. Home Loan Experts can help certified gynaecologists secure attractive interest rate discounts and several other benefits. Simply fill in our free assessment form or call us directly on 1300 889 743.
How To Find The Right Bank
There are some major lenders that offer exceptional discounts for gynaecologists. Consider choosing a lender based on:
- The size of your deposit.
- The number of properties you plan on buying or investing in.
- The complexity of your situation, such as trusts and self-managed superannuation funds.
- Whether you and your partner have an unusual situation that is outside many banks’ lending policíes.
In some cases, mortgage brokers might advise you to split up your loans for different properties between different lenders, to maximise your benefits.
Eligibility Criteria For A Gynaecologist Home Loan
You must meet certain requirements to be eligible for special medico discounts, and benefits.
Is my income eligible?
Lenders do not have a set minimum income level for medical professionals like gynaecologists. As long as the client meets general eligibility requirements, the chances of getting LMI waivers and other exclusive benefits are good.
Professional affiliations
To qualify for special medical home loan benefits, you must be a medical practitioner in Australia or New Zealand and have membership in a registered medical association, such as the following:
- Australian Association of Practice Managers
- Australian College of Rural & Remote Medicine (ACRRM)
- Australian Medical Association (AMA)
- Australian Medical Council (AMC)
- Medical Practitioners Board of Australia
- Royal Australasian College of Medical Administrators (RACMA)
- Royal Australian & New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
Note that this list is limited and membership in one of these organisations does not guarantee approval for a loan. Also, some lenders may accept membership in other professional medical associations, case by case.
Other lender criteria
Lenders take a close look at the specific type of membership registration under your name. What lenders accept:
- General registrations
- Specialist registrations
What lenders do not accept:
- Provisional registrations
- Limited registrations
- Non-practising registrations
Gynaecologists with overseas qualifications need to:
- Have a registration to practise with the Australian Medical Council (AMC) or an equivalent body
- Be registered currently with the Medical Practitioners Board of Australia or an equivalent body in the state or territory in which they practise
- Some lenders also consider certain special circumstances and accept non-practising registrations (such as when a person is on temporary absence from practice, like while on parental leave)
Speak To A Mortgage Broker
All set to buy the property of your dreams? Our mortgage brokers will carefully review your situation and help you with documentation to make sure you do not miss out on any benefit you qualify for as a gynaecologist. Our experienced, specialist lenders have access to 50+ lenders on our panel, to help you find the ideal fit for your unique situation. Reach out to our mortgage brokers on 1300 889 743 or fill in our free assessment form to speak to one of our Home Loan Experts today.