Do I qualify for a doctor home loan or medical professional package?

Finance Mar 21, 2024

5 min read

Doctors 1
Doctors 1

As a specialist in your own field, you intimately understand the benefits of specialisation in a medical setting. The same applies to your finances. When it comes time to arrange finance, structuring debt and selecting the right product, it pays to work with an experienced, professional mortgage broker.

Saves you time and money

Working with a mortgage broker saves you time – you don’t have to find time in your busy schedule comparing home loans and rates, calling bankers and filling in forms. A mortgage broker takes care of the research, comparisons and negotiations, providing you a suitable solution and recommendations accordingly.

A smoother home loan application process

With dedicated brokers and customer service managers on your team, you get quality advice and guidance at every stage of the home loan journey.

Work with experts on your personal or business finances; from home loans through to commercial finance many lenders have created special loan packages just for medical professionals to meet your unique needs. This applies to both business and start finance, residential or commercial property.

Why work with Entourage?

We employ specialists mortgage brokers who intimately understand home loans for doctors and other medical professionals. Not only does it make the whole process easier for you, saving you time comparing products and rates, but we do this every day and have the process and connections to maximise our output and your result.By comparing a range of different options for you, we are able to secure you the most competitive rates in the market, with fast turnaround times.

What are the benefits of a medical package home loan?

There are certain professions within the medical industry who qualify for a doctor or medico home loan package. These special home loan products offer lower rates, can be taken out with a lower deposit and without having to pay LMI. There are many benefits to working in the medical profession, and one is that you are a preferred and valuable client for lenders and banks in Australia. With a great income, less chance of default and a great network of other medical professionals you are a desirable client to have! The benefit for you, is that you are able to access medical professional packages which include home loans with:

  • No or a low deposit needed
  • No lenders mortgage insurance
  • Special low interest rates

Am I eligible for a LMI waiver?

The eligibility criteria is given below:

  • Average maximum loan size of $4.5 million but could be more depending on the Lender
  • Maximum loan of 95% of the property value (borrowing more is sometimes possible)
  • You must be a member of a relevant industry organisation (e.g. AMA)
  • You must be a preferred medical professional such as a dentist, optometrist, veterinarian, chiropractor, pharmacist etc.

What professions are included?

There are a range of different professions who can access doctor and medical profession home loans (subject to lender approval):

  • Anaesthesiologist/anaesthetist
  • Audiologist
  • Cardiologist
  • Cardiothoracic Surgeon
  • Chiropractor
  • Sports chiropractor
  • Animal chiropractor
  • Clinical Pharmacologist
  • Cosmetic Surgeon
  • Dentist
  • Dermatologist
  • Doctor
  • Ear and Throat Surgeon
  • Epidemiologist
  • Emergency Doctor
  • Emergency Medicine Specialist
  • Emergency Surgeon
  • Endocrinologist
  • GI Surgeon
  • Gastroenterologist
  • General Practitioner (GP)
  • GP Registrar
  • General Surgeon
  • Gynaecologist
  • Haematologist
  • Heart Surgeon
  • Hepatologist
  • Herpetologist
  • Intern doctor(internship)
  • Immunologist
  • Kinesiologist
  • Maxillofacial Surgeon
  • Medical Administrator
  • Medical Practitioner
  • Medical Registrar
  • Nephrologist
  • Neurosurgeon
  • Neurologist
  • Neurophysiologist
  • Obstetrician
  • Occupational Therapist
  • Oncologist
  • Ophthalmologist
  • Optometrist
  • Oral and Maxillofacial Surgeon
  • Oral Surgeon
  • Orthodontists
  • Orthopaedic Surgeon
  • Orthopaedic Registrar
  • Osteopath
  • Paediatric Surgeon (Neonatal/Perinatal)
  • Paediatrician
  • Pathologist
  • Physiotherapist
  • Pharmacist
  • Physician
  • Plastic Surgeon
  • Podiatrist
  • Psychiatrist
  • Psychologist
  • Radiographer
  • Radiologist
  • Radiation Oncologist
  • Resident doctor(residency)
  • Reconstructive Surgeon
  • Respiratory Surgeon
  • Respiratory/Thoracic Surgeon
  • Rheumatologist
  • Sonographer
  • Speech Pathologist
  • Specialist Physician
  • Surgeon
  • Surgical Registrar
  • Thoracic Surgeon
  • Urologist
  • Vascular Surgeon
  • Veterinarian

Certain association memberships are required to qualify

To qualify for a medical professional home loan you need to be a member of one of these associations:

  • Australian Association of Practice Managers
  • Australian College of Rural and Remote Medicine (ACRRM)
  • Australian Dental Association (ADA)
  • Australian Dental Council (ADC)
  • Australian Medical Association (AMA)
  • Australian Medical Council (AMC)
  • Australian Veterinary Business Association
  • Australian Veterinary Association
  • Australasian College for Emergency Medicine (ACEM)
  • Australasian College of Cosmetic Surgery (ACCS)
  • Australasian College of Dermatologists (ACD)
  • College of Intensive Care Medicine of Australia and New Zealand (CICM)
  • Medical Practitioners Board of Australia
  • Royal Australasian College of Dental Surgeons (RACDS)
  • Royal Australasian College of Medical Administrators (RACMA)
  • Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
  • Royal Australian and New Zealand College of Ophthalmologists (RANZCO)
  • Royal Australasian College of Surgeons (RACS)
  • Royal Australasian College of Physicians (RACP)
  • Royal College of Pathologists of Australasia (RCPA)
  • Royal Australian and New Zealand College of Psychiatrists (RANZCP)
  • Optometrists Association Australia
  • The Australia and New Zealand College of Anaesthetists (ANZCA)
  • The Royal Australian College of General Practitioners (RACGP)
  • The Royal Australian and New Zealand College of Radiologists (RANZCR)
  • Urological Society of Australia and New Zealand (USANZ)
  • Other associations may be accepted on a case-by-case basis

Entourage not only assists medical professional with home loans. We have an extensive and experienced commercial lending team who are adept at assisting business owners, like pharmacy operators, in business maintenance, growth and expansion. Read on to learn more.

Commercial options for pharmacies

Entourage Finance are commercial lending specialists who can assist with pharmacy business purchase, expansion and lending solutions.

At Entourage we understand the unique position pharmacy owners are in compared with other healthcare providers and services.

There are a range of commercial finance solutions for pharmacists and medical professionals. However, your business or partnership structure can sometimes be a hurdle when you try access these solutions.

That’s where Entourage come in

We have Commercial Finance Brokers who specialise in medical financing, with particular experience working with pharmacists. The team can assist with a range of lending needs including:

  • Setting up or purchasing your first pharmacy
  • Expanding an existing pharmacy
  • Purchasing or acquiring new or established pharmacies

With a range of lenders to choose from, Entourage lending specialists are able to provide support in sourcing:

  • Lending for business fit-out
  • Equipment finance
  • Cash flow finance
  • Access to working capital
  • Purchase of commercial premises

Learn more about how our experienced commercial finance brokers can help make the process of buying or expanding a pharmacy business easy. Get in touch with the team today.

Contact us