Business Loans for Medical Professionals

Consider your business loan options as a medical professional here with Savvy and our reputable lending partners today.

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, updated on July 26th, 2023       

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How do I get a business loan as medical professional?

Generally, it’s reasonably easy. Medical professionals are highly desirable customers for most business lenders, due to relatively high earning potential and the likelihood of their income being reliable on an ongoing basis. This means that a qualified medical professional generally has a lot of lending power.

There’s a multitude of different lenders willing to loan money to medical professionals for a variety of reasons and there are even some dedicated lenders who work exclusively in that area. When it comes to loaning money for a business practice, the options are generally just as plentiful – although it’s worth knowing that some lenders will require you to have been in business for three to five years to be eligible for some business loan products. As a general rule, though, a medical professional with a good credit rating will have their pick of lenders.

If you’re a medical professional on the hunt for a business loan, why not start your search with Savvy? You can easily compare a variety of loans from some of Australia’s best lenders, and quickly choose the one you prefer.

What different types of business loans are on offer specifically for medical professionals?

There are many loans on the market for medical business needs. If you’re buying a business property or even an existing medical practice, there are loans specifically catering for those needs. On a slightly smaller scale, there are also equipment finance options and fit out finance to refit a medical practice. Some of these options are from dedicated medical lenders, but many normal lenders also provide specific provisions for medical workplaces it their loan products. For example, some lenders offering fit out finance will offer more of the overall value of the fit out to an eligible medical professional.

There are also highly competitive business lines of credit which can be secured against a medical practice to provide a higher credit limit. Whether going with a dedicated medical lender or not, medical professionals can often get access to some of the best loan terms and rates on the Australian market.

Types of business loan

Why compare business loans through Savvy?

How to get the best rates on a medical business loan

Frequently asked questions about loans for medical professionals

Is it possible to get a business loan for highly specialised medical equipment?

Yes – business loans, equipment finance and hire purchase loans allow for the purchase of highly specialised equipment. This is one of the main advantages of loan products like equipment finance. Even a chattel mortgage – which uses the equipment as collateral – can still be used to buy specialised technology for medical professionals, provided the equipment is still valuable in financial terms. It’s a question of market value, not how specialised the equipment is.

If I apply for a business loan online, is my information secure?

For dedicated online lenders and financial institutions that work electronically, information security is a critical, core part of their business. Most Australian lenders use highly secure encryption technology on their websites, meaning your information is well protected when you do an online application. The main security threat is normally from scams – so be wary of unsolicited messages from any lender and contact your lender directly if anything seems suspicious. Also, be careful what information you send via email, as this normally isn’t as secure. You can ask your lender if you have any questions about online security.

Do I need to be an Australian citizen to get a business loan as a medical professional?

No – it’s generally much simpler if you’re an Australian citizen or permanent resident, but you can still get a business loan if you’re not. You’ll probably need to be on a Business Innovation and Investment (Provisional) visa (subclass 188) though, allowing you to take part in business and investment activity within Australia.

Could I get better terms on a business loan if I offer a deposit?

Potentially, yes – a deposit might not be needed in many cases: an unsecured loan, for example, doesn’t require a deposit or collateral. If you’re in a position to offer a decent deposit, it can improve lender confidence, which generally translates into lower rates and better terms. You can discuss with your lender what benefit a deposit might offer.

Can I buy professional medical equipment from another practice with a business loan?

Yes – business loans and equipment finance allow for the purchase of second-hand equipment. If you’re also using it for collateral, there might be a few more hoops to jump through to establish its market value, but there’s usually nothing to prevent you from buying medical equipment from another practice.

Can I pay off a medical business loan earlier than planned?

Generally, you can – although some lenders charge substantial fees for doing so. It’s worth double checking what fees your lender charges for making early repayments and for early settlement and if you want paying the loan off early to be an option, it’s worth checking this before you choose a lender. You should preferably choose one that charges no fees for that.

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