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Home loans for doctors were created by Australian lenders because they favour doctors above all other professions.

Doctors are known to be low risk borrowers because they tend to earn high incomes and approach the bank later in life for a business or investment loan making them more reliable borrowers.

Doctors have one of the lowest default rates of any profession so they’re in a unique position to negotiate significant discounts that aren’t available to other borrowers.


Enter your medical field to find out if you qualify for home loan discounts*.

*Specific lender criteria applies.

How does it work?

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In Australia, home loans for doctors are mortgages offered by lenders to certain types of doctors.

These types of mortgages differ from normal mortgages due to the following reasons:

  • The maximum amount that you can borrow is usually higher than what is offered to the public. For example, some lenders will lend you up to $4.5 million for your home and investment properties while larger loans are available on a case by case basis.
  • Special discounts that are exclusive to medical professionals and not to standard borrowers.
  • Home loans for doctors can be used to buy a new property or refinance your existing loan to buy more properties.

Which types of doctors are eligible?

Not all doctors are considered eligible for the ‘Medico Package’ discounts. Below is a list of preferred medical professionals:

  • Anesthesiologist
  • Anaesthetist
  • Cardio Thoraci Surgeon
  • Cardiologist
  • Cardiothoracic Surgeon
  • Chiropractor
  • Clinical Pharmacologist
  • Cosmetic Surgeon
  • Dental Specialist
  • Dentist
  • Dermatologist
  • Doctor
  • Ear and Throat Surgeon
  • Emergency Doctor
  • Emergency Medicine Specialist
  • Emergency Surgeon
  • Endocrinologist
  • Gastro Intestinal Surgeon (Upper/Lower)
  • Gastroenterologist
  • General Practitioner
  • General Surgeon
  • GP
  • GP Registrar
  • Gynaecologist
  • Haematologist
  • Heart Doctor
  • Heart Surgeon
  • Hepatologist
  • Herpetologist
  • Immunologist
  • Intern (Hospital Employed)
  • Maxillofacial Surgeon
  • Medical Administrator
  • Medical Practitioner
  • Medical Registrar
  • Nephrologist
  • Neuro Surgeon
  • Neurosurgeon
  • Neurologist
  • Obstetrician
  • Oncologist
  • Opthalmologist
  • Optometrist
  • Oral Surgeon
  • Orthodontists
  • Orthopaedic Surgeon
  • Otolaryngologist
  • Paediatric Surgeon (Neonatal/Perinatal)
  • Paediatrician
  • Pathologist
  • Pharmacist
  • Physician
  • Physiotherapist
  • Plastic Surgeon
  • Psychiatrist
  • Radiologist
  • Radiation Oncologist
  • Reconstructive Surgeon
  • Registrar
  • Resident Medical Officer
  • Residents (Hospital Employed)
  • Respiratory Surgeon
  • Rheumatologist
  • Specialist Physician
  • Staff Specialists (Hospital Employed)
  • Surgeon
  • Surgical Registrar
  • Thoracic Surgeon
  • Urologist
  • Vascular Surgeon
  • Vet
  • Veterinarian

Yes, interns, residents, registrars and staff specialists are all eligible!

In addition, some of our lenders favour specific specialists such as anaesthetists, psychiatrists, obstetricians and radiologists.

You must be an association member

To be eligible for a doctor home loan, you must be a member of one of the following associations:

  • Australian Association of Practice Managers
  • Australian College of Rural and Remote Medicine (ACRRM)
  • Australian Dental Association (ADA)
  • Australian Dental Council (ADC)
  • Australian Medical Association (AMA)
  • Australian Medical Council (AMC)
  • Australian Veterinary Business Association
  • Australian Veterinary Association
  • Australasian College for Emergency Medicine (ACEM)
  • Australasian College of Cosmetic Surgery (ACCS)
  • Australasian College of Dermatologists (ACD)
  • College of Intensive Care Medicine of Australia and New Zealand (CICM)
  • Medical Practitioners Board of Australia
  • Royal Australasian College of Dental Surgeons (RACDS)
  • Royal Australasian College of Medical Administrators (RACMA)
  • Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
  • Royal Australian and New Zealand College of Ophthalmologists (RANZCO)
  • Royal Australasian College of Surgeons (RACS)
  • Royal Australasian College of Physicians (RACP)
  • Royal College of Pathologists of Australasia (RCPA)
  • Royal Australian and New Zealand College of Psychiatrists (RANZCP)
  • Optometrists Association Australia
  • The Australia and New Zealand College of Anaesthetists (ANZCA)
  • The Royal Australian College of General Practitioners (RACGP)
  • The Royal Australian and New Zealand College of Radiologists (RANZCR)
  • Urological Society of Australia and New Zealand (USANZ)
  • Other associations on a case by case basis

Which types of doctors are not eligible?

Home loans for doctors are not available to some medical professionals such as psychologists, medical research scientists, and naturopaths.

This is because banks have completed a statistical analysis of their existing loan portfolios and have identified certain professions to be a higher risk than other medical professionals.

Don’t worry, you may still receive a reduced interest rate if you have a strong employment history and substantial savings!

Making sure your income is accepted

In some cases, doctors have unusual income structures that are not accepted by all banks.

Typically, these include doctors that are receiving medicare income guarantees, contracting, self employed or have a partnership style businesses.

As long as you can provide evidence of your income then you can usually find a suitable lender that can accept your application.


What discounts do doctors get?

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Medical practitioners who are eligible for doctor home loans can get either an interest rate discount, a lenders mortgage insurance (LMI) waiver, or both.

Home loans for doctors vary from lender to lender so the type of discount will depend on the lender.

For example, if you’re buying a home for $1,000,000 and borrowing $900,000 then you would normally pay around $24,500 in LMI.

As you can see, this is an incredible discount!

Why do lenders waive Lenders Mortgage Insurance?

Lenders require most borrowers to pay lenders mortgage insurance (LMI) if they are borrowing more then 80% of the property value.

This one-off fee pays for an insurance policy that covers the bank for losses they incur if you cannot repay your mortgage.

Lenders love doctors.

They see doctors as low risk borrowers.

Their data shows that doctors have a low chance of missing a repayment due to their high incomes.

For these reasons, lenders will often create specific polities for doctors with benefit not generally open to the public.

Here are some examples of waived lender mortgage insurance (LMI) discounts.

  • Borrow up to 90% of the property value without paying any LMI.
  • Borrow up to 105% of the property value if your parents guarantee your loan.

Why do doctors get discounted interest rates?

Lenders love doctors and will often offer discounted interest rates in order to get the business.

They will even offer sharp pricing on upfront application fees and ongoing account-keeping costs.

Home loans for doctors were created for this very reason: lenders are fighting to get your business.

For the best results, speak to a mortgage broker who has a special relationship with one of these lenders so they can negotiate a competitive interest rate discount on your behalf.

Golden tips to maximise your discounts.

  • Make sure you ask specifically about home loans for doctors.
  • If you’re borrowing over 80% of the property value then it’s best to focus on getting waived LMI.
  • If you’re borrowing less than 80% of the property value then you’ll not pay LMI anyway so it’s better to focus on getting a competitive interest rate discount.
  • If you’re buying a commercial property then other discounts and packages are available.
  • If you’re buying medical equipment then you can borrow the full cost, often with no other security.
  • Make sure the broker you’re dealing with has access to many lenders, including your bank.
  • Make sure the broker you’re dealing with knows which lenders are currently pricing aggressively to win market share.
  • Maximum discounts are not advertised or published by lenders so make sure your broker knows the limits that they can negotiate to.
  • Always ask about fees. Services are generally free except for short term loans and complex situations.

What about getting a finance for a commercial property?

business

Did you know that special lending rules apply to doctors who are buying, building or fitting out their own medical practice?

Normally you would be allowed to borrow up to 75% or possibly 80% of the value of a commercial property.

However, for a medical centre or practice, it’s possible to borrow up to 100% of the property value with a commercial loan.

Golden tips to maximise approval.

Lenders require most borrowers to pay lenders mortgage insurance (LMI) if they are borrowing more then 80% of the property value.

This one-off fee pays for an insurance policy that covers the bank for losses they incur if you cannot repay your mortgage.

Lenders love doctors because they’re seen as low risk borrowers.

Their data shows that doctors have a low chance of missing a repayment due to their high incomes.

For these reasons, lenders will often create specific polities for doctors with benefit not generally open to the public.

Here are some examples of waived lender mortgage insurance (LMI) discounts.

  • Borrow up to 90% of the property value without paying any LMI.
  • Borrow up to 105% of the property value if your parents guarantee your loan.

Financing your medical equipment.

local_hospital

Medical equipment is usually the largest non-property expense associated with setting up your own practice.

Investing in good quality equipment can significantly increase the returns for your business.

With a medical practice loan, you can borrow 100% of the costs of your practice, including fit-out and the cost of medical equipment.

Other benefits include:

  • You don’t have to provide further security.
  • We can obtain quotes from several competitive lenders.
  • We can get you a quick approval and settlement.

Types of medical equipment you can finance.

Almost any type of medical equipment can be financed. This includes:

  • Diagnostic imaging equipment.
  • Medical monitoring devices.
  • Medical laboratory equipment.
  • Medical software (e.g. Radiology Information System / Picture Archiving and Communication System).
  • Office, surgery or clinic fit-outs.

Are doctor discounts available with construction loans?

build

It is possible to get discounts such as waived LMI or a discounted interest rate with a construction loan but this isn’t available from all lenders.

The types of discounts that are available will also depend on the type of construction:

  • Contract builder / normal construction: Waived LMI and discounted interest rates are available. A renovation or knock down and rebuild are both acceptable with a licenced builder.
  • Cost plus construction: Discounted interest rates are available.
  • Owner builder: Discounts are available by exception only.
  • Medical centre construction: Discounts are available if you’re building a medical centre or practice for your business.
  • Small development loans: Pricing is not based on your profession unless residential property is offered as security.

A home loan or development loan that funds a construction project is normally split into two separate loans.

One is secured by the land or original building and is advanced when you purchase the property or refinance to your new bank.

The second loan is for construction purposes and is progressively drawn as the builder requests each progress payment.


Home loans for doctors FAQs

Do nurses qualify for home loans for doctors?

Nurses don’t qualify for doctor home loans because lenders don’t consider them as high pay customers like doctors.

However, you can still qualify for waived Lenders Mortgage Insurance (LMI) up to 80% of the property value if you can prove that you have stable employment and income.

You may also qualify for discounted interest rates if you borrow over $250,000.

You can learn more about home loans for nurses on our nurse home loans page.

Will I qualify for a doctors home loan if my partner is a medical professional?

You can qualify for doctors home loan if you’re borrowing together with your partner, given that your partner is an eligible type of doctor.

If your partner is a medical professional who’s not eligible for home loans for doctors, then you may not qualify for this type of mortgage.

You can refer to the list of preferred medical professionals above in this page to find out if your partner is eligble for doctor discounts.

How much can I actually save by avoiding LMI?

Are you looking to buy a luxury property to live in?

When borrowing over $1 million, LMI premiums go through the roof.

More importantly, finding an LMI provider that will insure your mortgage becomes harder which means it’s even tougher to get approved.

Let’s just say you’re a doctor, you currently own your own home and you want to buy an investment property in New South Wales at 90% LVR. That means you’re borrowing 90% of the property value.

By going with a lender that waives LMI, here’s how much you could save:

Property value LMI premium saved
$500,000 $9,752
$1,000,000 $24,750
$1,500,000 $39,436
$2,000,000 $52,582

Use our LMI calculator to find how much you could save.

Note: The calculator only provides LMI premiums for loans up to $1 million.

Can I still get all of the same home loan features?

Even though doctors qualify for interest rate discounts and waived LMI, they can still get basic and professional packages along with all of the common features including:

Example of waived LMI

The situation

Dr Wood recently became a qualified heart surgeon and has been registered at Westmead Hospital for the past year.

After speaking with his accountant and his partner, he decides it’s time to buy his first investment property.

He finds a couple of units in a newly-built apartment building in Redfern worth $400,000 each.

The solution

After speaking with his mortgage broker, he finds out that with a 10% deposit for each property or $80,000 all up, he can avoid the cost of LMI with a couple of major lenders.

LMI amounts to around 2% of the property value so, all up, Dr Wood saves over $15,000 in LMI for both properties.

The result

Dr Wood was able to put these savings towards the other costs of completing the purchase including conveyancing and stamp duty.

Example of a self-employed radiologist

The situation

Having built up skills, experience and a good reputation working as a full-time PAYG at District of Workforce Shortage (DWS) locations in Broken Hill and Dubbo, Dr Bill wanted to chase more lucrative opportunities as a registered rediologist.

After speaking with colleagues, he was considering applying for a Australian Business Number (ABN) and subcontracting out to clinics and practices in Melbourne, a city where he wanted to make his permanent home.

He was a little concerned with getting regular work but his previous employers were able to provide great references and put him into contact with three prive hospitals around the Melbourne CBD.

The clinics needed a radiologist to handle the large workload as they had recently lost their specialists.

Dr Bill was ready to take the leap, resigned from his PAYG role and moved down to Melbourne.

For the first month, he shared a flat with a friend but he had his eyes set on an upmarket unit in South Yarra, close to cafes and restaurants.

The sale price of the unit was around $1.1 million.

From his contract work, he was earning around $20,000 per month, with the opportunity to pick up more shifts.

He didn’t think he’d have any problem in getting approved for a home loan but when he applied with his bank, they knocked him back.

Even though he was getting regular work and earning a great income, most banks treat medical professionals that subcontract as self-employed borrowers.

This in itself isn’t an issue but the problem happens when you have less than 2 years work history and cannot provide at least 2 tax returns showing consistent year-on-year income from contract work.

It was a classic case of a bank showing no common sense.

The solution

A mortgage broker assessed Dr Bill’s situation and was able to find a bank that could help as an exception to standard lending policy.

Firstly, Dr Bill was able to provide his last three invoices from his contract work, which looked a little like this.

Secondly, he provided his last two Notices of Assessment (NOA) showing his after-tax income for his previous PAYG role.

All up, Dr Bill had worked as a qualified radiologist for around 6 years and because he was now working as a sole source subcontractor, the broker was able to get an exception with the banker at the lender.

It also helped that our brokerage had a good relationship with the bank.

The result

Dr Bill was approved for $990,000 at 90% of the property value.

He was able to avoid the cost of LMI and qualified for a significantly reduce interest rate.

Dr Bill is now enjoying his new Melbourne lifestyle and earning a great income from his subcontracting work.

Example of financing a large construction project

The situation

John and Samantha decided that their North Sydney home needed a makeover and went to a private lender to finance the substantial renovation.

As a radiologist and a GP they were eligible for medical industry discounts.

However, they were building using a cost plus contract and this particular bank wouldn’t accept it.

The solution

After being knocked back, John and Samantha spoke to a mortgage broker who negotiated with several lenders on their behalf.

By speaking with the key decision makers, the broker managed to get a negotiated interest rate and acceptance of the couple’s proposed building contract.

The key was to provide additional evidence of the cost of construction and to make sure there were extra funds on standby in case of a cost overrun.

The result

The home loan was approved at a better rate than their previous bank could offer.

The broker even organised for a local branch manager to liaise with the couple so that they could get a similar experience to private banking without paying the higher interest rates.

John and Samantha’s home was completed in six months and they’ve enjoyed their new home ever since.

Example of buying multiple investment properties

The situation

Having built up a successful optometry practice over the last 5 years, Dr James wanted to add to his investment property portfolio.

At the time, he had a $1.2 million mortgage on his own home and around $600,000 owing on a couple of units he held as investment properties.

After doing his research, he found some great investment opportunities in a few locations around Australia.

Dr James wasn’t getting any younger and he wanted to have a good nest egg for him and his family.

He knew if he didn’t move quickly, the properties would get snapped up by savvy investors.

He set his sights on four properties:

  • A unit in Carlingford worth $300,000
  • A standard house in Redcliffe worth $460,000
  • A townhouse in Blacktown worth $500,000
  • Another unit in Fitzroy worth $400,000

Dr James approached his bank to apply for the home loans but the bank was only able to approve him for one or two.

He earned a good income from his practice and he had a good deposit which included equity in his existing properties. What was the problem?

Well, his total debts to buy the four properties plus his existing home loans exceeded $1.5 million.

This exceeds most lenders’ mortgage exposure limits, which is the level of debt they’re willing to accept for any one customer.

The solution

In a bind, he turned to a mortgage broker for help and found out that some lenders are willing to accept up to $10 million in exposure.

However, rather than simply applying with one lender that had high exposure limits, the mortgage broker suggested that Dr James spread his risk across multiple lenders and multiple LMI providers.

The reason is that several lenders may fall under the same ownership structure which means he risked reaching their total banking group exposure in the long run.

He is also able to avoid paying a much higher LMI premium for each purchase.

The result

Dr James was able to rapidly to grow his portfolio with the addition of the four properties.

With his mortgage broker on his team, he is also able to better manage his mortgage strategy so he can continue to buy real estate without exceeding bank exposure limits.


  • D’Hage

    Hi I’m moving to the bush next year with my gf and taking a new role as the local doctor. On further reading, it appears that doctors are eligible for lower interest rates and can lend up to 100% of the mortgage with no LMI but I spoke to a few banks and it seems like that most lend 90% and the ones that did do 100% have strict criteria which means in reality they lend 90%! Can you help to get more? 95% should be ok.

  • Hey D’Hage,

    Yes, we can assist with this. If your income is high then a small personal loan is often a good solution to top you up to 95% or 100%. There are two keys to this strategy:

    #1 is that you focus your payments on the personal loan and knock it off in a year or two.
    #2 is that a lot of lenders don’t accept a borrowed deposit.

    So we’ll organise waived LMI with one that does accept it. When you do the maths, this strategy is actually very cheap compared to paying LMI. That being said I know it does sound a bit out there.

  • Hoy

    I currently live in my home which has a mortgage with CommBank. Property value has increased since purchase and building in 2015. I need to refinance and buy out my ex-husband to maintain the property. Can you do this with doctor discounts?

  • Hello Hoy, yes, you can refinance, do debt consolidation or pay out an ex and still be eligible for no LMI home loans and a professional discount on your interest rate.

  • GPS

    I am half time employed by NSW health and half time in a private practice via my ABN. The issue is that for private practice, I’m a contractor to the medical centre and I invoice them each month and they pay me for my work. Private practice pays well but I just went overseas last month so it looks like I stopped working there and I just signed a contract to buy a house. I would like to borrow more than 90% of the valuation if possible.

  • Hi GPS, yes we can help with this. We’re actually specialists in lending to independent contractors: https://www.homeloanexperts.com.au/unusual-employment-loans/contractor-home-loan/

    We can use your payslips from NSW health, invoices and a letter from the private practice to support your application. We’d also need to provide a copy of your flight tickets for your holiday or something similar to show you were just away. Yes, you’d qualify for no LMI even though you’re a contractor. We’ve got a great relationship with some of the decision makers so can get this done as long as you can show you have a genuine and ongoing income.

  • Letcher

    Hi, we’re moving from one existing home with a current loan and purchasing a new primary home. I want to keep both but the problem is my total loans would be $6.8 mil @ 90% LTV and this is over the ‘exposure limit’ for waived LMI for doctors with my bank. What can I do?

  • Hi Letcher, that should be okay. We can do a loan with two different banks and then the exposure limits are halved. They all have different limits which range from $2m to $5m in most cases. We can get it approved, but the issue we see is that borrowing $6.8m at 90% LVR is relatively risky for you. We would like to have a discussion with you about how you plan to manage this risk e.g. having appropriate insurance, having cash on standby and making additional repayments to reduce the debt, etc. If you’ve got a high income and other liquid assets then it may not be a problem.

  • Angela McBain

    I currently have a 760000 dollar mortgage with ANZ @90% with no LMI. My accountant however stuffed up my tax and I am left with a 40g bill. Do you know if anywhere will take over my mortgage at 95% and no LMI at a reasonably competitive rate.

  • Hi Angela,
    It’s unlikely for a refinance especially if it’s to refinance tax debt even with doctor discounts. A lot of people choose to negotiate with the ATO instead, they have similar rates to a personal loan and will usually accept a payment plan.

    Alternatively with a guarantor loan we could refinance this now for you and you’d still get a great rate and no LMI https://www.homeloanexperts.com.au/guarantor-home-loans-new/

  • Jessie Shack

    Are prescribing nurse practitioners eligible? We charge out 85% of a doctors fee via Medicare for private consultations. If so, how many months statements are needed as evidence of income? Thanks.

  • Hi Jessie,
    Unfortunately all nurses are not eligible for doctor discounts. However you may be eligible for other discounts based on your employment stability or loan size. If you’d like us to get you a quote then click here https://www.homeloanexperts.com.au/free-quote/ and one of our mortgage brokers will call you to discuss your options.

  • Price

    I’m a cardiologist and I initially approached CBA through their Private Banking. A colleague told me that it would be best to get some info here first so I’d like to know if I can get a $5-6 million loan and get waived LMI. I can service it and have a clean credit history.

  • Hi Price,
    A loan of that size with waived LMI is difficult as most lenders have a maximum loan size or max exposure. If there are multiple properties as security (i.e. your home and an investment property) then we can split the loans up between more than one bank to make sure we can avoid LMI. If it’s one big loan we’d need to seek an exception from a lender to get approved. If you’re self employed, we may be able to use business assets as additional security. Private banking usually don’t have the best interest rates, so it just depends if you want a concierge-like service or if you’d prefer to get a sharp rate. Internet banking is so advanced these days that there usually isn’t a need for a dedicated banker. We have access to the private banking divisions of several banks and we can compare these for you as well.

  • Bill

    I am thinking of going for St George private bank because I would like to get some investment loans to buy some properties in the suburbs. The combined amounts will likely be $3+ milllion. What kind of interest rate discounts can I expect to get for an amount like that?

  • Hello Bill,

    It really varies, in particular, depending on the LVR of your loans (LINK). We normally put a pricing request in with several banks as their negotiated discounts change weekly and they don’t publish them. St George often have good pricing for people with a small deposit (loans over 80% LVR). However, other banks tend to beat them for fixed rates or low LVR loans.

  • Harper

    I applied with NAB Health but they’re asking a lot of questions around and I don’t really understand the terms and jargon they use. This would be my first actual property purchase because I have been living in an inherited house.

  • Hi Harper,
    No problem. Please call us on 1300 889 743 and we’ll go through your options with you. We can compare NAB along with the other banks that offer medical industry discounts.

  • Sin

    My uncle is a retired neurologist and he told me that he had no problems getting a doctor home loan with BOQ Specialist. I’m just an intern right now and I’ll be starting my residency soon, and I want to buy a house close to Brisbane so I may as well use BOQ Specialist too. Is there any specific product of theirs that can help me pay with paying off the loan as soon as possible?

  • Hi Sin,

    We cannot recommend a specific product that is suitable for you without seeing your full situation. Diagnosis first, then prescription :) That being said Bank of QLD purchased the doctor finance division of Investec and this became BOQ Specialist. They’re a good lender with innovative products so they may be a good choice for you depending on what they need.

  • Martin

    My residency ends in two years after which I am planning on going for the Westpac healthcare sector banking to buy vacant land and build a house. I would like to know the basic qualification criteria of their private banking and if I can get approved.

  • Hey Martin,
    In most cases you’d need an income over $250,000 and $2.5m in net assets. In most cases you’d pay a higher rate so it’s best to stick to the normal divisions of the bank. Private can be helpful where you have a mix of home loans and business loans e.g. a doctor that owns a home and is looking to finance the start up of a new practice.

  • Hector

    Macquarie Bank is what I’m considering because they did a great job for a few of my friends and cousins. I’m a radiologist and it’s stated on your website that some of your lenders favour some specialists such as us. What does that mean? Will they be a bit more flexible with their policies? I actually want to borrow around $5 million to kickstart my own radiology centre. Will I need to have a real estate property as security for that?

  • Hi Hector and thanks for posting.
    Yes, radiologists are seen as excellent customers for the banks due to their high income and low risk. This means you may be eligible for special discounts (waived LMI or a low rate) or to start a business with a small amount of capital. For a $5m centre, you’d need to put up some of your own cash or home as security. However, the banks would lend you much more than they would to another business owner.

  • Jomon

    My partner and I would like to get a doctor loan with ANZ. I’m working full time on my own business and my partner is a school teacher. We’d like to know what type of home loan offer we can qualify for. We’re also looking to borrow at the maximum LVR we can get.

  • Hey Jomon,
    We can assist with this. We’ll compare ANZ to other options as well and then you can decide which is best for you. In particular if a small deposit is your main focus then we can sometimes consider using an unsecured business loan to assist you to get over the line. Strict criteria apply for this option so it isn’t for everyone.

We are experts at finding the right home loan solution for our customers. Let us help you.