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MBBS Graduate Seeking Work in Australia: What Are the Financial Implications?

Dr Pananjay K

Dr Pananjay K Tiwari  |113 Answers  |Ask -

Study Abroad Expert - Answered on Jan 14, 2025

Dr Pananjay Tiwari is the founder and director of Impel Overseas Education, a Dehradun-based consultancy for students who want to study abroad in the fields of engineering, science, agriculture, medicine, arts and the humanities.
They also guide PhD students who are studying internationally with their research.
Dr Pananjay has 21 years of academic and research experience and has published several books and research papers in various Indian and international journals.
He is a gold medallist with a master’s degree in science and a PhD in environmental sciences from the Hemvati Nandan Bahuguna Garhwal Central University, Uttarakhand.... more
RAHUL Question by RAHUL on Dec 31, 2024Hindi
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Career

Appox. expindure after mbbs to work in Australia

Ans: Hi Rahul...this is an approximate figure that I am providing to you, it may vary upon your requirement so pls check it
After completing MBBS, the approximate expenditure to work in Australia includes fees for exams like AMC Part 1 (~AUD 2,920) and AMC Clinical (~AUD 3,800). Additional costs include English proficiency tests (IELTS/OET), visa processing fees, and living expenses during internships or bridging programs. Overall, expenses can range between AUD 10,000–20,000, depending on individual circumstances and preparation needs.
Career

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Sushil

Sushil Sukhwani  |594 Answers  |Ask -

Study Abroad Expert - Answered on Jun 15, 2023

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Hello Sir - I cleared my MBBS this year. What are the possibilities of pursuing higher studies and also professional career in Australia? What are the exams and qualifiers to be cleared ? Request your answer please and thanks a lot in advance.
Ans: Hello Sanjay,

First and foremost, thank you for getting in touch with us. Congratulations on passing your MBBS exam! It is undoubtedly possible for you to pursue advanced studies and a professional career in Australia. Australia has a developed healthcare system and excellent employment prospects for medical professionals.

To practise medicine in Australia, international medical graduates must normally complete a sequence of steps, which include the following:

1. English Language Competency: A language test in English, such as the Occupational English Test (OET) or the International English Language Testing System (IELTS), is required to prove your ability in the language.

2. Register with the Medical Council: Depending on the state or territory you plan to practise in, you must submit an application for registration with either the Australian Medical Council (AMC) or the Medical Board of Australia (MBA). You must submit your credentials and finish the relevant documentation as part of the registration procedure.

3. Competency Evaluation: To make sure your credentials fit Australian standards, you'll probably need to go through a competency exam as an international medical graduate. The AMC typically administers the assessment, which entails assessing your clinical and medical expertise. Both a written and a clinical exam could be a part of this.

4. Career Placement Opportunities: You can begin looking for employment opportunities in Australia as soon as you have received the required registration and evaluation. There are many options to choose, including public hospitals, private practises, or research institutions. Finding suitable opportunities can also be facilitated by networking with and establishing connections with Australian medical experts.

In terms of advanced education, Australia provides a variety of postgraduate medical programs and specializations. Master's degrees, doctoral programs, and training programs for different medical specialties are a few examples. Universities and hospitals in Australia both provide these programs.

It's vital to keep in mind that precise guidelines and procedures may change depending on the Australian state or territory you intend to practise in. For the most recent and correct information on registration and additional education, it is best to get in touch with the appropriate medical authorities or professional organizations in Australia, including the AMC or the MBA. Wishing you success in all of your future endeavours in Australia!

For more information, you can visit our website.

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Latest Questions
Ramalingam

Ramalingam Kalirajan  |8333 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 12, 2025

Money
i wish to purchase new car i10, should i purchase the same through own money or should i take a vehicle loan from bank and the money own by my to be kept as FDR or liquid mutual fund
Ans: It’s a good sign that you’re thinking before buying a car. You’re not rushing into it. That shows maturity and smart thinking.

We will now evaluate own money vs vehicle loan — from every angle.

 

Understanding the Nature of a Car Purchase
A car is not an investment.

 

It is a consumption asset, not a growth asset.

 

It depreciates every year. Its value goes down, not up.

 

So the cheaper the total cost, the better for your wealth.

 

Option 1: Use Own Money Fully
Pros

No interest cost. You save on total expenses.

 

You are free from monthly EMI pressure.

 

Car becomes fully yours from day one.

 

No need to deal with bank, forms, hypothecation etc.

 

Cons

Your liquid money reduces.

 

You may not have enough cash for emergencies.

 

Opportunity loss if you had invested that money.

 

Option 2: Take Vehicle Loan & Keep Own Money in FDR or Liquid Mutual Fund
Let’s evaluate this with care.

Vehicle Loan Pros

You can preserve your savings for emergencies.

 

EMI can be budgeted monthly, if income is stable.

 

Some banks offer competitive interest rates.

 

Vehicle Loan Cons

You will pay interest on a depreciating item.

 

Loan adds to your monthly obligations.

 

You must pay insurance, EMI, fuel, and service together.

 

FDR and Liquid Mutual Funds give lower returns than loan cost.

 

So you will likely lose more in interest than you gain.

 

Let's Compare: Interest Rate vs Investment Return
Vehicle loan interest is usually 9% to 11% per year.

 

FDR gives around 6% to 7% before tax.

 

Liquid mutual funds give 6% to 7.5% on average.

 

So you pay more to the bank than you earn from investment.

 

Tax on interest or gains reduces actual return further.

 

This means taking a car loan and investing your own money leads to net loss.

 

Best Option for You: Smart Compromise Approach
Let me share a wise solution.

 

Don’t use full own money. Don’t take full loan either.

 

Instead, pay 70–80% from own funds.

 

Take a small car loan for the remaining 20–30% only.

 

This keeps EMI low and retains some liquidity.

 

You reduce interest cost and also keep Rs.50,000–Rs.1 lakh aside.

 

Park that in liquid fund for any urgent need.

 

Repay this small loan fast in 1–2 years.

 

Only Take a Car Loan If:
Your job income is stable.

 

You already have 3–6 months emergency fund ready.

 

You don’t have big loans running now.

 

You can pay EMI without affecting savings.

 

You commit to close the loan early.

 

Avoid This Mistake:
Never buy a more expensive car because loan makes it “feel affordable.”

 

Loan should not expand your car budget.

 

Whether you buy with loan or cash, pick a simple car within limits.

 

i10 is a wise, middle-ground choice. Good thought.

 

Tax Angle (If Business Use)
If you are using the car for business, vehicle loan interest may be tax-deductible.

 

But for personal use, there is no tax benefit.

 

So do not take loan just for imagined tax saving.

 

Final Insights
A car is a need, not an investment.

 

Using your own money fully keeps things simple and cheap.

 

Taking a full car loan and investing the money gives net negative return.

 

Best option is a split approach — pay major part from own funds.

 

Take small loan only if needed and close it early.

 

Always keep emergency money aside before buying.

 

Avoid emotional buying or overbudget cars.

 

Your financially balanced approach is very appreciable.

 

Best Regards,
 
K. Ramalingam, MBA, CFP,
 
Chief Financial Planner,
 
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

Anu

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