Note: Due to the COVID-19 pandemic, lenders have reduced the maximum loan amount available with waived LMI. Please contact us for more information.
Physicians and select medical professionals are eligible for special discounts on their home loan:
- Borrow up to 100% of the property value and avoid Lenders Mortgage Insurance (LMI).
- Get access to Interest rate discounts that aren’t available to the general public.
- Reap the rewards for high exposure limits if you’re planning to rapidly grow your property portfolio.
- Benefit from flexible lending criteria thanks to the strong relationships that we have with on our panel, particularly if you’re a recent graduate.
Call us on 1300 889 743 or fill in our free assessment form and find out if you’re eligible for physician home loans.
Which professions are preferred?
A “qualified borrower” is normally a medical resident, fellow or attending physician with a signed contract for employment.
You’ll have a better chance of qualifying for physician home loan discounts if you’re one of the following professionals:
- Cardiothoracic Surgeon
- Sports chiropractor
- Animal chiropractor
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dental Specialist
- Ear and Throat Surgeon
- Emergency Doctor
- Emergency Medicine Specialist
- Emergency Surgeon
- Gastro-Intestinal Surgeon (Upper/Lower)
- General Practitioner (GP)
- GP Registrar
- General Surgeon
- Heart Doctor
- Heart Surgeon
- House Medical Officer (HMO/residency)
- Hospital-employed doctors
- Intern doctor (internship)
- Junior Medical Officer (JMO/residency)
- Maxillofacial Surgeon
- Medical Administrator
- Medical Practitioner
- Medical Registrar
- Oral and Maxillofacial Surgeon
- Oral Surgeon
- Orthopaedic Surgeon
- Orthopaedic Registrar
- Paediatric Surgeon (Neonatal/Perinatal)
- Paediatric Surgeon (Neonatal/perinatal)
- Clinical Pharmacy Specialist
- Academic Pharmacist
- 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 Clinical Pathologist
- Pharmacist Clinical Toxicologist
- Regulatory-Affairs Pharmacist
- Pharmacist prescriber
- Veterinary Pharmacist
- Plastic Surgeon
- Radiation Oncologist
- Resident doctor (residency)
- Reconstructive Surgeon
- Resident Medical Officer (RMO/residency)
- Respiratory Surgeon
- Respiratory/Thoracic Surgeon
- Specialist Physician
- Surgical Registrar
- Thoracic Surgeon
- Vascular Surgeon
Are you a member of a professional association?
In order to qualify for a physician home loan, you need to be a member of either the Royal Australasian College of Physicians or the Australian Society of Physician Assistants (ASPA).
Other related industry associations may be accepted.
100% waived LMI home loans
Lenders charge Lenders Mortgage Insurance (LMI) if you borrow more than 80% of the property value.
This is charged because borrowing at such a high Loan to Value Ratio (LVR) represents a greater risk that you will default on your home loan.
The premium protects the bank in case of default, not you as a borrower and it can cost you many thousands of dollars.
Physicians are seen as low-risk borrowers so some of our lenders allow you to borrow 100% of the property value and won’t charge a mortgage insurance premium.
- Your home loan must not exceed 100% of the property value.
- You must be a member of a registered medical association.
- You must be working in your professional field, although no minimum income benchmark is required.
- You must have stable employment and be earning a regular income, although we can assist if you’re a self-employed physician.
Call 1300 889 743 or complete our free assessment form to find out if you can get approved for a physician home loan.
Interest rate discounts
The home loan rate discount that you’re eligible for will depend on whether you’re a member of an acceptable registered medical association, your income level (including rental income) and the amount that you are borrowing.
Our mortgage brokers are experts at negotiation and will fight hard to get a rate that’s way below the rates offered to the general public.
Rapidly grow your property portfolio with waived LMI
Many physicians use waived LMI to buy several investment properties and very quickly build their portfolios.
There are two reasons many of our physician customers have been able to achieve this.
The first reason is that you’re saving thousands in upfront costs to complete the purchase.
The second reason is that you can borrow up to $4,500,000 in total through one of our lenders and over $2,000,000 with another.
That’s a total of $6,500,000 in home loans which can allow you to buy up to $7,000,000 worth of property without paying any LMI.
This allows you to maintain your cash flow for further investment, to get started on capital improvements (renovation work that adds value to the property) or simply build up your cash buffer.
Which lenders offer physician home loans?
There are three lenders that offer exceptional discounts to physicians but which lender is right for you comes down to:
- The size of your deposit.
- The number of properties that you plan to buy.
- The complexity of your situation such as if you’re purchasing via a family trust or self-managed superannuation fund (SMSF).
- Whether you and your partner have an unusual situation that is outside bank policy such as black marks on your credit file or non-traditional employment.
With many of our customers, we’ve found it beneficial to split up your home loans for different properties between carefully selected lenders to maximise your benefits and improve your chances of getting approved.
Apply for a physician home loan
Would you like to buy a home or an investment property?
Find out what discounts are available to you with a physician home loan.
Call us on 1300 889 743 or complete our free assessment form today.