In Australia, it’s estimated that roughly 4 out of 5 licensed medical practitioners provide their services within a governmentally funded environment. What this means is that around 80% of doctors are employed by the state and work for national medical services. But with an increasing number of specialists considering the option of going private each year; more and more are turning to solutions such as financing to help them with establishing their own clinic to provide care to those in need.
Financing for doctors
Thanks to financial lenders, it can be possible for most types of businesses to obtain cash support from third parties; with the aim being to cover their initial costs and expenses, whilst focusing on repaying what they have borrowed over a period of time. This time can vary depending on the lender and the deal agreed to – but in the cases of doctors and medical practitioners in general, most of whom are considered ‘reliable borrowers’, these options can be fairly flexible.
Doctors and their borrowing power
When offering lending services to doctors, many lending companies will be more than happy to extend exclusive deals and special offers (including lower interest rates) in an effort to get a doctor on board. Due to their higher-than-average earnings and consistent income, medical experts can be some of the most appealing clients to lenders and this is why a lot of agencies will pull out all the stops to lend to these types of practitioners.
This can extend plenty of power to GPs and in most cases, fairer, more flexible repayment plans can be agreed to; minimising the stress for the practitioner, whilst ensuring that the lender sees a return on their initial investment. And to allow for an even more appealing environment for applications to be made, many doctors opt to apply through financial brokers – with the main aim being to source the most beneficial deal available with minimal fuss.
Are brokers needed?
In most cases, a lender will be open to receiving an application directly from a GP. Although they will still consider the submission seriously, there are a wide range of advantages that a finance broker can bring to the table. From being able to compare the most relevant lending options right through to negotiating fairer terms – a local finance broker can go a long way when it comes to securing the right type of loan for particular needs.