Home Loans For Doctors & Professionals
Home Loans For Business Owners
When you’re busy working long hours at the office, the last thing you need is added stress. Finding a home loan that respects your occupation and income can be difficult at the best of times, especially in between your packed schedule. Tora Finance takes the hassle out of finding a home loan that works for you.
Our expert team of mortgage brokers know how to leverage your occupation, finding a specialist loan that avoids lenders mortgage insurance and offers unique interest deals.
If you fall into the category of low-risk borrowers, our team can find a premium home loan that makes the most of your income. Whether it's a home or investment property, we are here to help. Call Tora Finance today and talk to an award-winner mortgage broker.
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Are There Home Loans Only For Medical Professionals?
Doctors, dentists and other medical professionals have an excellent reputation with banks and lenders. With high earning capacity and a perceived low-risk for defaulting on their loans, they are trusted candidates for generous repayment plans. If you’re a doctor or medical professional, Tora Finance will help you take advantage of exclusive home loan offers.
What Are Specialist Doctor Home Loans?
A specialist doctor home loan is a mortgage designed for medical professionals looking to buy a new home or investment property. Compared to regular loans, these loan offers often come with lower interest rates and more favourable terms. This is because lenders see doctors and medical professionals as low-risk borrowers.
To qualify for a specialist doctor home loan, you must be an Australian citizen or permanent resident and have completed your medical training. You must also be employed full-time as a doctor in Australia. If you meet these criteria, you should be eligible to apply for a specialist doctor home loan.
Why Should I Get a Specialist Doctor Home Loan?
Interest Rate Discounts
There are several reasons why getting a specialist doctor home loan could be advantageous for you. First of all, as we mentioned earlier, these loans typically come with discounted interest rates. This can save you thousands of dollars over the life of your loan.
Flexibility
Another advantage of specialist doctor home loans is the flexible repayment options. Some lenders, for example, may allow you to make interest-only repayments for a certain period of time. This can help make your monthly repayments more manageable, especially if you are still paying off your medical debt.
Other Advantages
Finally, many lenders who offer specialist home loans will also provide other financial services that are beneficial to doctors. For example, some lenders offer discounts on health insurance and other products specifically designed for medical professionals.
If you're interested in applying for a specialist home loan, Tora Finance are your medical professional home loan experts. With over 50 lenders on our books, our trusted team knows how to find you an optimal deal. Contact us today to learn more.
Do I Have To Pay Lenders Mortgage Insurance?
Lender’s Mortgage Insurance (LMI) is insurance that protects the lender in the event that you default on your loan. LMI can add thousands of dollars to a loan amount and significantly increase your monthly repayments. However, with a specialist doctor home loan, you won't have to pay LMI, thanks to the increased security that comes with being a medical professional.
With our in-depth knowledge of lending policy, Tora Finance will help ensure that you qualify for waived lenders mortgage insurance. We know which lenders to turn to and how to negotiate, securing you a competitive home loan that saves you money in the long run.
Can You Receive A Doctors’ Loan For An Investment Property?
As well as the home you live in, most lenders offer specialist loan deals for investment properties. Much like owner-occupier home loans for doctors, investment property loans provide medical professionals with lower interest rates, flexible loan terms and offset account options.
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If you’re looking to expand your investment property portfolio and avoid excessive fees, talk to Tora Finance today. We have the expertise and experience to handle your transition into the investment market, ensuring you make the most of your occupation. We are proud to work with doctors and medical professionals across Brisbane.
Can I Get A Specialist Business Owner Home Loan?
What is a Specialist Home Loan?
A specialist business home loan is a mortgage type specifically designed for business owners. These loans are typically offered by lenders who understand the unique needs of business owners, offering competitive rates and terms.
Benefits of a Specialist Home Loan
There are many advantages that come with a specialist business home loan. Some of the most notable benefits include:
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The ability to secure funding for up to 90% of the property value
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Flexible repayment options that can be tailored to your business cash flow
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No monthly or annual fees
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The option to make early repayments without penalty
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A dedicated loan manager to help you through the loan process
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A wide range of properties eligible for purchase, including investment properties
How to Qualify for a Specialist Home Loan
If you're interested in securing a specialist home loan, Tora Finance can talk you through the entire process. You'll need to have been self-employed for at least two years, providing tax returns and financial statements from your business as well as personal tax records. Having a good credit history with no defaults or bankruptcies is also very important.
Tora Finance will help determine if you meet this criteria. We understand lending policy inside-out, finding benefits for you and your business at every turn. With significant advantages over traditional home loans, specialist business loans allow you to make the most of your financial set-up. We can meld your existing loan portfolios with new investments, finding the optimal home loan deal so you save money in the long run.
To find out more, talk to our expert team today.
FAQ: Home Loan For Doctors
Do I Qualify For A Specialist Loan Deal If My Partner Is A Medical Professional?
If you’re borrowing together with your partner, you may still be eligible for a doctor’s home loan. This could depend on exactly what type of medical professional your partner is. Tora Finance can advise whether you and your partner fall within the criteria for a doctor’s loan.
Are Nurses Eligible For Specialist Doctor’s Loans?
Nurses and midwives don’t usually qualify for this type of loan, as they do not fall within the pay requirements. However, there are still ways for nurses to avoid LMI and excessive interest rates. With a higher deposit, you too could see lower monthly repayments and your LMI waived. Tora Finance are more than happy to advise across these matters. Talk to us today.
If I Avoid Paying LMI, How Much Will I Actually Save?
LMI skyrockets the more you take out on your loan. If you’re with a conventional loan provider that does not take your income into consideration, you could miss out on thousands of dollars in savings. Tora Finance will find a lender who understands the quality of your income, securing a loan deal that provides more options in the here and now. You may qualify to borrow almost 100% of the property value, without incurring any insurance fees.
Need Advice From An Expert Mortgage Broker?
If you are looking for trusted home loan experts or want to learn more about our flexible services, follow the links below:
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