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Medical doctors are considered 'low risk' by the majority of lenders because of higher incomes, and the likelihood that income will increase over time. Additionally, Doctors are considered to be future customers of other types of products. It's for this reason that banks apply various discount on their products.
Doctors and certain other medical professionals are one of just a few groups that are considered for higher LVR borrowing without having to take out costly Lenders Mortgage Insurance (LMI), potentially saving you thousands. As a medical doctor you may usually borrow up to 100% LVR (or 100%) of the purchase price with no LMI (with strict lending criteria, including serviceability requirements, or far fewer requirements with a guarantor), or up to 90% LMI (or up to 90% of the value of the property) with no LMI. In the latter category a larger number of medical professionals are considered for this type of loan. Doctors are understood to be in a professional with higher incomes , low-risk. Your medical profession must be accepted by the banks, and you must also be a member of approved medial industry associations.
As a lower-risk professional your interest rate will usually be in the lower-tiers of those offered by the banks (consider the low rates listed below). We have access to a library of unpublished rates for medical professionals so we'd encourage you to call us to find out more. In most cases, the bigger discounts apply to those that are borrowing less than 80% of the property value.
The Fitout or fixing is an amount relates to the funds necessary to install the internal fittings and fixtures of your property. It can cover plastering or rendering, the part-installation of cupboards and benches, plumbing, electricity and gutters.
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