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Saturday, January 23, 2016

Doctor Home Loan: When a home buyer doesn’t have finance

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(Earth is rising over the Moon's Surface), Source: https://www.facebook.com/RealEstateSA5000/photos/a.899877783394135.1073741829.899009183480995/920077631374150/?l=734b9eef72 At Mortgage Providers, we have access to lenders who can tailor package a home loan specifically for doctors and other medical professionals. These types of loans are designed to attract people who work within the medical profession with better than average interest rates and give-aways such as LMI waivers. LMI Waived with a Doctor’s loan? You may have the Lenders Mortgage Insurance (LMI) waived if you apply under the Doctor’s Home Loan package up to 90%LVR up to $5m per individual security. Pricing discount with a Doctors Home loan? You can qualify for a special discount with a Doctor’s Home Loan package depending on the size of your loan amount. You may even qualify for a rate below 4% and have many of your home loan fees reduced or waived. Types of medical professionals who qualify for a Doctors Home Loan There are many different types of medical professionals who qualify for a Doctor’s Home Loan or medico package. This includes a doctor who is running their own medical practice, or a doctor who is employed by a hospital. Additionally, any of the following medical professionals can qualify using the Doctor Home Loan special policy: •Anaesthetist •Cardio Thoracic Surgeon •Cardiologist •Chiropractors •Clinical Pharmacologist •Cosmetic Surgeon •Dentist •Dermatologist •Ear and Throat Surgeon •Emergency Surgeon •Endocrinologist •Gastro Intestinal Surgeon •Gastroenterologist •General Practitioner •General Surgeon •Gynaecologist •Haematologist •Hepatologist •Immunologist •Nephrologist •Neuro Surgeon •Neurologist •Obstetrician •Oncologist •Ophthalmologist •Optometrist •Oral and Maxillofacial Surgeon •Orthopaedic Surgeon •Orthopaedic Registrars •Otolaryngologist •Paediatric Surgeon (Neonatal/Perinatal) •Pathologist •Physiotherapist •Plastic Surgeon •Psychiatrist •Radiologist •Reconstructive Surgeon •Respiratory/Thoracic Surgeon •Rheumatologist •Surgeons •Urologist •Vascular Surgeon •Veterinarian (Vet) Do I need to be part of any professional board of practitioners? Some lenders will require you to be part of a specific medical association and/or medical board. These different types of boards can vary depending on the institution. Specific medical doctors and dental professionals can be verified on state government registers such as http://www.ahpra.gov.au/Registration/Registers-of-Practitioners.aspx . Other medical professionals like Physiotherapists and Chiropractors can be determined to qualify by being part of specific professional bodies or by showing their medical qualifications. If I am a Doctor, can I obtain finance to purchase a medical practice? You can obtain finance to purchase a commercial medical practice up to 95%LVR. In other words, if you were looking at purchasing a commercial office to run a doctor’s practice or surgery from, you will only need 5% deposit + costs such as stamp duty and legal fees. If you are a doctor or medical professional and looking for a Doctor Home Loan, we will be able to assist as we have multiple lenders with various packages to suit your profession and situation. Please call us today and see how we can help. ========================= When a home buyer doesn’t have finance Jan 22, 2016 Christina Zhou After nervously waiting weeks to sell your life’s biggest asset – the family home – the price is negotiated, the contracts are inked, and all you need is word that the buyer has their finance approved. But the news isn’t good. Your agent tells you a bank has rejected your buyer’s loan application. Or worse, you haven’t heard back from the buyer and the sale is about to become unconditional. That nightmare became reality for one Yarra Valley resident, when the sale of their three-bedroom house fell through because the buyer couldn’t obtain finance, and kept delaying their promise to provide a letter from the bank to break the contract. Professional driver Mark, 32, who didn’t want his surname published, said the buyer paid $1000 upfront to secure the property just before Christmas, but failed to pay the deposit after the cooling off period. The sale was made subject to finance, with a deadline set a month later because of the holiday interruption, and their house was left on the market – under contract – for weeks. “We don’t know where we sit, what happens if it comes January 22 and legally she has to buy it,” he said. “I don’t [want] to go down the road of taking her to court to get the money.” Mark said he couldn’t put a deposit down for a new house until he sold his. He eventually ended the contract after receiving a letter from the mortgage broker, and his home is now back on the market. It is a familiar story for many Melbourne vendors who sold their homes, only to find the buyer could not obtain finance. Nelson Alexander sales director Arch Staver believed more subject-to-finance sales had fallen through – particularly in the first home buyer market – at the end of last year because banks changed lending criteria and tightened the belt across the board. A buyer who received a pre-approval in the middle of last year, he said, may later find the bank had revised down that offer. Calculations from lender ME show a couple with two children and a combined annual base gross income of $115,000 were able to borrow a maximum of $619,500 – that amount has now dropped to $556,300. “In the last eight to 12 months, all the major lenders … had been working closely with the [Australian Prudential Regularity Authority] to ensure that lending standards don’t deteriorate when we have a combination of record low interest rates and house price growth,” general manager of credit risk Michael Hendricks said. “And so part of those processes have been looking at how banks take into account, and make assumptions around, living expenses and types of non-stable income – bonuses and overtime – so really making sure that we maintain a good focus on affordability.” Aussie Home Loans has recorded a 11 per cent drop in the number of loans to investors over the December quarter compared to the same period in 2014. There was a 6.5 per cent rise in first home owner loans, and a 5.7 per cent jump in purchases by owner-occupiers. Mortgage Choice spokeswoman Jessica Darnbrough said much of the tightening over the past six months had been around investment policy and pricing. Some of those changes, such as banks increasing buffers to ensure a buyer can meet the repayments comfortably, have also affected owner-occupiers, she said. Werribee-based agent James Antonio at YPA Estate Agents said two-thirds of the agency’s sales this year had been subject to finance. But usually only one or two of the conditional sales fell through a month, he said. Offers subject to finance weren’t “rock-solid deals”, he said, so it could be difficult for vendors if there were multiple offers on the table. ==========================================================

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