Monday, September 4, 2017

3 Ways To Take The Pain Out Of Finance For Medical Professionals

I was working with a Doctor the other day that was struggling to find someone to help them review their current loans and help them save money on their repayments. This Doctor had multiple loans across different institutions from when they started their own practice and wanted to review the new loans available on the market to help find them a better deal and cut repayment and interest costs.

For medical professionals finding the time to manage their finances can be a challenge with their busy schedules. So when it comes to reviewing or refinancing their loans, it can get put off for a long time. Many medical professionals will turn to a broker to save time and money on the loans process, but if the broker is unfamiliar with the medical industry, it can actually end up taking longer to find and review loans and can cause more headaches in the process.

To help take the pain out of managing finance for medical professionals here are the top 3 things you need to know.

1 – Use a specialist broker – they know medical Professionals

While regular brokers are great for those in non-specialised industries, specialist brokers that are intimately familiar with the medical industry are a great asset for medical professionals. Those in the profession often have an extensive list of needs when it comes to finance, many of which can be quite complex.

During their working lifetime, those in the medical profession will often need to take out multiple loans from different lenders to fund the purchase of assets such as motor vehicles, office or medical equipment, and residential or commercial property.

Having a broker that specialises in the medical industry means that they are intimately familiar with the different deals, services and packs that are available from different lending institutions to help cut the cost of repaying these loans and get you the best deal for your money.

2 –  Understand Medical Professionals are in a unique position 

Medical Professionals are in a unique position when it comes to financing. Jobs in the medical industry are some of the highest paying out there, but medical professionals can often be amongst the worst when it comes to saving their money.

While doctors have some of the lowest default rates on loans of any profession, making them ideal borrowers in the eyes of the bank, they are also saddled with a large amount of debt that they have to repay before they can start truly saving for retirement.

A good broker will be able to understand the challenges of working with medical professionals and assist you with loan options and services that will help you balance your books and ensure that you’ll have enough savings to maintain your lifestyle during retirement.

3 – Know banks like Medical professionals

When it comes to lending money to different professions, banks prefer to lend to medical professionals and doctors more than anyone else. Due to their high salary and the sense of reliability that comes with their career choice, those in medical professions have a reputation for being responsible and paying their loans back on time, making them ideal candidates to loan to.

Banks favour Medical Professionals to such an extent that they have made a series of exclusive loans and deals dubbed ‘Medico Packs’ which are offered only to those professionals via the services of specialised brokers. These deals can be applied to multiple different types of loans including capital equipment loans, home loans, investment loans, car loans, and various other asset loans for both personal and professional purchases.

For more information about how to manage your finances and take the pain out of the loans process, contact your local specialised broker. They will be able to help you find the right loan options for your needs at the best possible price as well as gaining you access to the exclusive Medico Packs as they are available only through brokers.

The post 3 Ways To Take The Pain Out Of Finance For Medical Professionals appeared first on MediPro Capital Finance.

Options For A Doctors Loan

I was speaking with a client recently who was confused about their options for gaining finance because of their profession as a doctor. What they didn’t know is if they got their loan through a specialised broker, they would qualify for what is known as a Medico Pack.

Doctors are seen as a safe investment for banks, so they now offer these packs for those in the medical industry, which gives them access to special discounts, packages and offers on their loans.

However, in order to qualify for these packs, you must be a member of one of the many professional organisations in the field and currently hold a position in the industry such as interns, registrars, residents, and specialists as well. Those in medical research, scientists, psychologists, or naturopaths may not be eligible due to limited income potential, and a higher loan risk.

There are multiple types of loans available in these Medico packs, but here are the 5 most common types.Home Loans

Home Loans

Taking out a home loan with a medico pack offers 2 main advantages, being able to borrow more, as the maximum amount you can borrow will be higher than the amount that is offered to those in a different field. Some lenders can offer up to $4.5 million for properties. And a variety of discounts including an interest rate reduction, lenders mortgage insurance waiver, or others may be available, which can end up saving you thousands of dollars.

Investment Loans

Investment loans can be taken out on a variety of different products and needs including construction of both private and office spaces. They also come with a number of advantages for medical staff including low rates and flexible terms.

Residential property investment loans also offer the benefits of a faster application and approval process for both building and buying property, a higher borrowing rate, and constructions loans, which are typically difficult for average buyers to obtain, are easily available to doctors with high incomes.

Car Loans

Cars are essential for both business and private usage in the medical industry. Utilising a broker to choose your loan may allow access to the medico pack discounts such as low car loans for those that operate their own practice, lease agreements, lower interest rates and easy qualification terms.

Other Asset Loans

Other Asset loans include luxury items such as boats and bikes. In nearly all cases, doctors can qualify for these types of investment purchases without complex paperwork or a long process. Medical professions can expect these loans to offer easier income qualification requirements (there’s less work to prove your income), higher borrowing limits, low-interest rates and easy repayment terms.


Like the general public, doctors are likely to have other loans in various places. Refinancing through a broker means that it is possible to secure a new loan to replace nearly any type of existing loan with relative ease, providing the opportunity choose between better/ discounted interest rates and waived lenders mortgage insurance. These refinanced loans are less expensive than what may have been paid previously and have the potential to save thousands of dollars over the lifetime of the loan.

There are many more different loan types available for those in the medical profession to choose from and many possible savings to be made if you decide to get your new loan via a broker. Medico packs are only available through brokers, so to get the best deal, speak to your local broker as they are also able to find a loan that is tailored to fit you and your business’s needs at the best possible price.

The post Options For A Doctors Loan appeared first on MediPro Capital Finance.