Frequently Asked Questions

Frequently Asked Questions

  • Why should I choose Medicoloan?

    • We compare loan products from over 38 lenders including major banks, second tier banks and other funds. 

    • We don't favour banks. We work for you, not the banks. 

    • We do the legwork and save you time. 

    • Our home loan service is at no cost to you. 

  • What is different for medical professionals?

    Medical Professionals have a different set of requirements for getting a loan:

    - Residential properties - up to 95% LVR (No LMI)

    - Residential Investment properties - up to 90% LVR (No LMI)

    - Medical Practice Purchase - 100% LVR

    - Medical Freehold Purchase - 95% LVR

    - Unsecured Finance - Up to $150k to establish a medical clinic

    - Vehicle Finance - no financials, fast turnaround

    - Equipment / Office Finance - no financials, fast turnaround

    - SMSF 0 Finance to purchase residential and commercial property

    - General Insurance - Quality product for property, contents and vehicles.


    You are also eligible for discounted interest rates for finance products, reduced fees or no fees for finance and investment products and discounted premiums and extra cover with general insurance.

  • What is the process of getting a home loan?

    During your appointment with one of our brokers we will assess your borrowing capacity and help you pick a lender and product that suits your needs. 

    After your appointment we will work on an application for you should you wish to proceed and we will then send you out some forms to sign.

    Once we receive these back we will submit your application. This application will then be assessed by an assessor at the bank and they will then let us know if they require any further information and your loan will the proceed to Full Approval (Unconditional). 

    After this stage the bank will issue your loan documents to be signed and we will help you through this process. Once the bank have received these documents back the bank will action them and settle your loan.

  • What is the difference between a Basic Variable loan and a Standard Variable loan?

    What is the difference between a Basic Variable loan and an Standard Variable loan?


    These two home loan types are effectively the same in the way they work. The only differences are in the interest rate and fees charged, and the features available. A standard variable loan will usually have a full range of features, whilst a basic variable loan will have a more restricted range.


    Download our summary table to learn more!

  • What is an offset account?

    An offset account is an everyday bank account that's linked to your home loan. You can deposit your salary and savings into the account and the balance is then offset against the amount owing on your home loan. You then do not pay interest on this part of your loan.

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