Last Updated: 1st February, 2024

The mortgage market is extremely competitive. It can be hard to unravel mortgage jargon to understand precisely what certain offers mean. There are plenty of lenders offering an extensive range of products and rates.

But what if you are in a profession where you can’t spare the time to look around for the best deals?

Do doctors need a mortgage broker to get a home loan?

You don’t need a mortgage broker to secure a home loan. However, using an experienced broker can make the process a whole lot easier and faster.

This means that you don’t have to take time out of your busy schedule fishing for suitable home loan deals or filling in lengthy forms when you could instead be saving lives.

A mortgage broker will give you expert advice and dedicated help from start to finish, making your home loan journey much smoother and more productive.

Why should I take help from a mortgage broker?

As a medical professional chances are you work long hours in a highly demanding job. The last thing you need is to spend your time chasing a home loan. That’s where a mortgage broker can make life easier for you.

Our mortgage brokers take extra time up-front to go through your scenario and provide a complete home loan solution. They will look at your needs now and into the future, to ensure that you have the best possible loan.

Your Home Loan Experts broker will:

  • Research and offer you expert financial advice and information about home loan deals matched to your personal requirements
  • Do all the legwork for you to arrange a home loan through a bank or lender
  • Help you to navigate the often complex pre-approval and application process
  • Follow your loan application all the way through to settlement
  • Work under Best Interest Duty to act exclusively in your best interest
  • Find you the competitive mortgage rates on the market (some lenders save their best deals for mortgage brokers)
  • Reduce stress levels by giving you more time and freedom to focus on other things
  • Assist you with obtaining a maximum borrowing amount
  • Check whether you qualify to borrow up to 100% of your property’s price without LMI

These benefits leave you free to find the right property, knowing that a mortgage broker is working hard and taking care of your loan.

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Why do lenders waive LMI for medical professionals?

As a doctor you are considered a valuable customer in Australia; and banks and lenders often go out of their way to offer you exclusive rewards and discounts on your home loan.

Medical professionals have an excellent reputation with the banks. They prefer to have you as a client because:

  • You have a high income.
  • You have fewer chances of defaulting on your loan repayments.
  • You tend to borrow large amounts.
  • You have referrals of high net worth clients.

Simply put, the banks would love to have you as a borrower.

Certain lenders may either lower the threshold at which LMI applies for members of the medical profession or waive the cost altogether – a substantial saving.

You could find yourself being able to borrow up to $4.5 million with some lenders without difficulty. If you’ve found a home that’s priced at the higher end of the market, lenders will be ready to finance it.

Am I eligible for an LMI waiver?

The eligibility criteria is given below: