As we all know, buying a home for the average working adult is no easy feat. But it’s not impossible. It shouldn’t be too difficult if you know the opportunities available to you, particularly as a healthcare worker. Don’t worry if you want to buy a home but find yourself intimidated by the purchase. We’re here to help.
There are plenty of ways to make the process a little easier mentally and financially. Your ticket to getting the dream home you want is by getting a home loan. Now, you may not know or be entirely aware, but there are a few concessions available to you as a healthcare worker.
To take full advantage of the unique opportunities available to healthcare workers, here’s what you need to know:
The Benefits of Healthcare Worker Home Loans
One of the essential benefits of home loans for healthcare workers is that there are no requirements or checks as strict as the ones that need to be cleared by other potential home buyers. In other words, although home loans for healthcare workers are available, they sometimes come with a catch.
It is pretty standard for banks to require security deposits or guarantors for these loans. Although the rates are lower than average home loans, the process and the paperwork can still be challenging.
Despite these challenges, some benefits come with these loans, such as:
- The repayment options are usually flexible
- You have access to a wide range of lenders
- You have the option to pay a lower rate of interest.
- Payments are usually interest only
- You could be eligible for a large loan
- Banks and lenders provide packages that are specially designed for you
- Your LMI is waived
- You get mortgage protection
- Non-base income is serviced at 100 per cent
Home Loan Requirements for Healthcare Workers
Getting a home loan as a healthcare worker is simple. The entire process can be done online. You can compare rates, make applications and finalise details, all in the comfort of your home or office. As mentioned, the home loans available to healthcare workers will have unique requirements, but they are not as strict as some of the other loans.
Below is a list of criteria and requirements you must meet:
1. Be employed continuously for at least three months
2. Be over 18 years of age
3. Be an Australian citizen or permanent resident
4. Have an Australian residential address
5. Have a high school certificate or equivalent
6. Have an Australian Tax File Number (TFN)
7. Have more than 3.5% equity in the property
8. Have proof of identification
9. Have a good credit rating
10. Have a regular source of income
11. Have a rental bond or home loan insurance
Eligible Healthcare Workers
The Australian Medical Association defines a healthcare worker as someone who is connected to the medical field, whether they are a doctor, a nurse, or anyone else working to improve the health or wellbeing of others.
The majority of healthcare workers in the country are eligible to apply for a home loan, although it is worth noting that they are usually targeted with extra assistance.
- Most Medical Professionals including Nurses
- Ambulance Officers
- Ambulance Drivers
- Radiographer and Sonographer
- Hospital Administrators
- Hospice Workers
- Bereavement Counselors
- Speech Pathologists
- Lab Technicians
- Medical Assistants
The Bottom Line
While some home loans for healthcare workers have more strict requirements than others, plenty of help is available for you. Your finances might be a bit trickier than average, but that doesn’t mean you can’t get a loan.
Contact a professional to improve your chances of getting the best deal possible. By getting in contact with a professional and asking the right questions—you could be on your way to getting the home of your dreams and the help you’ve been hoping for.
If you are looking for home loans for healthcare workers, we can help you. Here at Mortgage Broker Home Loans, we specialise in helping our clients the best value loans from a wide range of lenders. Our goal is to help you get your dream home as soon as possible! We are based in Frankston, Melbourne and are available to you anytime. Get a free, no-obligation quote for your new mortgage requirements today!