For resident and registrar doctors thinking about a first home loan.
Get a Clearer Picture of Your Lending Options Before You Apply
Rotations, exams and long rosters leave little time for lending research. If the loan side feels unclear, that can be understandable during a busy career.
The Doctor Lending Order gives you four checks. Work through them in this order.
Seven questions, about two minutes, no obligation.
- 15 minutes
with the finance team - Seven questions
about two minutes - No obligation
no pressure, no hard sell - Works with doctors
Wealthmed's finance team
The Doctor Lending Order
A Home Loan Search Often Starts With One Question. What's the Rate?
It's a natural place to start. Rate tables are easy to find, and they feel concrete.
Todd Clarke leads Wealthmed's finance team. He says the rate is about the fourth thing the team checks.
The team often works in this order. Career stage, then whether you could settle comfortably, then how different lenders see your situation.
The rate and the loan setup come after that. Settlement is the day the purchase completes.
Here's what each check covers. You can make a start on your own.
Three Doctors Can Look Quite Different to a Lender
Some doctors wait until they feel ready before asking anyone. Others ask the one lender they already know. Both make sense when time is short.
A rate on its own says little about your situation.
A registrar on a rotating contract.
A resident planning a move.
A consultant with locum income.
Without the full picture, it's hard to know which numbers apply to you.
Think of It as an Order of Questions
Some things a lender may consider can come before the rate.
Career stage, settlement and lender fit are often part of that. Once those are clearer, the rate can have more context.
Why the usual starting points fall short
Each Common Starting Point Answers One Question Well
- Online rate tables show what a rate can look like.They can't show how a lender may read your contract or your locum income.
- Your own bank can explain how it sees your situation.It may not be able to explain how other lenders see it.
- A colleague's story can be useful.Their stage, income and timing may differ from yours.
Four checks
The Doctor Lending Order
Four checks. Work through them in this order.
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Check 1
Career Stage
Lenders may look at where you are in training and where your income may be heading. A resident on a one-year contract and a registrar on a longer one can read differently.
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Check 2
Comfortable Settlement
Ask whether you could reach settlement comfortably. Three questions may help.
If the answers are mixed, that's useful to know early. It can show what needs time and what doesn't.
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Check 3
Lender Fit
Lenders can treat the same doctor differently. They can treat locum or ABN income differently too. Some may ask for a longer income history than others.
Lenders may also define "medical professional" differently. A finance team may be able to compare how some lenders read your situation.
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Check 4
Rate and Loan Setup
Now the rate has context. Look at it alongside loan features such as an offset account and repayment options.
Some buyers consider whether a home may be rented out later. Loan setup can sometimes be simpler to plan early than to change afterwards. A lender can explain how its own loans work.
A useful question for any lender is this.
"What does the loan look like if I rent the home out in two years?"
Seven questions, about two minutes, no obligation.
Why It Can Help
- It starts with your situation.The rate means more when you reach it.
- It shows what could be done now and what may need more time.
- It fits around a roster.Each check can be done in short stretches.
Wealthmed's finance team works with doctors. Todd Clarke leads it. Lending services are provided through Yarra Lane Finance Pty Ltd under its Australian Credit Licence 392272.
Is This Chat For You?
This chat may suit you if
- You work as a doctor in Australia, including as a GP.
- You're thinking about buying, refinancing or reviewing a loan in the next 12 months.
- You'd like a general overview before you talk to a lender.
This chat may not suit you if
- You don't work as a doctor.
- You only want a rate comparison.
- You're buying commercial premises or a practice.
For tax or investment strategy, Wealthmed's planning and accounting teams cover those separately.
Two Paths
You can work through the four checks on your own. The steps above are enough to make a start.
The Doctor Lending OrderThe other path is a quick chat. You talk it through with the finance team in 15 minutes and ask questions as they come up.
There's no obligation. If a chat isn't the right fit, the team can let you know.
Next step
Book a 15-Minute Quick Chat
What happens on the chat
- You tell the team where you are in your training.
- They talk through the four checks with you.
- You may hear a couple of questions worth asking a lender, and talk about what could happen next.
No pressure and no hard sell. You speak with a member of Todd Clarke's finance team.
You may leave with
- A general overview of the four checks.
- A couple of questions to ask a lender.
- A general idea of what lenders may ask for.
- Information on possible next steps, if relevant.
Seven questions, about two minutes, no obligation.
P.S.Some things a lender may consider can come before the rate. A short chat can talk through what these may involve.