Medico loans are specially designed for medical professionals who want to buy a home or property. It is ideal for several other purposes as well. Lenders/credit providers give special discounts to attract doctors. Know everything about medico loans here.
It is a very common question asked by many medical professionals and doctors that whether they can obtain a loan to buy a converted residential house to use as their practice premises. To attract medical professionals and to fight competition, specialist lenders/credit providers have developed an amazing loan package called "medico loan" (also known as "medico pack" and "loan for doctors"). The loan package can help you in buying a converted residential house to use as your practice premises.
If you are a medical professional, you can also take advantage of the medico loans and start your practice. Before you apply for medico loans, you must know everything about it so that you make a wise decision. So, let's start.
The Purpose
A medico loan has many purposes. However, you should keep in mind that refinancing of working capital, equipment finance and all other business related purposes are excluded from the loan package. In addition to buying a converted residential house to use as your practice premises, you can also use a medico loan to:
>> Purchase residential properties (owner-occupied and investment property purchase)
>> Refinance your existing home loan
>> Consolidate your debts, or
>> Obtain cash out (Equity Release)
Special Discounts and Benefits
Medico loans have been specifically developed to offer doctors with a number of special deals and discounts. Here are a few of the special discount deals and benefits provided to medical practitioners:
>> Confirmation and validation of 5% genuine savings is not required
>> A maximum Loan-to-Value Ratio (LVR) of 90% may be approved without Lenders Mortgage Insurance (LMI)
>> Discounted interest rates
>> Easier loan approval - even for the typical "hard loan proposals"
>> Discounts on Lenders Mortgage Insurance (LMI) premium or even no LMI
>> No Set Up cost or Application costs
>> No valuation
>> Special interest rate for family members, and
>> Easier cash out (Equity Release policy)
Eligibility Criteria
Here is a brief list of medical professions who can choose a medico loan pack and get all the special discount deals and benefits:
>> Doctor of Medicine
>> Surgeon
>> Hospital - Employed Doctors (Intern, Resident, Registrar, Staff Specialist)
>> Dentist
>> Chiropractor
>> General Practitioner
>> Optometrist
>> Radiologist
>> Veterinary Practitioner
>> Physiotherapist, and more
Income Documents and Employment Verification Requirements
Income documents are standard, and you only have to provide copies of the most recent tax return for both, established self-employed medical professionals and PAYG medical professionals. And, you only have to provide copies of the following employment documents:
>> Your University degree or qualification, or
>> Your Registration with the Medical Practitioners Board of Australia or equivalent body
Truly, lenders/credit providers have made loans simpler for medical professionals by providing medico loans. So,don't worry about obtaining a loan package for establishing a private practice.
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