Medico Loans

A Medico home loan is a specialised mortgage tailored specifically for medical professionals, including doctors, dentists, pharmacists, veterinarians, and other approved healthcare practitioners. These loans are designed to accommodate the unique financial situations of medical professionals, offering several benefits and features that are not typically found with standard home loans.

Medico home loans often include:

Reduced Interest Rates: and Fees: Due to the stable income and high earning potential of medical professionals, lenders may offer lower interest rates and reduced fees.

Flexible Underwriting Criteria: Medical professionals can often qualify for higher loan amounts compared to other borrowers with similar income levels. Lenders may also consider alternative income sources, such as shift allowances and overtime, differently than they would for other professions.

Smaller Deposits: Unlike regular home loans, which often require a 20% deposit, medico loans may allow medical professionals to secure a loan with as little as a 5% or even 0% deposit.

LMI Waivers: Typically, borrowers must pay lender’s mortgage insurance (LMI) if their deposit is less than 20%. However, medical professionals may often be exempt from LMI with a deposit as low as 10%, 5%, or even 0%.

Special Loan Features: Some medico loans offer features like offset accounts and redraw facilities for fixed-rate loans, which are not usually available with standard home loans.

Faster Loan Assessments: Lenders frequently expedite the processing of medico loan applications, ensuring a quicker approval process.

Flexible Repayment Terms: Medical professionals may have the option to switch temporarily from principal-and-interest repayments to interest-only repayments, providing greater flexibility in managing their finances.

To qualify for a medico loan, you must be on the lender-approved list of medical professionals and registered with the relevant medical board.