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Specialising in medico finance a boon for brokers

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Francesca Krakue 4 minute read

Several broking professionals have highlighted the value of venturing into the niche market of medico finance.

In Australia, people are generally living for longer, as Freedom Park Financial broker Ellen Goh highlighted to The Adviser.

“Overall, there seems to be a demand for more doctors to maintain people’s health and prolong life,” she explained. “The number of doctors coming from overseas to work in Australia has been on the increase, and we have had many of these doctors looking to set up practices in skill shortage areas identified by the government.”

Her colleague Indi Waniga added: “Australia is a migrant country, so as our population continues to grow, there’s a need for more medical practices, especially in the newly built estates and new suburbs.”

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Meanwhile, having worked in the medical industry for 15 years before becoming a broker, Positive Lending’s Bang Duong also saw the advantage of targeting healthcare professionals.

“Doctors borrow $3 or $4 million, so if you go to just one doctor, it’s obviously a good commission,” he pointed out.

“And the doctor doesn’t just buy one property; he keeps buying every year, so you become embedded in their team, and it becomes a relationship … the deal is not about the loan. It’s about structuring it correctly for the doctor. And once you gain the doctor’s trust and you don’t abuse it, you’re never going to be replaced.”

Frank Zelasko of Singh Finance agreed, adding that for brokerages, their best clients are their existing clients.

“Say youre a doctor and I look after you as broker. And I provide you with a loan thats specific to your needs, and youre happy with my service. Youre going to be more willing to refer me,” he explained.

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“A doctor might say to another, ’Ive just managed to get an investment property through my broker who introduced me to a special package that I wasnt aware of.’

“Youll get another of his colleagues and then it will be like a domino effect, as they’re more likely to refer clients similar to themselves who are low-risk.”

[Related: Discover the untapped market of medico finance]

Specialising in medico finance a boon for brokers
medicofinancetwo
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The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

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