Medical professional lending

In recognition of the stable and secure nature of medical practices many lenders offer specialised finance solutions and lending options to medical professionals.

At O'Brien's we work with our Lending Specialist to ensure our clients operating in the medical space have the right lending solutions for their unique needs allowing them to achieve both personal and business goals through the best pricing and correct structuring of their finance. There are varying options for both personal, residential purchases and business finance needs.

Residential options

A number of lenders allow for the waiver of Lenders Mortgage Insurance (LMI) for selected medical professionals including:

  • medical doctors (GPs)
  • medical specialists
  • optometrists
  • pharmacists
  • psychiatrists
  • dentists
  • veterinarians

Medical professionals seeking to buy your own home or investment property can potentially borrow up to 90% of the value of the residential property without incurring the extra cost and restrictions of LMI. This enables you to free up cash for other purposes.

Business options

As a busy medical professional we understand you don't have the time to "shop around" for finance solutions. Our lending specialist has extensive market knowledge in the medical field and can tailor a financial solution specifically to your needs, quickly and easily, allowing you to focus on your busy health practice and patients.

A number of options are available to medical professionals:

Purchasing a practice: For medical professionals looking to buy a practice or purchase a share in an existing practice, there is potential to borrow up to 100% of the practice purchase price, without requiring additional security. Financing the purchase of the practice separately from the purchase of property and equipment provides you with the opportunity to better manage your cash flow and repayments and take advantage of potential tax benefits.

Purchasing a practice property: For medical professionals who have setup their own practice, or may be intending to, you may also want to consider purchasing the practice property as well. There is the potential to borrow up to 100% of the practice property purchase price, without requiring additional security.

This is an opportunity to create the practice you've always wanted, whilst also investing in your future. You may find the loan repayments are lower than the rent you would pay if leasing the property.

Setup or improvements to your practice: For medical professionals who are looking to set up their practice from the outset or to make improvements to an existing practice, funding can be provided to cover costs during this stage.

Managing cash flow: To ensure your medical practice continues to operate smoothly, a line of credit can provide fast and flexible access to finance when you most need it. Unexpected expenses can arise when least expected. Draw down the money you need, when you need it and only pay interest on what you use.

In addition, financing the purchase of the practice and purchase of the property and equipment separately can assist in better managing cash flow and repayments.

Car finance: Looking to purchase your new car? A range of motor vehicle finance options for personal and business use are available to medical professionals where you will have the ability to fund 100% of the vehicle purchase price without needing a deposit or additional security.

Equipment finance: As a medical professional it's important for a practice's success that your equipment operates at peak performance. Old equipment can be expensive to maintain and downtime can impact your earnings.

A range of financing options are available to fund the update of your equipment and have the repayments arranged in a manner that suits your budget. You can fund new and used practice equipment, fit-out, furnishings, fittings and computer hardware or software.

Like to know more? We understand your hours may be unusual and as such our Lending Specialist is mobile and flexible in availability to allow for an appointment time and place that suits you. Please contact our office to arrange an appointment or to simply find out more. Phone 03 8850 3333 or email obrien@obbc.com.au.

Office

Suite 2

50 Upper Heidelberg Rd

Ivanhoe VIC 3079

Postal

PO Box 500

Ivanhoe VIC 3079

Phone

03 8850 3333

Fax

03 8850 3330