Medico Home Loans
Medico refers to health practitioners. Almost all medical practitioners are favoured by the Australians banks. They are highly recognized and welcomed at any time because they are highly profitable customers to banks. Research has it that there is high demand for their service which in turn will lead to rise in their income. It was stated that they are high income earners who borrows at low risk from banks.
Medicos and other professionals that are high income earners are given access to massive mortgage savings through home loan deals which is impossible for others to get.
Experts say banks keep a record of preferred borrowers and doctors are at the topmost.
Privileges given to medico that other Aussie doesn’t enjoy include:
- Interest rate discount
- Waived LMI and the savings test
- Discounts on commercial property purchases
- Undisputed and easy loan grants
- Higher LVR (loan to value ratio)
- Exceptional interest rates
- No application cost
Recently, Westpac proposed a new Medico Sector Policy. Under this approach, specific identifiable medical professionals are now eligible for home loans, Investment Property Loan and/or Home Equity Loan.
Medico may apply for home loans and be offered:
- Authentication and validation of 5% genuine savings is not required for applications whereby mortgage insurance is not required
- A maximum base loan value of up to of 90% (LVR) without the need to acquire mortgage insurance (‘LMI’)
Health practitioners eligible for medico loans without paying LMI include:
- Ear and Throat Surgeon
- Emergency Surgeon
- Gastro Intestinal Surgeon (Upper/Lower)
- Reconstructive Surgeon
- Plastic Surgeon
- General Surgeon
- Vascular Surgeon
- Cosmetic Surgeon
- Doctor of Medicine
- Veterinary Practitioner
- General Practitioner
- Hospital - Employed Doctors (Intern, Registrar, Staff Specialist) etc.
- Proof of qualification as a medical practitioner. It could be university transcript, certificates etc
- Proof of professional medical association membership (identity card, reference number)
- Bank statements showing 5% Genuine Savings
Collaterals acceptable are:
- Practice premises that are converted residential houses
- Residential properties