In the realm of medicine, where the focus is primarily on patient care and well-being, it's easy for the financial aspect of a doctor or healthcare professionals' life to take a backseat. We specialise in securing mortgages and loans for doctors and healthcare professionals. In this article, we share the numerous credit policy benefits within the banking sector that are tailor-made for those in the medical field.
These policies, designed specifically for GPs, specialists, dentists, physiotherapists, veterinarians, and in some instances (largely for residential purchases) chiropractors, pharmacists, emergency service workers and allied health professionals, offer a plethora of benefits that make it easier to source finance (consumer and commercial) for medical professionals. Let's delve into 6 specialised offerings available.
1. LMI Waiver for Healthcare Professionals
Imagine securing your dream home with minimal fuss and paperwork. With bank health policies, medical professionals can enjoy the perk of up to 95% loan-to-value ratio without the burden of Lender's Mortgage Insurance (LMI). This means more financial flexibility and less stress when it comes to homeownership.
2. Up to 100% Unsecured Lending for Cash Out on Goodwill of Existing Business
Expanding your practice or investing in new equipment shouldn't be hindered by financial constraints. Bank health policies open doors by offering up to 100% unsecured lending, allowing medical professionals to access cash from the goodwill of their existing business without tying up valuable assets.
3. Up to 100% Lending on the Value of the Property for Business Property Purchases
For those looking to venture into property investment for their practice, bank health policies provide fantastic benefits. With up to 100% lending on the value of commercial properties (for owner occupied purposes), medical professionals can seize opportunities in the real estate market, or consider buying commercial property with an SMSF , without significant upfront capital.
4. Up to 100% Lending on Goodwill/Business Purchase
Whether it's acquiring a new practice or purchasing an existing one, bank health policies offer up to 100% lending on goodwill or business purchase, eliminating the need for bricks and mortar as collateral. This streamlined approach simplifies the process, allowing medical professionals to focus on their entrepreneurial dreams.
5. Up to 100% Lending for Business Set Up/Greenfield Site
Embarking on a new business venture? Bank health policies have got you covered. With up to 100% lending for business setup or greenfield sites, medical professionals can turn their innovative ideas into reality without the burden of property-related constraints.
6. Unsecured Working Capital
Running a medical practice comes with its fair share of operational expenses. Banks recognise this and offer unsecured working capital, freeing medical professionals from the need to pledge physical assets as collateral. This flexible financing option ensures smooth day-to-day operations and better cash flow management , without compromising on quality patient care.
More Bank & Lending Benefits for Medical Professionals
Not only do bank health policies offer unparalleled benefits, but they also come with longer loan terms and some instances, streamlined documentation processes. Terms of up to 15 years for unsecured finance are generally available, far surpassing generalist bank policy loan terms. And in some instances, loan applications can be assessed off an accountant letter, BAS statements and a clear tax bill.
Banks specialising in health/medico policies include ANZ, NAB (including Medfin), CBA, Westpac, Bank of Melbourne, Bank of Queensland, and Judo Bank. These institutions boast dedicated health/medico banking divisions, armed with specialised policies crafted specifically to empower individuals within the healthcare industry.
Get in Touch with a Mortgage Broker for Doctors and Medicos
Bank health policies represent a massive opportunity for medical professionals both in their business and life. Our mortgage brokers are experts in accessing these tailored solutions that address the unique challenges faced by those in the healthcare sector, whether that’s buying a family home or growing your practice. These policies pave the way for greater financial freedom and empowerment and BlueRock Finance is here to help you maximise them.
