Home loans · Healthcare
Home Loans for Doctors
Doctors get some of the most useful concessions in Australian lending, and most have no idea they exist. The headline is that some lenders will waive lenders mortgage insurance entirely for eligible doctors. Let me show you what that means for you.
Medical professionals are treated differently by several lenders, and it is worth real money. The big one is lenders mortgage insurance. On a normal loan, if you borrow more than 80 percent of a property's value, you pay LMI, and it can run into the tens of thousands. A number of lenders will waive that entirely for eligible doctors borrowing up to 90 percent, and a few will stretch further.
The medico LMI waiver, in plain English
LMI is an insurance premium that protects the lender, not you, and you normally foot the bill. Waiving it means you can buy with a 10 percent deposit and skip a cost that might otherwise be well into five figures depending on the loan size. That is money that stays with you or goes toward the purchase. For the full background on how this cost works, see my guide to lenders mortgage insurance.
90%
LVR some lenders reach with no LMI for eligible doctors
$0
LMI payable on an eligible medico loan
40+
lenders I compare for you
Who qualifies
Eligibility sits with each lender and it changes, so I check it live rather than relying on an old list. As a general guide, lenders look for current registration with AHPRA and an accepted field of medicine. GPs, hospital doctors, specialists, surgeons and anaesthetists are usually well covered. Unlike some other professions, doctors often face no minimum income requirement for the waiver.
Registrars and interns count too
You do not need to be a specialist on a big income. Many lenders extend the waiver to registrars and junior doctors early in their careers. If you have just started earning, that is often the best time to talk, because getting in sooner can matter more than waiting.
More than just the LMI saving
- Higher borrowing at high LVRs without the insurance cost dragging on your loan.
- Locum and contract income can be used, though lenders like to see a consistent history.
- HECS or HELP debt reduces how much you can borrow, so factor it in early.
- First home buyers may also qualify for government schemes on top of the waiver.
If this is your first place, pair this with my first home buyer support and get a sense of the numbers using how much can I borrow. If you are upgrading or investing, the waiver can apply there too.
See if the medico waiver fits you
A quick call is enough for me to tell you which lenders would waive LMI on your situation. No cost, no obligation.
Frequently asked questions
Which doctors qualify for an LMI waiver?
Most lenders look for current AHPRA registration in an accepted field. GPs, specialists, surgeons, anaesthetists and hospital doctors are commonly covered. The exact list and any income requirement differ by lender, so I check current policy for your situation.
How much can the LMI waiver save me?
It depends on your loan size and deposit, but on a larger loan the saving can reach tens of thousands of dollars. Book a call and I can estimate it for your purchase.
Can registrars and junior doctors get the waiver?
Often yes. Many lenders extend it to registrars and interns, not just senior specialists. Starting early can work in your favour.
Important information
This information is general in nature and does not take your personal objectives, financial situation, or needs into account. It is not credit assistance or a recommendation to enter into any particular credit contract. Consider whether it is right for you and seek advice before acting. Lending is subject to a lender's eligibility and approval criteria. Terms, conditions, fees, and charges apply.
Greenwood Finance · ABN 23 671 049 693 · Credit Representative No. 551942.
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