Medical Loans

We specialise in complex debt structures, with a focus on clients in the medical profession.

Those in the medical field are highly regarded by the lending world. As such, policies and pricing are more favourable and there is increasing competition for this business, be it your primary residence, investment property or funding for your practice.

Our service is designed to remove the time involved in securing the most appropriate solution by providing access to specialist products and rates granted to us due to our focus on medical professionals, structuring a facility that is most tax effective for the debt associated with your assets.

Because of the time poor nature of doctors and specialists, a large portion of those in the medical profession referred to us have been given uncompetitive discounts that warrant the loan size and risk profile. We typically manage this process with our clients accountants, streamlining this as much as possible.

Our team at Charter Finance are very respected in this field and we would be happy to pass on referrals from colleagues in your industry. To arrange a complimentary assessment of your needs, please contact us.

Qualifying for a loan

Typically, the main issue that medical professionals face is twofold:

  1. You are at the stage where your income is increasing exponentially and you’d like a facility that matches future, not historical income. Very few lenders will consider this, however we have access to lenders who do think commercially and will.
  2. High net worth individuals also tend to spend a lot. Large monthly expenses can have a significant impact on how much one can borrow. It is important to discuss this with us prior to considering any new application for funding.

How to improve your borrowing capacity

The following are some tips to be maximise your borrowing capacity:

  • Ensure all your existing credit are paid on time with no dishonours showing;
  • Reduce your credit card limits;
  • Do not apply for any other credit (be it cards, cars in the months leading up to applying for a loan);

Banks credit departments all have different ways of assessing income, which include variances in the percentages they will adopt, example:

Rental income

Most banks use 80% of rental income while some will use 100%

Other income

Banks assess PAYG salaries in the same way but apply different percentages for other types of income, including dividends, distributions, bonuses, self-employed add backs, overtime etc

Negative gearing

Only some lenders will take the negative gearing benefit into account which can add a significant amount of additional borrowing.

Assessment rates

In 2019, APRA changed the way banks needed to assess a borrower’s capacity to repay a loan. Lenders use different assessment rates and therefore off the same income, will lend different amounts.

Based on the above you will have noted that there are numerous items to consider and we highly recommend calling us to discuss your particular circumstances.

Charter Finance

Find out if you qualify

Get in touch with Charter Finance today and let us chart this journey with you!