Medico Sector Finance

Medico Sector = VIP Benefits

  • A maximum LVR (loan-to-value ratio) of 90% may be approved without the need to obtain mortgage insurance, up to a maximum of $7.5 mil; and
  • Confirmation and validation of 5% genuine savings is not required for applications whereby mortgage insurance is not required (as per above).

Eligibility: Medico Sector

For the purpose of this policy the definition of a medical professional (“medico”) includes the following:

  • General Practitioners.
  • Hospital-employed Doctors (eg Intern, Resident, Registrar, Staff Specialist).
  • Medical Specialists (refer here for the list of acceptable Medical Specialties).
  • Dentists.
  • Veterinary Practitioners.
  • Optometrists.

Lending parameters where residential property is given as security for the loan:

Security property Market Value

Maximum LVR (with no LMI) Owner Occupied

Maximum LVR (with no LMI) investor (non-owner occupied)

<=$5.0 million

90%

90%

For properties valued between >$5.0 million and <=$5.6 million

Max borrowings $4.5 million

Max borrowings $4.5 million

For properties valued >$5.6 million

80%

80%

Practice Premises Also Accepted as Security

  • Practice premises that are a converted residential houses, where documentation can be provided that confirms the property is zoned for use as either business premises or residential occupation and can be easily converted back to residential accommodation, may be treated as residential housing and an LVR of 90% is to apply up to a value of  <= $5 million.

Transfer of Company Debt to Personal Names

  • “Company” debts are defined as those used for purchase or construction of residential and/or business premises.
  • Where it can be established that a personal debt was obtained in a company name with the outstanding debt appearing on the company’s latest balance sheet, and the property securing that debt is held in personal name/s, requests that the facility/debt be transferred across to personal name/s will be accommodated.
  • Refinance of working capital, equipment finance and all other business related lending purposes are specially excluded.

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