Check out these discounts on home loans for optometrists

Optometrists can save a fortune with negiotated home loan rates and fee waivers just by applying with the right lender.

You can

  • Borrow up to 100% with waived LMI: Borrow up to 100% of the property value and avoid Lenders Mortgage Insurance (LMI).
  • Borrow up to a maximum loan size of $4.5 million.
  • Access signficantly reduced interest rates that aren’t available to the general public.
  • Rapidly build an investment property portfolio thanks to higher exposure limits for high net worth investors.
  • Take advantage of flexible approval criteria for new graduates.

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.

Do you qualify for 100% no LMI?

For regular home loan customers, borrowing more than 80% of the property value means the lender will charge you a mortgage insurance premium, a hefty fee that protects the bank from risk, not you as the borrower.

How much does it cost?

Well, with some lenders it can work out to be around $24,000 when borrowing 90% of the property value on a $1,000,000 property.

As an eligible optical specialist, you can have this fee waived even when borrowing 100%!

Select lenders will offer you 100% waived LMI, leaving more money in your pocket to buy multiple investment properties or to simply to get your foot into the property market with the home of your dreams.

Call our mortgage brokers on 1300 889 743 or fill in our free assessment form and we can let you know how much you can save with home loans for optometrists.

Discounted interest rates are also available!

The size of your interest rate discount will depend upon:

  • The amount that you are borrowing.
  • If the lender is already offering you 100% waived LMI.
  • If you are a member of the Optometrists Association Australia (OAA).
  • The choice of lender.

To be clear, the interest rates available to optometrists are significantly below the rates banks advertise to the public.

We’re experts at negotiating huge mortgage discounts for optometrists.


Am I eligible?

Home loans with 100% no LMI are only available to optometrists, ophthalmologists and select medical professionals.

Other than your medical occupation, here are no restrictions based on whether you’re working in a private clinic, a non-government organisation such as the Fred Hollows Foundation or a large network such as OPSM or Specsavers.

Please note that practice staff, such as practice managers and optical technicians, are not eligible for a 100% LMI waiver.

Interest rate discounts are 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 starting forging 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.

Very likely though, you’ll be able to qualify for 90% no LMI as a 457 visa holder, as opposed to 100% waived LMI.

If you’re an optometrist who is on a 457 visa, please give one of our experienced mortgage brokers call to discover what discounts are available to you.

Call 1300 889 743 or complete our free assessment form today.


Can I buy investment properties with no LMI?

Avoiding the cost of mortgage insurance when borrowing 100% is a significant discount for optometrists looking to invest rapidly.

It essentially means you need no deposit, keeping more money in your pocket and maximising your cash flow to take advantage of other investment opportunities.

The key element most new investors forget is remaining within banks’ mortgage exposure limits.

Home loans for optometrists allow you to borrow up to a maximum of $4.5 million with some of our lenders, which is much higher than a regular borrower.

This will help you to avoid capping out your borrowing power with a lender and stopping your investment plans in their place.

Depending on your plans, we may be able to instead spread your exposure between several lenders.

Speak to one of our mortgage brokers because we recognise the importance of a good mortgage strategy when building a property portfolio.


What home loan features are available?

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

Features such as a 100% offset account, professional package, basic loan, line of credits(LOC) and split loan 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 private clinic, 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!


We’re experts at home loans for optometrists

Which lender has the best home loan discounts 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:
    https://www.homeloanexperts.com.au/franchise-loans/opsm-franchise-loan/

  • 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:
    https://www.homeloanexperts.com.au/home-loan-types/100-offset-home-loan-account/

  • 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.

  • kit

    I would like some help in figuring out my borrowing power. I’m not exactly sure how much I can borrow with my income, especially considering a new, recent personal loan that I acquired. Can you help with this?

  • Hi kit,
    To find out your borrowing power, you can try out our serviceability calculator. It takes your income and expenses into account as well as other details to provide an accurate indication of how much you can afford to borrow. Here’s the link to the calculator:
    https://www.homeloanexperts.com.au/how-much-can-i-borrow/

    If you’re not sure of the results or you want to discuss some details then please feel free to enquire online through the page itself or call and speak with one of our mortgage brokers on 1300 889 743.

  • Muir

    I have a few bank that I narrowed down by myself but I haven’t dealt with any of them so I am worried that I will go with a bank that’s not so great for me. Do you have any resource that you can provide to help me check out the strengths of different banks?

  • Hey Muir,
    You can simply check out the lender reviews section on our website and search for the banks you’ve narrowed down. The pages include the strengths as well as drawbacks of the banks and lenders as well as additional info. Here’s the link to the section:
    https://www.homeloanexperts.com.au/lender-reviews/

    Alternatively, you can speak with one of our experts on 1300 889 743 and discuss to see how viable your options are and whether there are any better options available.

  • sawyer

    I’m employed under contract at a public hospital. My fiance owns a private optometrist store. Are we able to qualify for the same home loan discounts or will there be any difference?

  • That’s a good question, Sawyer. No, it doesn’t matter if you’re working in the private sector or in the public sector; the home loan discounts that you can qualify for will remain the same.

  • Derek

    I heard Westpac do home loan discounts for doctors but what is their policy regarding this? I’m a doctor and I’m looking into this because I already have a savings account with Westpac bank and am planning on getting a mortgage later this year.

  • Yes Derek, they typically lend 90% no LMI. Note though that St George, Bank of Melbourne and Bank SA have the same policy. That means you can qualify with multiple lenders and we can help you choose a lender that’s offering the most competitive interest rate discount. Please feel free to contact us if you’d like to discuss in detail with an expert mortgage broker.

  • Sallinger

    I run a small optical clinic. I’m planning to expand it and was looking for a loan. Could you please tell me how we can get financing for medical equipment? I need to upgrade vertometer, polarimeter and refractometer for my clinic.

  • Yes Sallinger, we have some banks on our panel who could help you with financing your various types of equipment. The best part is that we can help you borrow the full amount if you can use your residential property as security or by using a guarantor. Please bear in mind that the lenders consider many things when assessing equipment finance loans. It generally includes your business experience, your industry or sector, your capital, as well as the nature of the equipment itself. Call us on 1300 889 743 and learn more about equipment finance loans.

  • Stanlek

    I’m an optometrist at Specsavers Optometrists. I’m planning to buy my first home. I heard that we could get no LMI home loans when borrowing up 90% of the property value. Is there any minimum income I need to be earning to qualify for waived LMI home loan?

  • Hi Stanlek,
    There isn’t any income threshold for optometrists and other medical professionals to be considered for waived Lenders Mortgage Insurance (LMI). You simply need to be fully qualified, working in an acceptable medical profession and borrow more than 90% of the property value. Call us on 1300 889 743 or fill our online form https://www.homeloanexperts.com.au/free-quote/. We are specialists in lending to doctors and optometrists and know which banks offer incredible home loan deals including discounted interest rates and waived LMI.