Home Loans For Dermatologists | 90% No LMI

Dermatologists are viewed as ideal borrowers by lenders because they have stable employment and good income. Banks offer them special discounts on their doctor home loan packages. As a result, you can profit from the following advantages.

  • You can access more borrowing power and expand your property portfolio more quickly.
  • You may get access to competitive interest rates not available to the public.
  • Most banks don’t need you to meet a minimum income requirement, as they do with professionals from other industries.

How Much Can I Borrow As A Dermatologist?

  • Most lenders let you borrow up to 90% or 95% of the value of the property (90% to 95% Loan-To-Value Ratio) and waive LMI.
  • A few lenders let you borrow up to 100% of the property value with no LMI (conditions apply).
  • To buy a commercial property to operate a dermatology practice, you can borrow up to 100% of the property value.
  • Some lenders allow you to borrow as much as $4.5 million (subject to change as per the lender’s policy).

What Is LMI And How Much Can I Save If It’s Waived?

Lenders Mortgage Insurance (LMI) is a non-refundable fee added to your home loan. It protects the bank against any loss it may incur if you cannot make the repayments. It is applicable only when you borrow more than 80%.

Waived LMI can save you thousands of dollars, which you might put towards paying down your loan to increase your equity.

Property Value Loan Amount Loan-To-Value Ratio (LVR) Deposit Amount LMI Premium (excluding stamp duty)
$500,000 $450,000 90% $50,000 $8,680
$1,000,000 $900,000 90% $100,000 $22,392
$1,500,000 $1,350,000 90% $150,000 $36,858

Note: Other fees and costs will be incurred when applying for a home loan.

Use our LMI calculator to input your own loan amounts. If you want to discuss exactly how much you can save, you can call our brokers on 1300 889 743 or enquire online today.

Am I Eligible For A Dermatologist Loan?

As a dermatologist, to be eligible for most banks’ medico packages, you must have the following:

  • Australasian College of Dermatologists (ACD) accreditation as a dermatologist.
  • Evidence that you are registered with the Australian Health Practitioner Regulation Agency (AHPRA).
  • If you are self-employed or working as a contractor, banks will want you to provide evidence of your income. This can be your last two tax returns.

Talk To The Experts

We know the right people in the field! Speak to our mortgage brokers, who specialise in dermatologist home loans. Call us on 1300 889 743 or fill out thefree assessment form today.

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