I was speaking with a Physiotherapist recently who was confused about his options for gaining finance. What he didn’t know is that as a Physiotherapist, he had additional options available to him.

Physiotherapists and medical professionals are seen as a safe investment for banks, so banks offer a range of special discounts, packages and offers on their loans.  There are multiple types of loans available in these offers, but here are the 5 most common types.

 

Home Loans 

Taking out a home loan as a Physiotherapist has 2 main advantages. One is being able to borrow more, as the maximum amount you can borrow will be higher than the amount that is offered to those in a different field. They offer a variety of discounts including an interest rate reduction, lenders mortgage insurance waiver, or others may be available, which can end up saving you thousands of dollars.

Investment Loans 

Investment loans can be taken out on a variety of different products and needs including construction of both private and office spaces. They also come with a number of advantages for allied health professionals including low rates and flexible terms.

Residential property investment loans also offer the benefits of a faster application and approval process for both building and buying property, a higher borrowing rate, and constructions loans, which are typically difficult for average buyers to obtain, are more easily available to allied health professionals.

Car Loans 

Cars are essential for both business and private usage in the allied health industry. Utilising a broker to choose your loan may allow access to the  discounts such as low car loans for those that operate their own practice, lease agreements, lower interest rates and easy qualification terms.

Other Asset Loans 

Other Asset loans include luxury items such as boats and bikes. In nearly all cases, physiotherapists can qualify for these types of investment purchases without complex paperwork or a long process. Allied health professionals can expect these loans to offer easier income qualification requirements (there’s less work to prove your income), higher borrowing limits, low-interest rates and easy repayment terms.

Refinancing 

Like the general public, Physiotherapists are likely to have other loans in various places. Refinancing through a broker means that it is possible to secure a new loan to replace nearly any type of existing loan with relative ease, providing the opportunity choose between better/ discounted interest rates and waived lenders mortgage insurance.

These refinanced loans are less expensive than what may have been paid previously and have the potential to save thousands of dollars over the lifetime of the loan.

There are many more different loan types available for those in the allied health professional to choose from and many possible savings to be made if you decide to get your new loan via a broker.

Some options are only available through brokers, so to get the best deal, speak to your local broker as they are also able to find a loan that is tailored to fit you and your business’s needs at the best possible price.

Sarcia is a Medical Lending Specialist at MediPro Capital. She provides lending solutions tailored to medical professionals.

To see if and how Sarcia can help call 0432 344 311 or email her at sarcia@mediprocapital.com.au.