What home loan discounts are available to 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 home loan.

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 your 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:

  • 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:

    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:

    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.