Medico Policy

Discussion in 'Loans & Mortgage Brokers' started by Hwangers, 2nd Oct, 2019.

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  1. Hwangers

    Hwangers Well-Known Member

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    So we are looking to gear up again (fun times!) but have a quick question to ask the forum - the missus is in the medico field, and we'll be taking advantage of this. Which resi lenders are quick, cheap, and easy for medicos currently?

    We went with ANZ before, but heard some horror stories like ANZ taking 3/4 weeks to assess loans these days...
     
  2. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    All medico lenders are quite good but they have little niches.

    St George can consider projected income for newly self employed medicos. They are also good for exceptions if the application makes senses.

    St George and Westpac go up to $5mil @ 90% no LMI which is fantastic. They also go to $7mil aggregate borrowing at 90%.

    ANZ is slow but their pricing is excellent. They also have the product where they lend against your ABN which the other guys can't do. They have do the LMI waiver for chiropractors.

    So they are all ok but really depends on what you want to do.
     
  3. Redom

    Redom Mortgage Broker Business Plus Member

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    All the big 4 do it reasonably well, and have small quirks and differences to their policies.

    Overall - ANZ are slow and painful at the moment re credit assessment, Westpac & St G is fast and easy (but usually marginally more expensive), CBA are decent overall too. Then there’s a couple specialist lenders that target medico’s specifically that you may have access too (usually outside broker panels). NAB have a medico policy in place too.

    If it’s to purchase and grow investments for now and speed is of importance, I think moving past ANZ for now may be a good idea. NAB may not have the product flexibility you need over time. Shop between the options and go from there.
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Owner occ or IP

    ta

    rolf
     
  5. propernewb

    propernewb Well-Known Member

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    @Rolf Latham

    Owner occupied with view to become an IP in 1-2 years
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Without much info to go off - CBA might be a good option. Decent pricing, multiple offsets, easy to deal with post settlement.

    Cheers

    Jamie
     
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