AMA Partnership Q& A
Who is Medi Financial?
Medi Financial is a team of trained financial lending brokers who have made a career of serving the financial needs of the Australian medical community. You can expect a responsive and knowledgeable service from our team as your trusted team of choice. Medi Financial is proud to serve the lending needs of Australian medical community. Every one of our brokers has at least 12 years of lending experience, so you can expect the very best when it comes to having a specialised broker sourcing the best financial outcome for you.
What does Medi Financial specialise in?
Medi Financial specialises in refinances, equity extractions and new purchases for residential, asset and commercial properties catered to solely Australian medical professionals. We are the intermediate between you and the banks.
Given our well establish presence in the lending market place, we have been lucky enough to be granted beneficial Medico lending policies and pricing for our medical professional clients.
Why use Medi Financial as a Doctor?
Firstly, a Medi Financial Broker and their team will take the time out to understand your financial position and lending needs. This is usually completed by coming out to meet you personally or via a conference call. It extremely important that we understand your financial goals and position before making any recommendations.
Secondly, based on your financial goals and needs, we will make 3 recommendations on preferred lenders that our team feels best fits your financials needs and goals, this could be the lender with the best price or policy or a mixture of both!
Given we have a panel of over 50 different lenders to compare with, be assured we will find the right match for you.
How does Medi Financial compare to using a bank or non-specialised broker?
I truly believe that specialisation the is key. Similar to how a Cardiologist focus on treatment of the heart and its blood vessels or a Radiologist who is trained in viewing and interpreting diagnostic tests, we aim to be the gold standard when it comes to understanding and sourcing the best financial outcomes for our medico clients.
We’ve seen it all when it comes complex medico financial structures and financials strategies. Given our extensive experience, we also help identify areas of potential improvement and recommendations of financials strategies deployed among our medico clients.
What lenders are on Medi Financials’ panel?
We have a panel of over 50 different lenders to compare with! We really mean it when we say we are the market leaders in sourcing great rates and honest advice when it comes to sourcing loans for the Australian Medical community. These lenders including the lender 4 banks from CBA to NAB and smaller lenders like AMP, bank west, BOQ and much more.
As a doctor, how much can I borrow?
Banks and Lender all differ how they assess different sources of incomes. Also similar to how pricing between bank fluctuates, lenders tend to changes their servicing rates and/or policies from time to time. The lender that may lend you the most will depend on your income sources and the lender with the best lending policies at the time of the application.
Why are specialised brokers important to the Australian Medical community?
From our years of working with medicos, we have an appreciation of how busy a medical professional can get. Not only do we tend to understand a doctor’s financial structure and goals quicker, we also understand the lenders and their policies that are catered solely for the medical community.
We also attempt to minimise the time impact applying for loan has on our clients. This can be achieved by working with your accountant, using in-house technology which collects financial documents automatically, using medico banking division to place loans rather then submitting deals through the normal channels and more.
What does Medi Financial Charge?
We don’t charge our clients for our service. When we introduce the loan to the lender, it’s the lender that pays us. Generally, all lenders remunerate the same, so we are unbiased as to where the loan sits, so as long as our us our client received the best rate and policy that fit their circumstance.
Do doctor’s receive preferred rates or policies when it comes to loans?
Generally, if a doctor deals with the bank directly or deals with broker with does not specialise in the medical space, preferred pricing or policies may be overlooked. Given our large lending volumes and different segments we utilise within the banks, we generally have a greater degree of flexibility when it comes to pricing power and lending flexibility. We’re proud to say, we have never lost a client to pricing or a client getting a better deal elsewhere.
What type of doctors can benefit from our service?
We deal with clients in all shapes and sizes in the medical field. From registers to well established doctors in their respective fields. In terms of the type of doctors we specialise, it can be one of any the many that are listed on the screen.
- Dentists
- General Practitioners
- Hospital-employed Doctors (e.g. Intern, Resident, Registrar, Staff Specialist)
- Medical Specialists – i.e. Paediatricians, Obstetricians etc
- Optometrists
- Pharmacists
- Veterinary Practitioners.
- Sonographer
- Audiologist
- Chiropractors
- Occupational therapist
- Osteopath Physiotherapists
- Podiatrist
- Psychologist
- Radiographer
- Speech Pathologist
- Nurses & Midwives
Which Banks offer the best interest rates to doctors?
A lender’s lending appetite varies from month to month given their deposits and revenue drivers. Our job is to identify which lenders are the hungriest for your business, at that point in time and negotiate the best outcome on your behalf. This is why we have over 50 lenders on our panel to ensure we’re getting the best option for our medico clients.
What sort of lending policies can I benefit from as a medical professional?
The lending policies for medico vary from bank to bank. Some of the best we consistently use for our clients are :
a) Borrowing boost up to 120% of purchase price for property:
Eligible Medical professionals can access loans with an LVE of up to 120% without the requirement for Lender Mortgage Insurance (LMI
b) Lease Doc – Simple Lending Policy
For doctor investing in non-specialised commercial property and residential complexes. The policy allows a doctor to borrow up to $3m, without the need of collecting tax returns and financials from our doctor, as long as the rental income of the purchasing property services the debt. This may be good for doctors who don’t want to go through the whole loan assessment application or those doctors who fill like they can’t borrow anymore.
c) Medical Business Goodwill Lending – this policy focuses on purchasing practices, these include:
Day hospitals, Diagnostic clinics, Medical centres that are GP centric and Veterinary clinics.
Purpose for goodwill lending could be business acquisition funding, working capital, equity release, succession funding, medical equipment and cap-ex funding and acquisition of commercial premises
What is debt recycling and how can a doctor believe from the tax advantages?
Without doubt, the debt recycling strategy is one that is employed by seasoned medical professional and solely under utilities by younger medical professionals. Debt recycling is a strategy which aims to turn your current non-deductible home loan into a tax-deductible investment loan. This involves paying down your mortgage and re-borrowing that money to invest with or more commonly in the medical firm, reinvesting the funds back into the doctors provide practice. Reinvestment can include paying tax bills, fitting out or buying practices, meeting cash-flow requirements and much more.
We’re always working with our client’s accountants to certainly achieve this strategy and have a great recommendation of lending products that can facilitate this.
