There’s a wealth of options available to you if you’re a pharmacist looking for a home loan. Find out more about them with Savvy.
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A pharmacist looking for a home loan has numerous options to choose from, so the hardest choice to make may be which loan offer to apply for. Learn more about home loans for pharmacists and all the options available with Savvy to make your loan choice that much easier. We bring you comparison information in an easy-to-read format to help you make the best possible financial decisions for you and your family.
Like any other applicant, you can choose from a range of different home loans. These include a fixed rate home loan, which will be for a set period (usually one to five years), or a standard variable home loan with an interest rate that will fluctuate in response to national economic trends.
You can also choose to split your loan in two and have a portion of your loan fixed, and a portion variable. Split rate home loans can offer you the best of both types of loan. If you choose a variable interest rate loan, a variety of loan features will also be available for you to choose from.
Of course, if you are considering building a home rather than buying one, there are also construction loans available, as well as finance for house and land packages. Home loans for pharmacists are relatively easy to get approved, as lenders have high regard for medical professionals in stable, high-paying employment.
Home loans aren’t designed specifically for any one particular occupation; rather, the lowest home loan rates are often reserved for those professionals who present as the lowest risk borrowers. Most medical professionals fall into this category, including pharmacists, pharmacy managers, pharmacy specialists and clinical pharmacists.
Doctors and lawyers have long been treated well by home loan financiers and now these advantages are being offered to other healthcare professionals, including pharmacists. Earning higher-than-average incomes, and with a reputation for stable employment, pharmacists are being courted by lenders with offers of high loan-to-value ratio (LVR) loans and Lenders Mortgage Insurance (LMI) waivers.
Usually, lenders will approve home loans up to 80% of the value of the property to be purchased. This means the borrower is required to provide a deposit equal to 20% of the value of the property. However, for medical professionals including pharmacists, home loans of up to 95% LVR are being offered, meaning the borrower only has to provide a deposit equal to 5% of the value of the property to be purchased.
For those borrowers unable to provide a sufficient deposit, one option is to pay LMI, which is an insurance premium which protects the lender in case of loan default. LMI can amount to thousands of dollars, depending on the size of the loan to be insured. However, many lenders are now offering 90% LVR loans (as a pharmacist mortgage loan special deal) without requiring any LMI payment.
As a pharmacist earning an above-average wage, you may be interested in paying off your home loan as quickly as possible so you can build up your home loan equity or even look at buying an investment property down the track. These are the time- and interest-saving features you can choose from:
You don't have to pay a cent to compare home loans with us, enabling you to do so at any time.
You can fill out a simple online quote via our form without having to worry about sorting through heaps of paperwork.
With a panel of reputable mortgage lenders behind us, you can rest assured you'll be comparing high-quality options.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
