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What is a Medico Loan?

Did you know that if you work in the medical profession, you could be eligible for a Medico Home Loan and enjoy benefits that would otherwise not be available to you? Here’s how they work.

As those participating in the medical field are generally considered to have both a stable and relatively high income, lenders deem these applicants as being a lower risk than other borrowers.

What are the benefits of a Medico Loan?

Primarily, Medico Loan applicants can borrow up to 90% of the purchase price of a property without incurring any Lender’s Mortgage Insurance charges. This could potentially save the borrower more than tens of thousands of dollars in LMI.

Lenders that offer Medico Home Loans may have differing policies particularly in relation to how income is calculated so it is imperative to speak to your mortgage broker to determine what your borrowing capacity is.

What Occupations may qualify?

To qualify for a Medico home loan, you must be a member of a relevant industry organization such as the Australian Medical Association or the like, depending on the field in which you practice.

The professions which may qualify for a Medico Loan include:

  • Anaesthetist
  • Cardiothoracic Surgeon
  • Clinical Pharmacologist
  • Cosmetic Surgeon
  • Dentist
  • Dermatologist
  • Ear and Throat Surgeon
  • Emergency Surgeon
  • Endocrinologist
  • Gastrointestinal Surgeon
  • Gastroenterologist
  • General or Medical Practitioner
  • Gynaecologist
  • Haematologist
  • Hepatologist
  • Immunologist
  • Nephrologist
  • Neurosurgeon
  • Neurologist
  • Obstetrician
  • Oncologist
  • Ophthalmologist
  • Optometrist
  • Oral and Maxillofacial Surgeon
  • Orthopaedic Consultant
  • Otolaryngologist
  • Paediatric Surgeon
  • Pathologist
  • Plastic Surgeon
  • Podiatrist
  • Psychiatrist
  • Radiologist
  • Reconstructive Surgeon
  • Respiratory or Thoracic Surgeon
  • Urologist
  • Vascular Surgeon
  • Pharmacist
  • Veterinarian

For more information, talk to your Blackburne Mortgage Broker.

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