Home Loans For Medical Professionals

Medical professionals enjoy unique advantages when applying for a home loan, and it’s not just about income.

Lenders have developed specific policies and concessions for doctors, dentists, vets, and allied health professionals, offers that aren’t available to the general public. While they typically apply strict lending criteria, they’re more flexible with borrowers in the medical field due to the lower risk involved.

Lenders consider medical professionals low-risk borrowers, as they:

• Earn a higher-than-average income
• Have stable employment and reliable repayments
• Often borrow larger amounts with fewer defaults

LMI Waiver For Professionals

With this waived LMI assessment tool, you can effortlessly discover the number of lenders offering waived LMI for professionals like you and, even more importantly, determine precisely how much LMI you stand to save.

Home Loan Benefits for medical professionals

There are various offers and concessions in the home loan process that are made available for medical professionals.

Although these benefits can differ on a case-by-case basis, here are some benefits you most certainly can claim.

Waived LMI Up To 95%

LMI (Lender Mortgage Insurance) fees apply if your loan amount is over 80% of the property value.

However, if you are a medical professional,lenders offer you a waived LMI of up to 95%, saving you thousands of dollars on LMI fees.

Do I qualify for a waived LMI if I apply for a joint home loan with someone who is not from the medical field?

To get the benefit of waived LMI if you’re jointly applying for a home loan with a partner who is not from a medical field, at least one applicant has to be from a medical profession.

As long as one of the borrowers is working as a medical professional, then you can apply for a waived LMI home loan.

Making a minimum deposit

For the medical professional home loans, the maximum amount you can borrow is higher than for the general public.

The higher the LVR (loan to value ratio), lower the deposit you need to make.

An LVR up to 95% is standard among the medical professionals. Which means a minimum deposit of 5% is all you need to make.

Among medical workers, too, ones with a comparatively higher income can make lower deposits.

No deposit home loans where you can borrow up to 100% of the property value is also available for certain high earning professions.

You can use our no deposit calculator to see if you qualify for a no deposit home loan.

In case you want to have a guarantor on board, you may do so and still make a minimum deposit.

The guarantor home loan and no/low deposit scheme for medical professionals will not overlap. Hence, you can enjoy the benefits of both.

Low interest rates and discounted fees

Most lenders provide progressive variable and fixed interest rate options to the medical workers.

For the variable interest rate, discounts are available, which can be up to 1% of the standard rate. Similarly, for the fixed interest rate, lenders provide offset accounts and redraw facilities.

Fees charged by lenders for the application process are either discounted or waived off on a case-by-case basis.

Which medical professionals qualify for waived LMI?

When someone says ‘medical professional’, it is either narrowed down to defining only doctors and nurses or is confused with a healthcare worker.

This misassociation brings confusions as to which professions fit in on the eligibility criteria for the home loans for medical professionals.

Listed below are all the medical professionals eligible for medical professional home loans:

• Anaesthesiologists
• Anaesthetists
• Audiologist
• Chiropractor
• Cosmetic surgeons
• Dentists
• Dermatologists
• General practitioners; interns and residents
• Specialists like Cardiologists, Gynecologists, Neurologists, Oncologists, and Rheumatologists
• Epidemiologists
• Midwife
• Nurse
• Obstetricians
• Occupational Therapist
• Ophthalmologists
• Optometrists
• Orthodontists
• Osteopath
• Paediatricians
• Pathologists
• Pharmacists
• Physiotherapist
• Plastic Surgeons
• Podiatrist
• Psychiatrists and Psychologists
• Radiographer
• Radiologists
• Registrars
• Speech Pathologists
• Staff specialists
• Sonographer
• Surgeons
• Veterinarians

If you are one of the above-listed professionals, another thing to be mindful of is the place you acquired your practice license from.

Eligibility criteria for listed medical professionals

You need to be a medical practitioner in Australia or Newzealand and be a member of a registered medical association.

Your membership registration type also determines your eligibility.

The acceptable registration types are:

• Generalist registration
• Specialist registration

The unacceptable registration types are:

• Provisional registration
• Limited registration
• Non-practising registration

Note: Non-practising registration may be accepted by some lenders in case of a temporary absence from practise (e.g. When on parental leave)

Specific Income Documents required: If you are an employee, you will have to submit any two or three of your recent (no older than 4 months) payslips and employment summary. If you are self-employed, lenders will ask for your ABN (Australian Business Number), and tax assessment reports from the ATO (Australian Tax. Office)

Note: Most lenders will require you to have worked as a medical professional for at least two years to be eligible for any of their exclusive schemes. Else, they will not even look at your home loan application.