Mortgages expert Ashik Rahman talks rates and anecdotes…
In Australia, interest rates are at a record low. It’s a buyer’s market and if you are prepared, it’s a great time for medical professionals to buy property.
So. What should doctors do?
First things first – pick up the phone. Even if you’re not sure you’re ready to buy property. Call your mortgage broker – which in the case of MedCapital, that’ll be your mortgage adviser and that service is complimentary for members.
As a mortgage broker my role is to know the market. I look at the market every morning and every night. I’ll know what competitive rates are out there. I also know that, because of low interest rates, good housing supply and, unfortunately, high unemployment in other sectors, it’s a good time for doctors to buy.
I was talking about this with one of my clients recently. She’d never owned a property before. But she’d worked hard and saved a decent amount in savings. It sounds bad and I understand why some doctors might hesitate: the interest rates are at a record low, but due to Covid, unemployment is high. The property market is struggling. But this really helps people like the doctor I was talking to, who has a job and has been saving and preparing.
“don’t discount that fact that you have been preparing all of your life”
Yes, you’re taking advantage of the market situation and this makes some people feel uncomfortable. But you’ve worked hard in the past and now it’s time to take advantage. You can feel bad about it, that is fine, but don’t discount that fact that you have been preparing all of your life. Doctors study constantly… until you’re 26 or 27 all you’ve done is study and you’ve made very little money. Now you’ve worked and saved and now is a good time to buy.
You’re selfless in your career… you need to learn to be selfish once in a while.
Last year, I talked to a specialist in a highly regarded field. I helped him refinance his investment properties. He really wants to invest his time into research and moving his field forward, finding solutions to problems. He’s not interested in the money-making side of his field, he’s very passionate about what he does.
“talking to your advisers early is a smart move”
He spends all of his time finding ways to help people. He has sacrificed so much in potential income to help people through his research. But he knows that there’s sometimes a moment where he needs to be a little bit selfish and secure his future financially. That’s a smart move. He didn’t sit around, he called us a few months ago and said that in a month or two, he’d be ready to buy a home to live in. He engaged his mortgage broker and his financial adviser to start looking into that for him.
Talking to your advisers early is a smart move. Even if you think you’re not ready and you can’t buy, get in contact anyway. You don’t know what tools I have at my disposal. Imagine if I thought I had cancer and I decided that’s it, I’m going to die, I’ll not go to the doctor or talk to an expert about it.
When you talk to an expert, the unexpected can happen.
“if you haven’t called the experts, you just don’t know”
My dad is a great example. He’s a very healthy person… he’s all about eating his vegetables and staying healthy. Then suddenly, one day, he wasn’t feeling well. He got diagnosed with stage 3b stomach cancer. One of my relatives who is a doctor called me to say we should spend as much time as we could with my dad because it’s not the sort of stage or cancer you have much time with.
We found one of Australia’s best gastric surgeons. All I had to do was find that expert and talk to him. All I had to do was pick up that phone and ask for his advice. He saw my dad and he helped my dad when we didn’t think it was possible.
Three years later, my dad is as healthy as a horse. He’s so healthy, he argues all of the time with my mum because he wants to go out and do the grocery shopping himself – in the middle of the pandemic – because he says no one knows how to buy the right vegetables like he does.
And the whole moral to this story is? Take the step. Don’t sit there and think something isn’t possible. If you haven’t called the experts, you just don’t know.
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