What home loan discounts are available?

Home loans for pharmacists allow you to:

  • Borrow up to 90% of the property value and avoid paying thousands of dollars in Lenders Mortgage Insurance (LMI) fees.
  • 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.
  • Take advantage of flexible approval criteria if you’re a new graduate.

Speak to our specialist mortgage brokers today by calling us on 1300 889 743 or by completing our free assessment form to find out if you qualify for exclusive discount home loans for pharmacists.

Get LMI waived when borrowing 90%

Most borrowers are required to have a 20% deposit to avoid paying LMI. Saving 20% of the purchase can be quite difficult especially if you’re just starting out in the workforce.

How much could you save by avoiding the cost LMI completely?

Literally, thousands of dollars!

For example, when purchasing a $1 million property at 90% loan to value ratio (LVR), you’re saving between $21,330 and $23,805 in LMI fees.

You can use our LMI calculator to work out the LMI savings for yourself.

Pharmacists are considered to be lower risk than other borrowers and because of this, some of our lenders will allow to borrow up to 90% of the property with waived LMI:

  • Your home loan must not exceed 90% of the purchase price (90% LVR).
  • You must be a member of the Australian Pharmacy Council or another acceptable medical association.
  • All pharmacists are accepted as long as you are fully qualified and working full-time.
  • There is no minimum income requirement but your application must meet standard bank policy including being a good financial position and having a clear credit file.

Reduced interest rates are available

The size of the interest rate discount will vary depending on your professional status, total income and asset position, and the amount that you are borrowing.

Generally speaking, larger loan amounts (above $1 million) will attract the greatest rate discount.

The discounts and home loan fee waivers available are .

That’s because there are a handful of lenders fighting very hard to attract borrowers who are professional pharmacists.

We also have strong relationships with the key decision makers at these banks to negotiate even sharper rates on your behalf.

Grow your property portfolio

If you’re a qualified pharmacist and are just starting out in property investing, you can kick-start your portfolio thanks to these special home loan offers. How?

Since you may qualify for 90% no LMI, the savings can effectively help you to buy a number of properties.

Of course, investing comes with its own risks so you should consider income protection, life and total permanent disability insurance to protect yourself.

*Note: The maximum amount you can borrow with select lenders is $4.5 million because of your professional status. However, mortgage exposure limits can change regularly so please speak to us first so we can help you spread your risk and set up the right investment loan strategy for your long term goals.

Which lenders offer these benefits?

There are only a few lenders that offer exceptional mortgage discounts to pharmacists.

The challenge that borrowers have is choosing the right lender at the right time, that is, the lender with the appetite to fight for your business.

We can help you to choose the right lender based on:

  • The size of your deposit.
  • The number of properties that you plan to buy.
  • The complexity of your situation, for example, if you want to buy real estate for your trust, self-managed superannuation fund (SMSF) or within a company ownership structure for asset protection purposes.
  • Your membership status with the Australian Pharmacy Council.
  • If you and your partner have an unusual situation that is outside of standard bank policy such as a poor credit file, an unusual employment situation or your citizenship status.

In some cases, it may be best to split up your mortgages between different lenders in order to get the most out of the benefits on offer.

Who can qualify for these discounts and waivers?

All types of pharmacists are accepted as long as you are fully qualified and working full-time. This includes:

  • Academic Pharmacist
  • Clinical Pharmacy Specialist
  • Community Pharmacist
  • Compounding Pharmacist
  • Consultant Pharmacist
  • Drug Information Pharmacist
  • Home Health Pharmacist
  • Hospital Pharmacist
  • Industrial Pharmacist
  • Informatics Pharmacist
  • Locum Pharmacist
  • Managed Care Pharmacist
  • Military Pharmacist
  • Nuclear Pharmacist
  • Oncology Pharmacist
  • Pharmacist prescriber
  • Regulatory-Affairs Pharmacist
  • Veterinary Pharmacist
  • Pharmacist Clinical Pathologist
  • Pharmacist Clinical Toxicologist

Speak to the experts in home loans for pharmacists

We are experts in lending to pharmaceutical professionals and know which lenders offer 90% waived LMI, significantly reduced interest rates and fee waivers.

Your professional status and strong income can help you to achieve your long term investment goals or to buy the property of your dreams sooner at a fraction of the cost.

Call us on 1300 889 743 or fill in our free assessment form today.

  • Wallaby

    I really like the offers and discounts but I’m currently in a quite complicated situation so I’m not sure if I can qualify… Should I get things sorted before applying or is there a chance for me to qualify regardless?

  • The complexity of your situation is definitely a factor that determines whether or not you can qualify for home loan discounts. As for applying now or after you’ve resolved the issue, it depends on your goals, the property you’re looking to buy and the issue itself. Please call us on 1300 889 743 and discuss it with one of our pharmacist home loan specialists so you know exactly what the banks will consider a problem and whether or not you can qualify.

  • Beale

    I am an industrial pharmacist here on a skilled nominated visa subclass 190. How much will I be able to borrow to buy a house here?

  • Hey Beale,

    Under the permanent resident mortgage policy for some of our lenders, you may be able to borrow up to 95% of the property value. Please check out the permanent resident mortgage page to find out more about this:

  • Wynnum

    I would like to include my wife’s income in our home loan assessment so we can borrow more but because she’s on maternity leave right now, I’m not sure if it will be counted. Help!

  • Hi Wynnum,

    Although some banks have strict lending policies, we know lenders that can accept her income. However, there are certain requirements that must be fulfilled. Most lenders will request that you supply evidence of her employment and income through payslips (from the last 3 months prior to commencing parental leave) and a letter from her employer stating the terms of the parental leave, particularly the return date and the employment tenure upon return (full time, part time or casual).

    Please call 1300 889 743 to discuss this with one of our credit specialists and find out what options are available.

  • Talbert

    What types of pre-approvals are best avoided?

  • Hey Talbert,
    Generally, you shoul avoid non-formal, non-written applications. This includes fast thirty minutes-or-less online, or phone applications. These have far less guarantees, and will come with many conditions that you must fulfill at a later date. You should also avoid lenders that will not assess your loan application in the pre-approval process. Unless the lender gives you an unconditional approval, they are still under no obligation to loan you money.

  • Woodard

    So a formal pre-approval is best?

  • Yes, securing a formal pre-approval is the only way to make sure you can negotiate confidently with property sellers, or at auction. Without a signed letter, some sellers and real estate agents will not accept your offer, as they can not guarantee you will obtain the necessary finance. Pre-approval is not necessarily a guarantee of financing, and there are a number of banks and lenders who tend to be unreliable. You can find out more on our page about how reliable your pre-approval is:

  • Rivers

    I qualified for an interest rate discount and so a friend of mine asked me about this. Thing is, I’m not sure if she can qualify seeing as I work in private while she’s employed by the government. What is the policy regarding this?

  • Well it doesn’t matter if you’re working in the private sector or if you’re employed by the government. As long as you’re a certified professional and can meet the lender requirements, you’re able to qualify for the same professional home loan discounts.

  • Tina Fay

    What if I’m an intern pharmacist working full time. Will this still apply to me?

  • Hi Tina,
    This is assessed on a case by case basis. We’d need to see the full details of your situation to be sure if you can qualify for it.

  • Tina Fay

    Thanks for your response. Who do I contact about this.

  • Hi Tina,
    I’ll email you and cc an expert in this field. They’ll see if you qualify for the pharmacist waived LMI discounts and also other discounts (e.g. professional discounts / loan size discounts etc) that may also be suitable if you don’t qualify for waived LMI.

  • Tina Fay

    My email is calcia1000@hotmail.com

    Thank you

  • Pattina

    I am currently in partnership with my friend at a small dental clinic. I do the medical side of things while he handles the business side and marketing. Could you please tell me how we can get financing for medical equipment?

  • Hi Pattina,
    We can help you all types of medical equipment finance such as imaging equipment, examination instruments, medical monitoring devices, restorative equipment, etc. 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. You can learn more about dental practice loans here: https://www.homeloanexperts.com.au/business-loans/dental-practice-loan/.

  • Amit

    Hi there
    I am a pharmacist at San hospital in Sydney and I’ve been working here for last 10 years. Can I get a no LMI home loan? Thanks

  • Hi Amit,
    Yes I expect we can. Note that a lot of lenders such as ANZ & CBA specifically exclude pharmacists but some other lenders we have still offer waived LMI for pharmacists.
    We’d need to know more information to be sure you qualify. Are you a member of the Australian Pharmacy Council or a similar organisation? Also what qualifications do you hold?

  • Perry69

    I’m a clinical pathologist at Royal Prince Alfred Hospital. I heard that medical professionals can get no LMI home loans when borrowing up 90% of the property value. Is there any minimum income I need to be earning to qualify for 90% waived LMI?

  • Hi Perry69,
    There isn’t any income threshold for doctors and other medical professionals in order to be considered for waived Lenders Mortgage Insurance (LMI). You simply need to be fully qualified, working in an acceptable medical profession and borrow mo more than 90% of the property value. Call us on 1300 889 743; we are specialists in lending to doctors and pathologists and know which banks offered incredible home loan deals including discounted interest rates and waived LMI.

  • Jacques

    I’m a community pharmacist and I saw that we might be eligible for waived mortgage insurance. I’m investing in a property. Is it applicable for investment properties as well?

  • Yes Jacques, pharmacists and select medical professionals don’t have to pay any Lenders Mortgage Insurance (LMI) when borrowing 90% of the property price even for investment properties. To qualify for a waived LMI loan, you must be a member of the Australian Pharmacy Council or another acceptable association and should be working full time. There is no minimum income requirement and your application must meet standard bank policy.
    We are experts in lending to pharmaceutical professionals and know which lenders offer incredible home loan deals including discounted interest rates and waived LMI. Call us on 1300 889 743 and find out more.

  • Asad Riaz Butt

    Hi Tina,
    have you got any response for that ? as an intern full time pharmacist are you able to secure loan please ?

  • Ferrell

    I’m working as a clinical pharmacy specialist for the last three years. I’m registered with Australian Pharmacy Council and AHPRA as your criteria of eligibility. But my credit score is low due to a utility bill default of $650 last year, which I’ve cleared. Will I still be eligible for a no LMI home loan?

  • Hi Ferrell,
    Few banks who consider non-financial defaults but they’ll check the reason of that and you should pass the credit scoring. It’ll be on a case by case basis. We are experts in lending to pharmaceutical professionals and know which lenders offer incredible home loan deals including discounted interest rates and waived LMI. Call us on 1300 889 743 and find out how we can help you.

  • Burgess

    Hi, I am a senior compounding pharmacist working in a hospital in Tasmania. I have been working in this profession for more than 10 years and currently my annual salary is about $90,000. I am a single mother and live in a rented flat. I just have this small confusion – I have heard that doctors can get a home loan without paying an LMI fee. Is this true about pharmacists too?

  • Hi Burgess,
    As you have heard, it is true that some lenders are willing to waive Lenders Mortgage Insurance (LMI) for doctors and other medical professionals. This is because they are known to be low risk borrowers who have high incomes and most of the time end up as repeat customers. Fortunately, pharmacists are also allowed to get home loans without paying LMI by applying for a special pharmacist mortgage. Specifically, you will be able to borrow up to 90% of the property value and while most lenders will charge you an LMI premium, there are a few lenders who can waive it as they would do for a doctor. Call us on 1300 889 743 and find out how much you can borrow.

  • Jonah

    Hi, I’m on the market for a 100% waived LMI medico package. I’m a full-time pharmacist manager earning $110k-$125k annually. I was advised by one of their LOs that they will split the loan 90/10 when borrowing 100 per cent of the property value. How does it work?

  • Hi Jonah,

    100% waived LMI medico loans may be split into two; 90% of the loan with a standard 30-year term and 10% of the loan with a shorter loan term of 5 to 8 years at a higher interest rate. E.g. $1m loan at 100% LVR = $900,000 at 3.7% over 30 yrs and $100,000 at 10% over 8 years.

    Your interest rate will depend on the lender, your loan amount, the LVR you’re borrowing, your industry association, and the lender’s loan products.