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Home loans for doctors were created by the Australian lenders because they favour doctors above all other professions. From a risk perspective doctors are known to be low risk borrowers, earn high incomes, and often approach the bank later in life for a business or investment loan.

Doctors have one of the lowest default rates of any profession so you’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 lender will lend up to $4.5 million for your home and investment properties. Larger loans are available on a case by case basis.
  • Lenders create these products to attract doctors.
  • Home loans for doctors offer special discount not available to normal 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 to be 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
  • Occupational Therapist
  • 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

To be eligible you must also 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

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.

Associations you must be a part of.

To be eligible for a doctor home loan, you must also 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?

Normal borrowers who are borrowing less than 80% of the property value are not required to pay LMI. Lenders love doctors and will often offer discounted interest rates in order to get the business.

Home loans for doctors were created for the very reason – lenders are fighting to get your business. For best results speak to a mortgage broker who has a special relationship with one of these lenders and have them seek the best possible 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. 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.

Financing your medical equipment as well.

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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.

If you’re considering getting a loan to finance your commercial property you may want to consider including your medical equipment. Finance for new equipment can be obtained with either a lease, hire purchase, or chattel mortgage.

Benefits of going down this path include:

  • You can borrow the full cost of the equipment.
  • There is no need to provide any other security.
  • We can obtain quotes from several competitive lenders.
  • We can obtain 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

Yes it’s possible to get discounts such as waived LMI and or a discounted interest rate with a construction loan, however 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.


  • 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/

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