The COVID-19 crisis brought the world to its knees. The World Health Organization reported that more than 5 million people died because of the virus. On top of that, many people lost their jobs because of the government’s lockdown measures. But the skies opened as more people received the vaccine.
Now that we are heading towards recovery, leaders and economists urge us to invest more. They offer incredibly low rates to encourage the public to go on an investing spree. But should you immediately jump on the bandwagon?
If you are a medical professional, many financial institutions offer even better mortgage rates for a home loan for healthcare workers. It may be their way of saying thank you for the sacrifice of the frontliners. It could also be because professionals are low-risk debtors.
Whether lenders offer rock-bottom mortgage rates as a way to show gratitude or because professionals do not default on their debt, it is wise to do a little research. Doing this will help you avail of the best mortgage packages in the market. Here are a few things to look out for:
Eligibility
If you are a practicing medical professional, such as a doctor or nurse, this makes you eligible for a special doctor’s discount. But you need to show proof of education and employment. You also need to present your registration with the Medical Practitioners Board of Australia (or any equivalent body).
Permanent visa holders can also get discounts for home loans for healthcare workers. But they can enjoy such privilege for owner-occupied properties. Doctors can choose between a discounted home loan rate or the waiver of the Lenders Mortgage Insurance. Sometimes they can benefit from both.
Having the Lenders Mortgage Insurance waived equates to over huge savings. Let us say that you borrowed 95 percent of your property’s price. It would equate to roughly a thousand bucks of savings. If you loan less than 80 percent of your property’s value, you will not be paying for the LMI.
Deals
Engaging in the services of a mortgage broker opens other opportunities. They can negotiate even lower interest rates for a home loan for healthcare workers. An interest rate lowered by 0.1 percent can make a significant impact on your savings.
Considering that you spend most of your time in your clinic, you do not have the luxury of finding great deals for yourself. A mortgage broker can simplify the entire process for you. She will do all the legwork for you.
Options
Your lack of time might force you to settle for the first home loan for healthcare workers. But this does not have to be the case. The mortgage broker will give you access to home loan deals from several lenders. Thus, you can choose which one would suit you best.
Conclusion
Even before the pandemic, many medical professionals work long hours. They do not have the time to scour for home loan deals. It is an enormous disadvantage because they are eligible for so many benefits. You do not have to miss out on all of these. Enjoy low mortgage rates when you avail of a home loan for healthcare workers.
With the help of your mortgage broker, you will have access to the mortgages for healthcare workers. At Mortgage Broker Home Loans, we will take care of you like you take care of your patients. Call us now for more information!
