Changes to Loans and Finance – Why Expert Help is So Essential Today
Thinking about buying a home or a car? A key part of moving forward on big financial decisions is securing the loan that will allow you to make this purchase. Taking on finance is something that should be taken seriously. The right finance can impact your future in a positive way, but a badly structured loan, or an interest rate that’s too high, can cause problems for you down the line.
You will probably have heard of the recent banking Royal Commission which took place across 2018 and at the beginning of 2019. The findings in this Royal Commission investigation are starting to be applied in banks and financial institutions. While these changes are necessary to ensure that lenders, brokers, banks, and financial institutions are engaging in fair practices, there has been the effect of making it harder for people to secure finance — even if you have the income and household security to get a loan.
Banks became cautious after serious allegations were levelled at senior executives, and after the measures banks used to assess capacity were exposed as being too lenient. This led to a tightening of the measures that banks use to assess borrower capacity. What this means is that we are noticing that customers are finding it harder to secure finance — but that’s where we can help you.
What has changed since the Royal Commission?
Now that the Report from the Royal Commission has been published measures are being introduced to monitor and manage loan applications. As part of your application:
- You will likely be asked to provide more documentation as evidence for your loan and finance
- Your loan will take longer to be approved due to more stringent checks
- Your living expenses are going to be checked more thoroughly
- It is less likely that you will be able to secure an interest-only loan
You’ll still be able to secure finance without working with a specialised broker, but it just means that you’re going to spend more time making your application, and it will take longer for your loan to be approved.
How MediPro can assist you with your application for finance
We are experienced brokers who have been working with doctors, dentists, and medical professionals for many years and can assist you by ensuring that your application is as comprehensive as possible for the best chance of success. We will assist you by:
- Helping you gather the right documents as evidence for your loan application
- Working with you to prepare and submit documents to lenders
- Engaging our network of trusted lenders and banks to provide services
When you work with us, we will be able to arrange your documents and application, so you have the best possible chance of securing finance.
Medical professionals benefit from working with MediPro Capital Finance
Want to buy a property? Keen to get the ball rolling? It is important to work with a professional who understands what lenders are looking for, and who can help you secure the right finance for your circumstances. As a medical professional, dentist, veterinarian, or medico you have access to specific loan products that simply aren’t available to laypeople. We can help you access these products and can ensure that you receive the best possible loan for your circumstances. As a medical professional, you can access loans with:
- Low interest rates
- Reduced or no lenders mortgage insurance (LMI) — even when borrowing up to 100% of the purchase price
- Excellent borrowing conditions for your loan
Despite the security and prestige associated with being a medical professional, even doctors, vets and dentists are finding it harder to secure finance with the new changes taking place as a result of the banking Royal Commission. When you work with us you are putting yourself in a position where you have the best possible chance of securing finance. So, if you’re looking to buy a home and are a doctor, veterinarian, medico, or healthcare professional, then work with us at MediPro. We have worked with professionals just like you who are looking to get their next purchase done sooner. Call us now on 1300 375 626.