I was speaking with a client recently who was confused about their options for gaining finance because of their profession as a doctor. What they didn’t know is if they got their loan through a specialised broker, they would qualify for what is known as a Medico Pack.
Doctors are seen as a safe investment for banks, so they now offer these packs for those in the medical industry, which gives them access to special discounts, packages and offers on their loans.
However, in order to qualify for these packs, you must be a member of one of the many professional organisations in the field and currently hold a position in the industry such as interns, registrars, residents, and specialists as well. Those in medical research, scientists, psychologists, or naturopaths may not be eligible due to limited income potential, and a higher loan risk.
There are multiple types of loans available in these Medico packs, but here are the 5 most common types.Home Loans
Taking out a home loan with a medico pack offers 2 main advantages, being able to borrow more, as the maximum amount you can borrow will be higher than the amount that is offered to those in a different field. Some lenders can offer up to $4.5 million for properties. And a variety of discounts including an interest rate reduction, lenders mortgage insurance waiver, or others may be available, which can end up saving you thousands of dollars.
Investment loans can be taken out on a variety of different products and needs including construction of both private and office spaces. They also come with a number of advantages for medical staff including low rates and flexible terms.
Residential property investment loans also offer the benefits of a faster application and approval process for both building and buying property, a higher borrowing rate, and constructions loans, which are typically difficult for average buyers to obtain, are easily available to doctors with high incomes.
Cars are essential for both business and private usage in the medical industry. Utilising a broker to choose your loan may allow access to the medico pack discounts such as low car loans for those that operate their own practice, lease agreements, lower interest rates and easy qualification terms.
Other Asset Loans
Other Asset loans include luxury items such as boats and bikes. In nearly all cases, doctors can qualify for these types of investment purchases without complex paperwork or a long process. Medical professions can expect these loans to offer easier income qualification requirements (there’s less work to prove your income), higher borrowing limits, low-interest rates and easy repayment terms.
Like the general public, doctors are likely to have other loans in various places. Refinancing through a broker means that it is possible to secure a new loan to replace nearly any type of existing loan with relative ease, providing the opportunity choose between better/ discounted interest rates and waived lenders mortgage insurance. These refinanced loans are less expensive than what may have been paid previously and have the potential to save thousands of dollars over the lifetime of the loan.
There are many more different loan types available for those in the medical profession to choose from and many possible savings to be made if you decide to get your new loan via a broker. Medico packs are only available through brokers, so to get the best deal, speak to your local broker as they are also able to find a loan that is tailored to fit you and your business’s needs at the best possible price.