Buying a home is a major milestone for many Australians, including doctors. However, doctors often have unique financial circumstances that can make it difficult for them to qualify for a traditional home loan.
Q: How does doctors home loan work?
A: Doctor home loans work in a similar way to traditional home loans. You borrow money from a lender to purchase a property, and then repay the loan over a set period of time, typically 25-30 years. However, doctor home loans offer several unique features, including:
- Discounted interest rates: Doctor home loans often come with discounted interest rates, which can save you thousands of dollars over the life of the loan.
- Waived LMI fees: Lenders Mortgage Insurance (LMI) is a fee charged to borrowers who are borrowing more than 80% of the property value. Doctor home loans often waive this fee, which can save you thousands of dollars upfront.
- Flexible repayment terms: Doctor home loans offer flexible repayment terms, which can be tailored to your individual financial circumstances. For example, you may be able to choose between fixed and variable interest rates, and select a repayment term that suits your budget.
