As a homebuyer, you can be subject to some heavy fees, such as Lenders Mortgage Insurance (LMI), low deposit premiums (LDP), amongst others. Luckily, for medical professionals like you, CBA doctor home loans provide discounts such as waivers for LMI and LDP, potentially saving you thousands of dollars. Use our LMI calculator to see how much you could save.
Why Do Medical Professionals Qualify For Discounts?
Medical professionals qualify for discounts such as waived LMI and LDP, and other benefits, because they are considered low-risk borrowers; they have high-paying jobs in a secure industry. CBA has developed tailored personal and business home loan solutions for medical professionals. Click here to learn more about doctor home loans in general.
What Are The Benefits Of CBA Doctor Home Loans?
The Medico Plus offer, which is CBA’s curated doctor home loan, comes with numerous benefits. These include:
- Maximum lending per customer without LMI or LDP of $7.5 million
- Maximum lending with LMI/LDP of $5 million
- LVR of up to 95% for both owner-occupied and investment purchases
- Low-interest rates
*Disclaimer: Maximum lending per customer without LMI or LDP of $7.5 million is true as of writing. For more updated info, please check the CBA website.
To learn more about CBA home loans, click here to read our review.
How Do I Know If I’m Eligible?
- All applications are subject to credit approval. You may be declined LMI/LDP waivers based on this
- Must be actively working. Unemployed medical professionals like students and retirees are not eligible
- Must provide documents proving profession and registration
- Low-Doc loans are excluded
- Physiotherapists, psychologists and nurses are not eligible
- Non-veterinary professionals must show proof of registration on the Australian Health Practitioner Regulation Agency (AHPRA) website
- Veterinary professionals must show proof of registration on their relevant state or territory veterinarian board website
- Must be working in Australia
- Debt-to-income ratio must not be greater than 6
- Foreign income and/or residency can be used as satisfactory security during the approval process
- Must not be a land and/or construction loan
Looking For The Perfect Doctor Home Loan?
Contact our expert mortgage brokers at 1300 889 743 or fill in our online assessment form and we will help you take advantage of all the benefits of home loans for doctors.