Personalised Home Loan Solutions for Doctors

Doctors often qualify for specialised home loan solutions because lenders view them as low-risk borrowers with stable, high-income potential. This means they may be offered perks like discounted interest rates, waived LMI (Lenders Mortgage Insurance), or the ability to secure a home loan with a lower deposit.

As mortgage brokers, we have access to a wide network of lenders and can help you navigate these offers, ensuring you find the most competitive rates and tailored deals that suit your financial goals.

Benefits Of Doctor Home Loans

Apart from the 95% LVR with waived LMI, you can also get the following benefits from a lender when you get approved for a home loan:

• Special discounts: This includes reduced interest rates and home loan fee waivers exclusive to medical professionals.
• Build your property portfolio fast: Home loans for doctors can be used to buy a new property or refinance your existing loan to buy more properties.
• Asset protection: Protect your assets and take advantage of tax benefits by purchasing in a company or trust structure.
• Higher loan amounts: You can get higher loan amounts than standard other borrowers because of the potential of increased earnings over time.

Who Qualifies For A Doctor Home Loan?

To qualify, you need to have an industry body membership from the Australian Medical Association or an equivalent organisation.

Several categories of medical professionals qualify for doctor home loans:

• General Practitioners (GPs): GPs working in a private practice or public hospitals are eligible, if they have a stable income and good credit history.
• Medical Specialists: Specialists, including surgeons, paediatricians, and obstetricians qualify, as they usually have higher incomes, which enhances their borrowing capacity.
• Dentists: Due to their stable incomes and high earning potential, both general dentists and specialists such as orthodontists and oral surgeons, can also apply for these loans.
• Interns and residents: Even junior doctors, including interns and residents, may qualify for home loans with up to 100% financing in some cases.

If your medical profession is not listed, you might still be eligible for special benefits. You can check using the Waiver Checker below:

Doctor LMI Waiver Checker

Special Loan Discounts And Offers For Doctors

Working in a medical profession, you might get exclusive rates and discounts from our panel of lenders.

That means, even when borrowing 95% of the property value, we could workshop a deal to get you interest rate discounts available for 80% LVR loans.

For example, when most borrowers want a 95% home loan, they might get interest-rate discounts of only 1.06 percentage points, which is what most lenders offer.

However, as a doctor, we can get you an interest-rate discount of up to 2.46 percentage points, that’s usually reserved for an 80% LVR.

We can do pricing requests to get even lower interest rates and higher discounts.

Borrowing Capacity: How Much Can I Borrow?

You may be able to borrow up to:

• 100% of the property value: You might be able to borrow up to 100% of the property value, but lending criteria for such loans is strict.
• 95% of the property value: Some medical professionals, like dentists, GPs, medical specialists, and more can borrow 95% with no LMI, if they qualify. There is no income threshold, and the maximum loan amount is $5 million.

Calculate your borrowing capacity using our ‘How Much Can I Borrow’ calculator.

Eligibility Criteria For LMI Waiver

The eligibility requirements for an LMI Waiver for medical professionals are:

• Maximum loan size of $4.5 million
• Maximum loan of 95% to 100% of the property value
• You must be a member of a relevant industry organisation; for example, the Australian Medical Association (AMA)
• You must be a preferred medical professional, such as a doctor, dentist, optometrist, veterinarian, chiropractor, pharmacist, etc.

How Much Can Doctors Save by Avoiding LMI?

Doctors in Australia can save thousands of dollars by avoiding Lenders Mortgage Insurance when borrowing up to 95% of the property value. Here’s how much doctors can actually save with waived LMI, based on the property value:

The results shown in the table are illustrative purposes only and do not constitute financial advice. Eligibility for LMI waivers depends on specific lender criteria and personal circumstances. We recommend speaking with one of our expert mortgage brokers to assess your situation and confirm the details of your loan options.

Application Process For Doctor Home Loans

• Consult with a mortgage broker who specialises in doctor home loans to assess your financial situation and secure benefits like waived LMI and discounted interest rates.
• Obtain pre-approval quickly, leveraging your stable income and possible status to determine your borrowing capacity.
• Submit the contract of sale after making an offer and proceed with formal approval.
• Complete property valuation with quicker approval thanks to your low-risk profile.
• Finalise settlement and take advantage of flexible features like interest-only repayments, among others.
• Once settlement is completed, you officially take ownership of the property.

Throughout this process, having a mortgage broker specialising in doctor home loans ensures that you can access tailored loan products and get the best possible deals and discounts.

Required Documents When Applying For A Home Loan

• Registration is verified on the Australian Health Practitioner Regulation Agency (AHPRA) website or relevant veterinary board.
• Personal identification documents like your driver’s licence or passport
• Payslips from the last three months
• A payment summary from your employer
• ABN and tax assessments from the last two years (if self-employed)
• Signed lease and rental statements if you are receiving rental income
• Information detailing your loans and liabilities.

Why Choose Home Loan Experts As Your Mortgage Broker?

At Home Loan Experts, we understand the unique financial needs of doctors and medical professionals. Here’s why doctors across Australia trust us to secure the right home loan deals:

• Specialised expertise in doctor home loans: Our brokers are well-versed in the financial needs of medical professionals. Whether you’re an intern or a specialist, we’ll help you navigate your options and structure your loan in a way that fits your long-term financial goals.
• Access to exclusive doctor discounts: With our extensive network, we have access to lenders that specifically offer special deals for doctors. This ensures that you get the most competitive loan options available in the market.
• Streamlined Process: We make the home loan application process faster and simpler for busy professionals. With our experience, we reduce the paperwork, saving you time and ensuring a smooth application process from start to finish.

Client Stories

Dr. Wood Saves Over $100K on His First Investment Property

Dr. Wood, a newly qualified heart surgeon at Westmead Hospital, was ready to purchase his first investment properties in Redfern. After consulting Home Loan Experts, he discovered he could avoid Lenders Mortgage Insurance (LMI) costs with certain lenders, saving him over $15,000 on two units. Combined with his 10% deposit, he ultimately saved more than $100,000, allowing him to cover additional purchase costs such as stamp duty and conveyancing.

John and Samantha Secure a Better Deal for Their Dream Renovation

John, a radiologist, and Samantha, a GP, planned a major renovation for their North Sydney home but were rejected by their private lender due to a cost-plus building contract. They turned to a Home Loan Experts broker, who negotiated with several lenders, securing a lower interest rate and acceptance of their contract by providing detailed cost evidence and ensuring extra funds for potential overruns. We also arranged personalised service through a local branch manager, giving the couple the benefits of private banking without the higher costs. Their renovation was completed in six months, and they now enjoy their newly transformed home.

Dr. James Expands His Property Portfolio by Navigating Lender Exposure Limits

Dr. James, a successful optometrist, was eager to expand his investment portfolio with four new properties but hit a roadblock when his bank wouldn’t approve loans for all of them because it would have exceeded mortgage exposure limits. With $1.8 million in existing debt and a total new investment of $1.66 million, he needed a new solution. Turning to Home Loan Experts, Dr. James was advised to spread his loans across multiple lenders to avoid exceeding any one lender’s exposure limits and to minimise his LMI premiums. This strategy allowed him to secure all four properties and grow his portfolio, with ongoing support to manage future investments.