MORTGAGE BROKER: Your Bank Manager Doesn't Understand Your Doctor Income | EP 81

Join 30,000+ doctors and dentists in the 'Investing for Doctors' Facebook group:   / investingfordoctors   ----- Alissa Childs is back, and this time we're talking about what we've been building together at IFD Lending, our in-house mortgage broking business made for doctors. After 12 months of working with doctors from the group week in and week out, Alissa explains why medical lending is in its own category, and why so many branch lenders get it wrong. Doctors rarely have one simple payslip. A locum here, VMO work there, 0.8 in a hospital and ABN income turning over six figures a quarter, all sitting in one application. We get into how banks look at PAYG, ABN and VMO income differently, the medico lending teams that even some bank staff don't know about, how to borrow before your new income hits a tax return, and why short term ABN income is the hardest deal to get over the line. Then we get to the part that could save you thousands. Alissa walks through Beat Your Rates, where IFD Lending goes to your current bank and asks for a lower rate on your behalf, why every loan they write gets repriced every six months, the SMSF and commercial loans that quietly creep up in the background, and the client who spent 20 years paying 9% on $2.5 million before moving to 6% and saving $3,000 to $4,000 a month. If you haven't looked at your rate in a while, this is your reminder. Five basis points on a $2 million loan adds up fast. ----- TIME STAMPS: 00:00 Intro/Hook 01:35 Alissa is back, 12 months of IFD Lending 05:55 What makes doctors' finances so different 06:48 Medico lending and the bank teams most people don't know exist 07:37 Why going straight to the bank often goes wrong 08:29 PAYG vs ABN vs VMO, how banks view each type of income 09:13 Borrowing before your new income hits a tax return 09:56 Have lenders changed how they view doctors? 11:50 The hardest deals, short term ABN income and locums 14:03 Inside the first meeting, getting the whole picture 15:17 Why we try to reprice your existing loan first 17:51 Beat Your Rates, getting a lower rate without lifting a finger 18:20 Repricing every six months so your rate never falls out of market 19:05 Don't forget your SMSF and commercial loan rates 20:47 How to get your rate reviewed 21:43 Case study: the client paying 9% for 20 years 22:42 Rate rises and out of cycle increases 24:17 Why every basis point counts 25:01 Why each bank's appetite changes week to week 25:50 Conclusion/Outro ----- SHOW NOTES LINKS https://ifdgroup.com.au/ https://doctorbi.com.au/   / mian-bi   Two Birds One Loan: https://www.twobirdsoneloan.com.au/ ----- LISTEN TO THE PODCAST Spotify: https://open.spotify.com/show/07DS5Ax... Apple Podcasts: https://podcasts.apple.com/au/podcast... Amazon Music: https://music.amazon.com/podcasts/b9d... ----- FIND US HERE Website: https://ifdgroup.com.au/ Facebook Group:   / investingfordoctors   Facebook Page:   / investingfordoctors   ----- DISCLAIMER The information provided in this podcast is for general purposes only and should not be considered personal advice. Always consult with qualified professionals or experts in the relevant field for personalised advice tailored to your specific situation.