Discounted interest rates and waived lender’s mortgage insurance (LMI) is not limited to just doctors. If you’re a pharmacist, you can get access to these special home loan deals.
Unlike the general public, pharmacists can enjoy special deals on the loan that are as follows:
- Get higher exposure limit if they maintain a healthy property portfolio
- Lower interest rates as compared to those offered in other professional packages
- Waived LMI
1) Maintaining a Healthy Property Portfolio
A qualified pharmacist who has recently started investing in real estate can manage a healthy portfolio through these deals. For example, if the LMI is waived, he or she can purchase multiple properties with much less deposit amount.
However, every individual must bear in mind that the risk of losing investment is always there. Therefore, they must always consider insurance, including life insurance, income protection insurance, etc.
2) Discounted Rate of Interest
A discounted interest rate varies for each pharmacist as it depends on the following:
- Borrowed amount
- Asset position
- Total income position, and
- Professional status
However, home loans of higher value tend to get a greater discount on the interest rate.
3) Waived LMI
Borrowers must show a minimum deposit of 20 percent in order to avoid the payments of LMI. But it is not easy to save 20 percent of the property value, especially if you have recently started your professional career. Pharmacists are lucky in this regard as they are categorised as low-risk borrowers. They can get the LMI waived if they fulfil the following criteria:
They can get the LMI waived if they fulfil the following criteria:
- A person must be an Australian Pharmacy Council member or a member of any other medical association
- The amount of home loan must not be more than 90 percent of the property value. In other words, loan to value ratio should be 90 percent.
- Even though there is no requirement for a minimum income, yet, a pharmacist should meet the policy of a bank, and
- All pharmacists qualify for the home loan if they are working full-time and are qualified for the loan.
Who Offer These Benefits?
There are a few lenders who offer outstanding discounts to pharmacists. However, you can speak to Hunter Galloway, who can find the right lender for you based on the following:
- Deposit size
- Number of properties to purchase
- How complex the situation is, which includes the company structure, self-managed superannuation fund, trusts, etc.
- Having a membership of the Australian Pharmacy Council, and
- If you and your spouse face a unique situation that is not a part of the lender’s policy.
You can also divide mortgages between different lenders in order to avail different benefits they offer. However, make sure you do not add another burden by splitting up your home loan among various banks.
List of Qualified Pharmacists Who Get These Waivers and Discounts
Every pharmacist qualifies for a loan as long as he or she has a stable job and income. This includes pharmacists who are registered with:
This includes pharmacists who are registered with:
- Pharmacist Clinical Toxicologist
- Pharmacist Clinical Pathologist
- Veterinary Pharmacist
- Regulatory-Affairs Pharmacist
- Pharmacist Prescriber
- Oncology Pharmacist
- Nuclear Pharmacist
- Military Pharmacist
- Managed Care Pharmacist
- Locum Pharmacist
- Informatics Pharmacist
- Industrial Pharmacist
- Hospital Pharmacist
- Home Health Pharmacist
- Drug Information Pharmacist
- Consultant Pharmacist
- Compounding Pharmacist
- Community Pharmacist
- Clinical Pharmacy Specialist
- Academic Pharmacist
If you are registered with any of the above-mentioned institutions, you can apply for a mortgage and get these deals. It is crucial for a pharmacist to bear in mind that the complexity of a situation enables you to identify whether you qualify for a home loan and fulfil the requirements to get discounts. Under the permanent resident mortgage policy, some lenders also offer as high as a 95 percent loan to value ratio. All in all, the discounts vary from one lender to another.
Always consult your broker before you take any step towards setting up a loan. There are a number of lenders with a number of deals. In order to avoid the risk of losing your investment, you must thoroughly understand the market and packages on offer.
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