Finance isn’t as easy as it used to be – Here’s why expert help is needed now more than ever

You will likely have seen a lot of changes taking place in the Australian banking and finance industry following discoveries made by Commissioner Kenneth Hayne in the Royal Commission. There has already been a crackdown on responsible lending, with banks erring on the side of extreme caution - particularly when it comes to verifying household expenses.

The end result of a lot of this caution on the part of the banks is that it is simply becoming a lot harder for customers to get finance for home purchases - even if you do have the income and household security to acquire finance.

Key things that have changed as a result of the Banking Royal Commission

We are finding that a lot of customers are coming to us to ensure that their application for finance is successful. Here’s why:

•  You will be asked to provide more documentation as evidence for your loan and finance
• Your application will likely take longer to be approved
• Your living expenses are going to be scrutinised and checked far more thoroughly
•  Banks are moving away from interest-only loans in favour of principal and interest

It is of course still possible to be approved for finance without working with a specialised broker; it just means that you need to take more time in making your application and nothing is certain. So, whatever you do - don’t commit to buying a property before your finance is approved!

Work with MediPro Capital Finance

If you are looking to buy a property sooner than later and want to get the ball rolling - it is important to work with a professional who understands what the banks require and who can help you to get the finance you are after. At MediPro we work with doctors, medicos, healthcare professionals, dentists and veterinarians to secure medical-specific finance products.

As a doctor, healthcare professional or medico you are able to access home loans and financial products that the average person simply can’t. Medical professionals are seen as a lower-risk client due to the security of their position, and as a result there are specific products tailored to you, including:

• Lower interest rates
• Reduced or no lenders mortgage insurance (LMI)
• Favourable conditions

But even doctors are finding it harder to get finance approved simply due to the increased requirements being put in place by lenders. That’s why we recommend working with a professional team like MediPro Capital Finance for your next property purchase - because it provides the peace of mind and security you need to move forward.

If you’re looking to buy and are a doctor, veterinarian, medico, or healthcare professional, then consider working with us at MediPro. We have worked with professionals just like you who are looking to get their next purchase done sooner. Call us now on 1300 375 626.