For Registered Nurse Adam and his partner Fiona, living in the bustling city of Canberra whilst growing their careers in the healthcare and construction sectors was an exciting dream… until soaring property prices and tough lending criteria threw a spanner in the works.
Little did they know, they were eligible for exciting, invitation-only lending conditions and a cheaper mortgage interest rate due to the Medical Professionals Lending Policy, an offer that’s now available to almost every established medical professional (not just doctors).
In this case study, we explore how we helped Adam and Fiona unlock their homeownership goals, accelerate their wealth building plans, and finally start their dream lives as Canberran homeowners by connecting them with this exciting policy.
Meet Adam and Fiona
The first meeting we had with Adam and Fiona* was an emotional one.
As they sat in our boardroom, they explained how deflated they felt.
They had their hearts set on a new home in Canberra, nearby to their workplace, with an approximate purchase price of $950,000.
- Diligently saving a substantial $100,000 deposit,
- Being eligible for the ACT Stamp Duty Concession, and
- Having a combined income of just under $170,000 and both working fulltime in the construction and health sector respectively,
…they had been conditionally offered a painfully high interest rate and would have to pay $20,997 in Lenders Mortgage Insurance (LMI).
To make matters worse, the value of their desired home also exceeded the limit set by the First Home Guarantee scheme.
All of this meant that they’d have to pay much more than they were hoping, to purchase the home they really wanted.
Hearing about Trilogy Funding, they reached out to see if we could help.
The solution Adam and Fiona were facing is not unusual. Many people work hard, save a substantial amount, are eligible for some government assistance, yet still have to fork out considerably to purchase their dream home.
However, we were excited to tell Adam and Fiona about the Medical Professionals Lending Policy, and how it had been recently modified to accept applications from a wider range of established medical professionals–not just doctors.
This policy change was a game-changer for them, as it not only exempted them from paying LMI but also offered them a reduced interest rate that would typically be reserved for borrowers with a full 20% deposit.
Here’s exactly how Adam and Fiona benefitted from this policy:
- LMI Waiver: The most significant advantage was the waiver of LMI, amounting to $20,997. This relief substantially reduced the upfront costs associated with buying their home, allowing Adam and Fiona to allocate these funds toward other important expenses.
- Reduced Interest Rate: They were pleasantly surprised when the lender extended the same favourable interest rate to them, usually granted to borrowers with a 20% deposit. This reduced their monthly mortgage payments, making their home more affordable.
- Customised Loan Structure: Adam and Fiona were also able to opt for a split loan, with 50% of their loan fixed for two years and 50% variable, coupled with an offset account. This flexibility allowed them to manage their finances effectively and save on interest costs.
Over a two-year period, Adam and Fiona benefited significantly from these financial advantages:
- $31,554: Saved due to the First Home Buyer Stamp Duty Concession.
- $20,997: Lenders Mortgage Insurance Waiver.
- $5,100: Interest savings due to the lender’s discounted rates.
The Medical Professionals Lending Policy not only made homeownership achievable for Adam and Fiona, but it transformed their financial landscape.
Their story demonstrates an example of the positive impact of tailored lending policies in enabling individuals to achieve their homeownership dreams.
Are you a medical professional, looking for preferential lending conditions?
Most medical professionals are unaware of the exciting, priority lending conditions that some of Australia’s biggest lenders are handing out. However, these special mortgages (with very low rates and flexible lending conditions) cannot be accessed by just anyone.
This means that many medical professionals are simply paying too much for their home or investment finance, resulting in an opportunity cost that drains them of long-term wealth.
That’s where Trilogy Funding comes in. We connect medical professionals with exciting, “unadvertised” lending conditions from highly-regarded lenders (eg. NAB), such as:
- Borrowing for personal or investment property ownership with a very low LVR
- Low interest rates (less than most advertised rates) and flexible conditions
- A rapid application and approval process (we’ve found that this is great for training doctors who visit rural areas and need finance fast)
- The ability to unlock funds for commercial purposes (practice fit-outs etc.), rapidly and at very competitive rates
Your next step is a free Medical Finance Strategy Session
In a free Medical Finance Strategy Session with an experienced Trilogy Funding broker, you’ll discover:
- How to get access to loan offers created for most medical professionals (eg. doctors, nurses, physios, sonographers, and even veterinarians)
- How some banks *really* assess the serviceability of medical professionals
- How to restructure your loan(s) so you unlock additional lending capability (to grow your residential and commercial investments, buy or start a practice, and improve your lifestyle)
- How to get access to a variety of lenders (to minimise cross collateralisation, and get lower rates and better conditions)
- How to access more strategies unique to your situation, including preferential rates and conditions
This no-obligation free session will be held with one of our experienced mortgage brokers.
Please be assured this will not be a thinly disguised sales presentation. On the contrary, you’ll receive our best strategic advice, specific to your situation, so you too can accumulate multiple properties without sacrificing your current lifestyle and accelerate your progress towards wealth.
*Names and story changed slightly for privacy reasons
Please note, the numbers and assumptions listed in this article are for educational purposes only. Individuals should seek specific advice pertaining to their unique situation and the real estate market before making any decisions.
Trilogy Funding Two is a corporate credit representative (Representative Number 506131) of BLSSA Pty Ltd, ACN 117 651 760 (Australian Credit Licence 391237)