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I'm a medical professional

Medical Professional Loans – Doctor Loans – Dentist Loans

iChoice has come to specialise in assisting medical professionals all over Australia.Banks often apply unique credit policies for health professionals, the most well-known being their willingness to waive LMI and lend 90% of the property’s value up to a loan amount of $5M against one property ($7.5M aggregate). Note some banks have a smaller $2M maximums.This is because of your status and recognised profession. At the end of the day, you’re provide the bank with a low- risk opportunity, so they’ll accept a lower deposit. If you’re a surgeon, doctor, dentist, psychiatrist, you’ll qualify, but not all banks have the same list of approved medical occupations.For example, pharmacists and chiropractors qualify at only some banks.Our attention to tax minimisation and asset protection assists our clients build wealth safely and effectively. Whether you’re purchasing a surgery in your SMSF or just wanting to better structure your home loans, we’ll happily guide you, as the banks treatment of medical professionals vastly differs. We recommend you download our eBook, which addresses a few examples.

I work as an emergency officer

Special offerings are made available to police officers, ambulance drivers, SES employees and firefighters. Some lenders also understand your industry and will do things like take 100% of your overtime into consideration when assessing your capacity to service debt, unlike most banks.

I'm a sports professional

If you’re a CEO, lawyer, accountant, or sports professional, you may get special treatment by the bank by allowing you to borrow 90% of the value of a property without paying LMI. Be sure to check, the banks offerings are all a little different to each other and some banks will not do this at all.

I'm a CEO

If you’re a CEO, lawyer, accountant, or sports professional, you may get special treatment by the bank by allowing you to borrow 90% of the value of a property without paying LMI. Be sure to check, the banks offerings are all a little different to each other and some banks will not do this at all.

I'm an accountant

If you’re a CEO, lawyer, accountant, or sports professional, you may get special treatment by the bank by allowing you to borrow 90% of the value of a property without paying LMI. Be sure to check, the banks offerings are all a little different to each other and some banks will not do this at all.

I'm a lawyer

If you’re a CEO, lawyer, accountant, or sports professional, you may get special treatment by the bank by allowing you to borrow 90% of the value of a property without paying LMI. Be sure to check, the banks offerings are all a little different to each other and some banks will not do this at all.

I am self-employed

Self Employed Loans – Mortgage Broker for Self Employed

Getting finance when you’re self-employed can be a little tricky but there are still many options. With business banking backgrounds, we understand you need to get your lending thoughtfully structured. Please refer to the “Commercial” tab.If you’re self-employed and able to provide tax returns which demonstrate your capacity to service a loan, the process is simpler, but the banks all see you differently nevertheless. In particular, how they assess your capacity to service your loans vary a lot. For example, when determining your capacity to service a loan, most banks will want two-years of tax returns and financial information and average the profit (when determining your capacity to service a loan). Other banks ask for just the most recent years’ information.Some banks will add back all depreciation as a non-cash item and some will not. If you operate through a company, only some banks will take into account any undistributed profit. If you have existing business banking facilities, you’d probably want your home loans at a separate bank too, for asset protection.

Can I borrow against my property for business purposes?

A few banks will allow you to use your residential property to secure a ‘home loan’ product that is to be used for commercial use (for example to refinance a commercial bill and an overdraft). Normal discounted home loan rates and terms will apply!Most banks don’t though, insisting that due to the purpose, it should be a Business Loan product (more expensive and harsher terms). So get the right advice. There are thousands of people out there with business loans who just aren’t aware how cheap their loan could be if they were with the right bank.

What is a Low Doc?

Some banks offer Low-Doc loans which means that you’re not required to provide the usual verification of income if it’s not up to date. You must be self-employed, and may need to show some BAS statements to confirm the turnover of your business. If you’re only looking to borrow up to 60% of the value of a property, the rates for low doc loans can be the same as for full docs! Some lenders however, have higher rates for Low Docs.Some of the banks charge a higher interest rate for low-doc loans. You also may be required to pay Lenders Mortgage Insurance if you’re borrowing more than 60% of the value of a property. But the good news is that some banks do not differentiate so you can often land exceptional rates, just by providing BAS statements.There are a range of products that vary a lot in what they need from you to get it approved.

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