Last Updated: 19th October, 2022

Borrow up to 95% without paying Lenders Mortgage Insurance (LMI). No minimum income requirement. Exclusively for optometrists. Call us on 1300 889 743 or enquire online. T&C apply.


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 95% with waived LMI: Borrow up to 95% 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.

95% No LMI Home Loans

A lender on our panel is offering waived LMI on a 95% home loan for optometrists. There is no minimum income requirement. To qualify for no LMI on a 95% home loan:
  • You must buy a residential property. (Only Category 1 and 2 locations accepted)
  • You must hold a university degree from Australia or overseas.
  • You must be an Australian citizen or permanent resident living and working in Australia.
  • You must be employed as a optometrist and not on probation.
  • You have PAYG income in the industry for at least the last three years; doesn’t all have to be with the same employer but you must be past your probation period.
  • Minimum credit score required.
  • You need a minimum of 2 years’ tax returns and full financials if self-employed. ABN must be registered for at least two years and you must provide evidence of reported profit each year.
  • The maximum loan amount is $1 million.

Do you qualify for 95% 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 95%!

Select lenders will offer you 95% 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 95% 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 95% 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 95% 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 95% 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 95% 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 95% 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.