Will I get approved?
- ✔ You must have been in your job for at least 6 months to qualify with most lenders; however, 3 months is acceptable on a case-by-case basis with select lenders.
- ✔ Or you must have been employed in the same industry and/or employment role for a minimum period of 6 months.
- ✔ Some favourable lenders will accept 100% of your casual income (annualised); others will shade your income, reducing your borrowing power.
What rental rates are available for medical professionals?
Rental rates vary from lender to lender. Please contact us to find out how we can help negotiate discounted rates.
Lenders Available:
Selected Islamic lenders will allow for policy exceptions for Medical professionals.
Discover if you qualify:
Sharia Finance are experts in Australian Islamic Finance. We can help with your medico enquiry if you are located in any Australian state or territory
What Islamic Finance options are available to medical professionals?
In conventional lending, medical professionals have access to medico-policy with some lenders which sees their minimum deposit change. In sharia compliant lending, medical professionals have access to a different set of medico-policy. These policies allow for medical professionals to borrow funds and be exempt from standard lending criteria. An example of this would be waiving the minimum time required in a role. Medical professionals are considered low risk borrowers by Islamic Finance institutions and are therefore quite often exempt from standard lending criteria.
Which medical professionals are eligible?
Medical professionals are generally considered individuals who have completed a medical degree including (but not limited to) M.B.B.S or M.D which allows them to practice as a doctor. In addition to this, the lender may require that you are currently registered with AHPRA with no restrictions on your license.
What if I have recently switched from an employee to self-employed?
It is very common for medical professionals to start in a PAYG role before switching to a sole trader, company or trust structure. This is particularly common for general practitioners who are employed in a medical practice. In these situations, we have been able to negotiate an exemption from standard lending criteria and complete your assessment using alternate forms of income. This ensures that you are not disadvantaged for changing trading structure.
What is the benefits of using Sharia Finance over lender direct?
Sharia Finance are experts in Australian Islamic Finance and we generally do not charge a fee for our service. This means that using our service can be a free method for improving your applications chance of approval. Approaching the lender directly can in some circumstances hurt your chances of approval as you may not present your personal circumstances in accordance with the lenders assessment tools. Sharia Finance has an exception relationship with our business partners. This allows us to do improve your chance of a smooth application by: - Preapplication policy checks - Preapplication policy exemptions (if required) - Collection of required supporting documents - Presentation of application in accordance with lenders assessment tools - Negotiation with credit managers As we generally don’t charge a fee for service (we are remunerated by the lender for an approval), we work to ensure your application is given the absolute best chance of approval in the fastest possible time frame.
Types of finance available for medical professionals
- First Home Buyer Loans
- Investment Loans
- Construction Loans
- SMSF Loans
- Bridging Loans
- Vehicle Finance
- Commercial Finance
Benefits of getting finance as a medical professional.
Medical Professionals benefit from exceptions to standard lending criteria. Example of these can include Waiving minimum time in role for self employed / employee - Waiving of probationary period requirements - Accepting 100% of overtime or commission income - Assessment of income on 1 year financial records - LMI waiver for reduced deposit
