Home loans for doctors
Whether you need a home loan to buy your first home, upsize, refinance, renovate, or to invest in property, there are home loans tailored for doctors.
First home
Entering the property market can be challenging. Subject to servicing ability, up to 100% loan-to-value-ratio (LVR) + no lenders mortgage insurance (LMI) home loans* are available to help junior doctors who haven’t yet earned enough money for a deposit to get into their own homes sooner.
Upsize or downsize
As you step into a new stage of your life and/or career, you may be looking to purchase a new home. Doctors may access up to 95% LVR + no LMI home loans*. Avant Finance can help find you the most achievable, competitive and suitable financial solutions to purchase your next home.
Refinance
Every twelve months, you should determine your property value. If your property has increased in value, you could be eligible for lower interest rates. The cost savings could help you pay off your home loan sooner, or the extra home equity could be used to fund another venture.
Investment property
Before starting an investment portfolio, speak with a finance specialist to help assess your situation, establish your financial goals and structure your finances. Property information such as estimated sale value, yield and cash flow estimates and suburb growth is integral to making an informed investment decision.
Renovate or relocate
As you grow, your needs, preferences, and situations change. The question many homeowners face is, ‘renovate or relocate’. The decision is not easy and requires careful consideration and research of the finance required to fund each option as well as the return on investment.
See how much you could save by paying extra repayments or having a lower interest rate.
Avant property reports
Avant Finance has partnered with CoreLogic# to provide complimentary residential property reports that contain data used by banks when determining a property’s estimated sale value, the suburb’s growth trends, indicative rental yield, comparable properties on the market and school catchment zones.
"When I originally was looking to purchase our first home, I had so much difficulty getting a loan. We had been to so many banks, that I felt like I was scouting everywhere. Then I met Jesse – within one month, he had it all sorted out."
"The amount you can borrow, also known as your borrowing capacity or borrowing power, is based on your unique financial circumstances. Your income, assets, liabilities and credit history can all affect your borrowing power.
Avant Finance specialists are well-versed in doctors' unique earnings, complex financial structures and other circumstances that make financing through many banks challenging. They have access to products and lending partners that specialise in lending to doctors.
This is very much dependent on which bank you decide on. You should be able to get an indication of borrowing capacity within a few days.
State government transfer duty is around 3-6% of a property’s selling price. Each state or territory has different rules and calculations. Some offer discounts or exemptions to first home buyers.
Market value is what someone will pay for that property on that day. You can uncover the estimated value of a property by accessing an Avant Property Report#. Avant Property reports are generated by CoreLogic and contain data used by real estate agents and banks and provide insight into:
- A property’s estimated sale value
- Estimated rental yields
- Suburb growth trends
- School catchment zones
- Comparable properties on the market
Access your complimentary Avant property report here.
Bridging finance is available if you are looking to buy or build a new home prior to selling your current property even if the proceeds of the sale are required for your new purchase.
Talk to an Avant Finance specialist to find out if bridging finance is suitable for your current situation.
Refinancing generally means moving your existing loan/s and corresponding mortgage/s from one lender to another. Banks may provide new clients with lower interest rates than existing clients. This is known as a loyalty tax. Speak with an Avant Finance specialist to ensure you are on the most competitive loan.
You can refinance your home loan for many reasons, such as:
• securing a cheaper rate
• renovating your home.
• paying off debts and rolling them into your home loan.
• using funds to buy a car or shares
Depending on the product you choose, refinancing can help by:
• Reducing your monthly repayments on a lower interest rate
• Reducing risk by switching from a variable rate to a fixed rate.
• Reducing uncertainty around monthly repayment amounts.
• Providing the flexibility to pay off your loan faster
• Consolidating credit cards, personal loans or other debts into a lower rate loan
• Freeing up cash to finance a renovation or investment property purchase
Your Avant Finance specialist can take you through the pros and cons of refinancing and arrange the most appropriate loan, should you decide to go ahead.
Some of the benefits of a Home Renovation Loan are:
• Flexible repayment options
• Flexible access to funds
• Competitive interest rates
• Quick and fast approvals.
The funds are available for almost any service, including:
• House maintenance
• Remodelling
• Painting
• New flooring
• Internal repairs
• External repairs.
Construction loans are approved specifically for your large renovation or build. You access those funds as progress payments instead of one lump sum.
For example, the bank may approve $500,000 for the construction, but these funds will be paid via drawdowns according to the progress payment schedule. They will not be made available all at once as they are in a renovation loan.
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Disclaimers
*Eligibility criteria, terms and conditions, fees and charges apply. Contact us for further details and to obtain a copy of our Credit Guide.
#Digital property profile reports (Property Reports) are produced by RP Data Pty Ltd trading as CoreLogic Asia Pacific (CoreLogic). Avant is not liable for any loss, damage or injury suffered (even if caused by negligence) as a result of using or relying on a CoreLogic Property Report.
