What is a chiropractor home loan?
A Chiropractor home loan is a deal that some lenders offer to Chiropractors. A Chiropractor home loan is where special concession are given to Chiropractors. For example Chiropractors can have Lenders Mortgage Insurance waived for home loans up to 90% loan to property value ratios (90% LVRs). Chiropractors can also get excellent discounts on the normal interest rates.
What are the eligibility criteria for chiropractor home loans?
To be eligible for a chiropractor home loan, at least one of the borrowers must be a chiropractor who is legally working in Australia. This could be an Australian Citizen or Permanent Resident or a valid temporary work visa holder (such as a 457 visa) and working in Australia.
The chiropractor must be registered by the Australian Health Practitioner Regulation Agency (AHPRA)
The loan can be used for your principal place of residence or an investment property. Cashout or release of equity for other purposes may be available in some circumstance.
The maximum loan amount for non-permanent residents (work visa holders) is $2 million for a single security (property). The maximum loan amount for Australian citizens and permanent residents is $4.5 million for a single security (property) up to 90% Loan to Value Ratio. Larger loan amounts are available with lower Loan to Value Ratios and multiple properties.
Chiropractors can be either PAYG employees or Self-employed.
Why is the chiropractor home loan a great deal?
By avoiding paying lenders mortgage insurance (for loans up to 90%) chiropractors can save thousands of dollars, particularly when borrowing a high property on the property value and large loan amounts. Also the interest rate discounts that may be available to you can also save you money.
For example on a $900,000 loan for property valued at $1,000,000 (90% LVR) the LMI would cost about over $22,000. By avoiding paying this you can pay off your home loan quicker.
Why can chiropractors get lenders mortgage insurance waived?
Chiropractors are one of the professions that some lender believe are low risk. This is because their records show that chiropractors rarely fail to repay their home loans. So for chiropractors some lenders are willing to take the risk of lending at high loan to value ratios without insuring the loan.
What if I do not meet the chiropractor home loan criteria?
If we do not believe you meet the above criteria, we may still be able to help you get a great home loan. Contact us to discuss your options.
Contact a Chiropractor home loan mortgage broker now!
Can other professionals get lenders mortgage insurance waived or special interest rate discounts on their home loan?
Yes, selected other professions can will also be eligible for the lenders mortgage insurance waiver or interest rate discounts on home loans. The following professionals may be able to get specials on their home loans:
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