Medical Professional Loans

Medico Loans – Tailored for Healthcare Professionals

A Medico home loan is a specialised financial product designed specifically for medical professionals such as doctors, dentists, pharmacists, veterinarians, and other approved healthcare practitioners. These loans offer a range of exclusive benefits, catering to the unique financial circumstances of medical professionals, and often provide more favourable terms than standard home loans.

Why Choose a Medico Loan?

Medico home loans are designed to recognise the stability and high earning potential of healthcare professionals. Here are some key advantages:

1. Reduced Interest Rates and Fees: Lenders typically offer lower interest rates and reduced fees, reflecting the strong financial standing and income stability of medical professionals.
2. Flexible Underwriting Criteria: Medical professionals often qualify for higher loan amounts compared to other borrowers in similar income brackets. Lenders may also account for alternative income streams like shift allowances and overtime, giving medical professionals greater borrowing power.
3. Low or No Deposit Options: Unlike conventional home loans that require a 20% deposit, medico loans may allow professionals to secure a loan with as little as a 5% deposit—or even no deposit at all, depending on the lender.
4. LMI Waivers: Lender’s Mortgage Insurance (LMI) is typically required for loans with less than a 20% deposit. However, with medico loans, medical professionals can often be exempt from LMI with a deposit as low as 10%, 5%, or even 0%, reducing upfront costs significantly.
5. Special Loan Features: Medico loans often come with features like offset accounts and redraw facilities, even for fixed-rate loans—features that aren’t always available with standard home loan products.
6. Faster Loan Approvals: Due to the financial stability of healthcare professionals, lenders often expedite medico loan applications, resulting in quicker approvals and faster access to funds.
7. Flexible Repayment Terms: With medico loans, there’s often the option to switch temporarily from principal-and-interest to interest-only repayments, providing more flexibility to manage finances—particularly useful for medical professionals during high-expense periods or career transitions.

Are You Eligible for a Medico Loan?

To qualify for a medico loan, you must be on the lender’s approved list of medical professionals and be registered with the appropriate medical board. Each lender has slightly different eligibility criteria and accepted professions, so it’s essential to consult with your Nextstep Home Loans mortgage broker to confirm your qualifications and find the best lender for your situation.