There are many financial benefits for those who have achieved success in their medical careers. Banks and lending institutions have tailored lending products to medical professionals to support their capacity to repay their financial commitments, stability in employment and desire to grow their wealth. The offers validate the overall understanding of a perceived lower level of default risk to this sector of the community.

This article highlights the special opportunities that are available to medical professionals and how to make the most of them.

Why do medical professionals have access to exclusive financial products?

Lenders are more flexible with their credit policies for professionals in the medical industry because the likelihood of you making your repayments on time is very high. Credit providers love the idea of low-risk customers.

Make sure you discuss your options with someone who is specialising in servicing medical professionals, because not all brokers are aware or have access to these great deals that can offer significant saving opportunities now, and over time.

Home Loans

Specialised products and offers for the medical industry are available whether it is for purchasing your new home in your desired location, or investing in property to build your wealth.

Doctors and select medical professionals can save thousands with the benefit of reduced deposit, potentially avoiding the cost of lenders mortgage insurance and obtaining lower interest rates. Lower cost creates a boost to your financial future.

Business Loans

You may be looking to start your own medical practice. If that sounds like your type of goal, there are several factors to be aware of. There are many expenses involved in starting your own or investing in a medical practice from, purchasing the commercial property, fit out of the practice and medical equipment.

When assessing your eligibility for a business loan to purchase or start a practice, lenders will look to your employment history, experience, savings records, asset position and earnings, along with your business plan. Factors such as practice size, location and specialty are also taken into consideration.

With options to access lending up to 100% of the property purchase or equipment value, ensuring you are dealing with a broker who is specialising in servicing medical professionals is essential.

Refinancing or Consolidating Existing Loans

Did you know that if you had loans prior to becoming a medical professional or even since you have qualified in the industry, you may be eligible to get a better deal? Refinancing an existing home, investment or business loan could mean significant savings for you.

Lenders vary on what they can offer so it pays to shop around. Never accept the first offer without understanding what is available to you! If you are considering refinancing or consolidating, it is best to speak to a broker specialising in this area first for a health check, as they will provide options tailored to your needs to help you get the best possible deal.

Why should I take advantage of these offers?

There are a number of reasons to seek specialist advice about finance options for medical professionals. Having a professional looking after your best interests with multiple lending options identifying potential discounts on interest rates or bank fees, will not only save you money but help you continue to grow your wealth over the course of your career.

Buying your first home sooner.

If you have just graduated and are heading for a medical career, you may soon be looking at getting into the property market. The ability to potentially avoid lenders mortgage insurance costs will allow you to reduce the savings and deposit requirements and get you into your new home quicker.

Renovating your home.

You may already be living in an area you love, but want to make improvements to the home. By borrowing a higher percentage of the property value and avoiding costs such as Lenders Mortgage Insurance, this could mean you can upgrade your home now, not later. This is a great option if you wish to keep your home without incurring costly fees and charges.

Invest in or start a medical practice.

A commercial practice, equipment, fit-out and goodwill loans can attract higher interest rates and are sometimes more draining on the cash flow with the required principal reducing repayments.

To avoid this you can leverage your residential equity to fund your practice.

At Able Finance, we have the understanding of the financial products and opportunities that are available to medical professionals.

If you are interested in taking advantage of these special offers, book an appointment today to speak with one of our trusted advisors.