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Home Loans For Optometrists

Did you know that some lenders offer special discounts for medical professionals such as doctors and optometrists?

You can save a fortune in interest and fees by applying with a bank that is willing to fight for your business.

Discounts for optometrists

  • Exclusive interest rate discounts.
  • Borrow up to 90% of the property value with no LMI.

Find out if you qualify for a discount by calling our mortgage brokers on 1300 889 743 or by filling in our free assessment form.

Discounted interest rates

The size of your interest rate discount will depend upon:

  • The amount that you are borrowing.
  • If you loan has LMI waived.
  • If you are a member of the Optometrists Association Australia (OAA).
  • The bank: only three of our banks have special discounts for optometrists.

You can take a look at our interest rates page to see some of the discounts based on your loan size. Larger discounts may be available by negotiation with our lenders.

Home loans with no LMI

Normally, if you borrow more than 80% of the property value then the lender will charge you a fee known as LMI. This can be quite expensive and works out to be around $24,000 for a 90% loan on a $1,000,000 property.

But what if you could have it waived?

Two of our lenders can consider waiving LMI for optometrists and other medical professionals, allowing you to buy multiple investment properties or to get your foot into the property market sooner!

Find out if you qualify for a discount by calling our mortgage brokers on 1300 889 743 or by filling in our free assessment form.

Am I eligible?

Home loans with no LMI are only available for “medical professional” related professions such as optometrists or ophthalmologists. There are no restrictions as to whether you are working in a private clinic, a non-government organisation such as the Fred Hollows Foundation or a large network such as OPSM or Specsavers.

Other practice staff such as practice managers and optical technicians are not eligible for home loans with no LMI. Interest rate discounts may be available on a case by case basis depending on the overall strength of their application.

What if I am a temporary resident?

Many new optometry graduates have migrated to Australia to complete their degree. When they enter the workforce and begin to focus on their career they are often on a temporary visa which is likely to lead to permanent residency.

Some of our lenders can consider special discounts on a case by case basis if your are a temporary resident.

Can I buy investment properties with no LMI?

Waived LMI is a fantastic discount for investors, enabling them to buy several properties quickly with very little of their own money as a deposit.

The banks will allow you to buy multiple properties as investments as long as you remain within their exposure limits. For serious investors, we may be able to spread your exposure between several lenders to allow you to pursue your investment goals.

Which home loan features are available?

The same fixed and variable interest rate options are available for loans with waived LMI.

Features such as 100% offset accounts, professional packages, basic loans, line of credits (LOCs) and split loans are all available as they would be for a standard home loan.

Can I finance my optometrist clinic?

Some of our lenders will go the extra mile to help you to buy a shop, complete the fit-out and buy any specialised diagnostic equipment required for you to do your job.

Some banks will offer special pricing or will lend up to 100% of the cost of setting up your new business.

If you are an established business then you will need to provide your last two years tax returns and business financials.

For new optometry practices, you will need to provide a business plan, evidence of your prior employment and additional documents depending on the lender that we apply with.

There are OPSM franchise loans available too!

Apply for a home loan

Which lender has the best discount for optometrists?

We have an eye for finding the right loan! Find out what is on offer by calling 1300 889 743 or by filling in our free assessment form.

  • Jorja

    How much can I borrow to buy a new OPSM franchise store?

  • Hey Jorja,

    For an optometry format system, you can borrow up to 60% LVR for a new store or if you’re buying an OPSM full format system then up to 50% LVR for a new store. If you want to learn more about this, you can check out the OPSM franchise loan page:

  • hughes69

    I’m an optometrist here on a temporary visa but I will likely be getting PR soon. When would it be better to apply for an optometrist home loan?

  • Hi hughes,

    Generally, it would be better to apply for the home loan once you get the PR. However, some of our lenders can consider special discounts on a case by case basis even if you’re a temporary resident so you don’t need to delay or miss out on a good buy.

  • K. Lage

    Hi, can you explain a 100% offset account feature in simple terms? Thanks.

  • Hi K. Lage,

    A 100% offset account for a home loan is a simple feature that enables you to pay off your loan sooner without even thinking about it. It’s simply a regular cheque account that has ATM, cheque book and internet access and is linked to your home loan when your loan is set up. Instead of earning interest on the money in your offset account, you save interest on your home loan. You can learn about it in detail here: