90% LVR Home Loans for Medical Specialists
As a medical specialist, you know that your career is demanding. You work long hours and have a lot of responsibility. But that doesn’t mean you can’t achieve your dream of owning a home in Australia. In fact, there are a number of lenders that offer home loans to medical specialists with a 90% loan-to-value ratio (LVR).
A 90% LVR home loan means that you only need to have a 10% deposit. This can be a great option for medical specialists, as it allows you to get into your dream home sooner. However, there are a few things you need to keep in mind if you’re considering a 90% LVR home loan.
What is an LVR?
An LVR, or loan-to-value ratio, is a measure of how much of a property’s value you’re borrowing. For example, if you have a 90% LVR home loan, you’re borrowing 90% of the property’s value and you have a 10% deposit.
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Who is Considered a Medical Specialist?
In Australia, a medical specialist is a doctor who has completed additional training in a particular medical field. This training typically takes several years and results in the doctor being awarded a fellowship from a recognized medical college. Some examples of medical specialists include:
- Anaesthetists
- Cardiologists
- Dermatologists
- Endocrinologists
- Gastroenterologists
- General surgeons
- Internists
- Nephrologists
- Oncologists
- Orthopaedic surgeons
- Paediatricians
- Psychiatrists
- Radiologists
- Urologists
Do All Medical Specialists Qualify for a 90% LVR Home Loan?
Not all medical specialists qualify for a 90% LVR home loan. The lenders who offer these loans typically require that the medical specialist be registered with the Australian Health Practitioner Regulation Authority (AHPRA) and be currently practising in their chosen field. The lender may also require that the medical specialist have a certain level of income or assets.
In general, medical specialists are considered to be low-risk borrowers by lenders. This is because they have a high level of education and training, and they typically earn a high income. As a result, they are more likely to be able to repay their home loans on time.
If you are a medical specialist and you are interested in a 90% LVR home loan, you should contact a mortgage broker. They will be able to help you find a lender that offers these loans and that meets your specific needs.
Which Banks Offer 90% LVR Home Loans for Medical Specialists?
Here are some of the lenders that offer 90% LVR home loans to medical specialists in Australia:
- ANZ
- Commonwealth Bank of Australia (CBA)
- Westpac
- NAB
- Bank of Melbourne
- Suncorp
- ME Bank
- Bankwest
- Macquarie
These are just a few of the lenders that offer 90% LVR home loans to medical specialists. You should shop around and compare rates and fees before you choose a lender.
Documentation Requirements
The documents required for a 90% LVR home loan for medical specialists in Australia will vary depending on the lender. However, some common documents that may be required include:
- Proof of identity (e.g., passport, driver’s licence)
- Proof of income (e.g., payslips, tax returns)
- Proof of assets (e.g., bank statements, investment statements)
- Proof of employment (e.g., letter from employer)
- AHPRA registration certificate
What Are the Benefits and Drawbacks of a 90% LVR Home Loan?
| Benefits | Drawbacks |
|---|---|
You can get into your dream home sooner. | You'll have to pay Lenders Mortgage Insurance (LMI). |
You may be able to get a lower interest rate. | You'll have a smaller deposit, which means you'll have less equity in your home. |
You may be able to qualify for a loan even if you have a low credit score. | This can make it more difficult to sell your home if you need to move in the future. |
You may be able to get a loan with a shorter term, which can save you money on interest. | You'll be more exposed to market volatility if interest rates rise. |
How to Get a 90% LVR Home Loan
Here are the steps on how to get a 90% LVR home loan as a medical specialist in Australia:
Research and Find the Right Lender
There are a number of lenders that offer 90% LVR home loans to medical specialists. You can find a list of these lenders by searching online or by talking to a mortgage broker.
Each lender has its own eligibility criteria for 90% LVR home loans. Some of the factors that lenders may consider include your income, your employment status, your credit score, and your debt-to-income ratio.
Apply for the Loan and Provide the Lender with All the Necessary Documentation
Once you have found a lender and you meet their eligibility criteria, you can apply for the loan. You will need to provide the lender with a number of documents, including your proof of identity, proof of income, proof of assets, and proof of employment.
Wait for the Lender to Approve Your Loan
The lender will review your application and your documentation. If they approve your loan, they will send you a loan offer.
Sign the Loan Documents and Close the Loan
Once you have received the loan offer, you will need to sign the loan documents and close the loan. This will typically involve making a deposit and setting up your repayments.
Do Australian Expat Medical Specialists Qualify for the 90% LVR Home Loan in Australia?
Yes, Australian expat medical specialists can qualify for a 90% LVR home loan in Australia. However, there are a few additional requirements that they must meet.
- Proof of Australian residency: Some lenders may require proof of your Australian residency, such as a tax return or a letter from your employer.
- Proof of overseas employment: If you are currently employed overseas, you will need to provide proof of your employment, such as a letter from your employer or a payslip.
- The property market in Australia: The property market in Australia is constantly changing, so it is important to factor this into your decision. If you are planning to move back to Australia in the near future, you may want to consider buying a property in a less volatile market.
Talk to a Professional Expat Mortgage Broker
Getting a 90% LVR home loan can be a great way for medical specialists to get into their dream home sooner. If you’re considering a 90% LVR home loan, be sure to talk to a mortgage broker who can help you find the right lender and the best terms for your needs.
At Odin Mortgage, we have a team of experienced mortgage brokers who can help you get the home loan you need. We understand the unique challenges faced by expat medical specialists, and we can help you find a lender that is willing to lend to you.
To get started, simply get in touch with us and we will be happy to answer any questions you have and help you get started on the path to homeownership.
Get a free Australian mortgage assessment today.
Frequently asked questions
What is the maximum LVR for a home loan for Aussie expats?
The maximum LVR for a home loan varies depending on the lender. However, most lenders have a maximum LVR of 90%. However, the maximum LVR for a home loan as an Australian expat varies depending on the lender. Some lenders may be willing to lend up to 80% LVR, while others may only lend up to 60% LVR.
If you are an Australian expat and you are looking for a home loan, it is important to shop around and compare rates from different lenders. You should also be prepared to provide additional documentation, such as proof of Australian residency or proof of overseas employment.
What is Lenders Mortgage Insurance (LMI)?
LMI (lenders mortgage insurance) is a type of insurance that protects the lender if you default on your loan. LMI is typically required for home loans with an LVR of more than 80%.
How much does LMI cost?
The cost of LMI varies depending on the lender and the amount of your loan. However, it can typically add thousands of dollars to your loan.
Can doctors borrow more?
Yes, doctors can borrow more than other professionals. This is because they typically have a high income and a stable job. Lenders view doctors as low-risk borrowers, so they are more likely to lend them money.
Here are some of the reasons why doctors can borrow more:
- High income: Doctors typically have a high income, which means they can afford to make higher monthly repayments.
- Stable job: Doctors have a stable job, which means they are less likely to lose their income.
- Low risk: Lenders view doctors as low-risk borrowers, which means they are more likely to lend them money.
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