Hatch Financial Services

Home Loans for Doctors and Other Medical Professionals in Melbourne

For doctors and medical professionals in Melbourne, finding the right home loan can be overwhelming.
That’s where Hatch Financial Services comes in. Their specialised expertise in this area makes them a top choice for those seeking guidance.
Hatch takes a tailored approach, understanding the unique financial landscape of doctors and medical professionals and offering solutions that align with their goals.
In the following sections, we’ll explore more about why Hatch is the preferred choice for those in the medical field looking to purchase their dream homes in Melbourne’s bustling suburbs.
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What are some of the benefits that medical and allied health professionals can access?

Professionals in the medical and allied health fields, who are devoted to the community’s well-being, are frequently acknowledged and rewarded by financial institutions.
They receive customised home loan benefits as a way to recognise their career stability and potential for growth.
Here are some of the standout benefits that medical and allied health professionals can access:
  • Higher Borrowing Limits: One of the most significant advantages for medical professionals is the ability to borrow a larger percentage of the property value. While most borrowers might be restricted to borrowing up to 80% of the property’s value without incurring Lenders Mortgage Insurance (LMI), medical professionals can often borrow up to 95%, giving them a head start in the property market.
  • LMI Waivers: Lenders Mortgage Insurance can be a substantial cost for borrowers who don’t have a 20% deposit. However, many lenders offer LMI waivers for doctors and medical professionals, recognising their stable income and lower risk profile. This waiver can result in substantial savings, especially for high-value properties.
  • Competitive Interest Rates: Due to the perceived lower risk associated with medical professionals, many lenders offer them more competitive interest rates. This can lead to significant savings over the life of the loan.
  • Flexible Loan Structures: Understanding the unique financial situations of medical professionals, some lenders offer more flexible loan structures. This can include features like redraw facilities, offset accounts, and the ability to make extra repayments without penalties.
  • Specialised Packages: Beyond just home loans, many financial institutions offer specialised packages for medical professionals. These can include discounted insurance, fee waivers, and even banking benefits, providing a holistic financial solution.
  • Recognition of Future Earning Potential: Medical professionals, especially those early in their careers, have a trajectory of increasing earnings. Some lenders take this into account, allowing for higher borrowing amounts than would otherwise be possible.
  • Tailored Solution for Temporary Residents: For medical professionals from overseas on temporary visas, certain lenders provide tailored home loan solutions, recognising their contribution to the Australian medical community.
  • Support for Setting Up Practices: For those looking to establish their own practices, some lenders offer specialised loans. These can cover not just the property but also the practice fit out, equipment and setup costs, helping medical professionals establish their practices with ease.
Medical and allied health professionals are recognised by the financial world for their invaluable contributions.
With the guidance of institutions such as Hatch Financial Services, these professionals can access a range of benefits that are tailored to their individual needs.
This ensures they are well-equipped to achieve their financial and property goals.
Get in touch to discuss your options.
Call Us (1300 442 824)

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Which Professionals Can Access These Benefits?

The financial advantages extended to the medical sector aren’t limited to just doctors.
A wide range of medical and allied health professionals can access these tailored home loan benefits, reflecting the broader recognition of the healthcare community’s contributions.
Here’s a breakdown of the professionals who often qualify:
  • General Practitioners (GPs): As the frontline of medical care, GPs are often eligible for the full suite of benefits, including higher borrowing limits and LMI waivers.
  • Specialist Doctors: Whether you’re a cardiologist, surgeon, or psychiatrist, specialist doctors with accreditation, such as those from AHPRA, can access many of these financial benefits.
  • Dentists: Recognising their stable income and essential role in healthcare, dentists are often included in the list of professionals who can access tailored home loan packages.
  • Veterinarians: Taking care of our furry friends, veterinarians, especially those with their own practices, can avail of many of the benefits offered to medical professionals.
  • Pharmacists: With their crucial role in the healthcare chain, pharmacists, especially those owning or looking to start their own pharmacies, can access specialised loan packages.
  • Optometrists: Eye care specialists, or optometrists, are often recognised by lenders and can avail of many of the benefits tailored for the medical community.
  • Radiographers: Professionals in the field of medical imaging, such as radiographers, can also access benefits like LMI waivers up to certain borrowing limits.
  • Chiropractors, Physiotherapists, and Speech Pathologists: These allied health professionals, given their specialised roles and stable income trajectories, are often eligible for many of the home loan benefits extended to the medical sector.
  • Nurses and Midwives: Depending on their income bracket and years of experience, registered nurses and midwives can also access some of the tailored benefits, especially when they partner with knowledgeable mortgage brokers who understand their unique needs.
  • Other Medical Professionals: The list doesn’t end here. Many lenders continuously review and expand their offerings, recognising various other professionals within the healthcare sector.
In essence, if you’re a part of the vast and diverse medical community, chances are there are tailored financial solutions waiting for you.
Partnering with experts like Hatch Financial Services can help you navigate and unlock these benefits, ensuring you’re on the best financial path.

How Much Can I borrow?

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The Hatch Advantage

Expertise with Medical Professionals

Expertise with Medical Professionals:

Hatch Financial Services isnā€™t just another name in the financial sector.

With years of dedicated service to doctors and medical professionals, Hatch has carved a niche for itself.

Their team boasts industry veterans who understand the needs of medical professionals, ensuring that clients receive advice rooted in experience and expertise.

Customised Solutions

Customised Solutions:

One size does not fit all, and Hatch recognises this.Ā  We structure finance to suit your individual requirements.

Whether itā€™s the allure of loans without LMI or flexible repayment terms, Hatch ensures that doctors and medical professionals receive packages that align with their financial goals.

Long-term Support

Long-term Support:

The journey with Hatch doesnā€™t end once the loan is secured.

They believe in forging long-term relationships, offering unwavering support throughout the loanā€™s lifespan.

From understanding fluctuating market rates to assisting with refinancing options, Hatch stands by its clients, ensuring they always have a financial ally in their corner.

Offset Accounts Explained

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FAQs

What kind of interest rates can I expect as a medical professional?
As a medical professional, you can expect competitive interest rates, especially with Hatch’s vast network of lenders offering tailored packages for the medical community.
Are there special home loan offers or packages for doctors?
Absolutely! Doctors often have access to customised loan packages, including higher borrowing limits and waivers on Lenders Mortgage Insurance (LMI).
Do doctors have to pay Lender’s Mortgage Insurance (LMI)?
No, doctors can borrow up to 95% without the need for LMI, a significant benefit offered by certain lenders in collaboration with Hatch.
How does my income as a doctor affect my borrowing power?
A doctor’s income can positively influence borrowing power, with many lenders considering the stability and potential growth of medical professions.
Do I need to provide proof of my medical profession when applying for a loan?
Yes, lenders typically require proof of your medical accreditation, such as AHPRA registration, to avail the special benefits for medical professionals.
What documents will I need to apply for a doctor’s home loan?
Common documents include proof of income, medical accreditation, identification, and details of current assets and liabilities.
How long does the home loan application process usually take for doctors?
The process can vary, but with Hatch’s expertise, many doctors find the application process streamlined and quicker than traditional channels.
Why should I use a mortgage broker instead of going directly to the bank?
Mortgage brokers, like Hatch, offer a wider range of options, tailored advice, and can often secure better terms than directly approaching a bank.
Can a mortgage broker assist me in obtaining a loan for both a home and a medical practice?
Yes, Hatch has experience in securing loans for both residential properties and medical practices, offering holistic financial solutions.
Can a mortgage broker help me get a home loan even if I have a significant amount of student debt?
Absolutely. Hatch considers your entire financial picture, helping navigate challenges like student debt to secure a suitable home loan.
Can a mortgage broker help me secure a loan if I’m a doctor with a temporary visa?
Many lenders have provisions for doctors on temporary visas. Hatch can guide you to the right lenders for your specific situation.
What’s the maximum loan term I can get as a doctor?
Loan terms can vary, but many doctors can secure terms up to 30 years, depending on the lender and individual financial circumstances.

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