Home loans · Healthcare
Home Loans for Optometrists
Optometrists sit among the allied health professionals that several lenders treat differently, and it can be worth real money. If you are registered, you may be able to avoid lenders mortgage insurance. How you work, in a retail chain or your own practice, shapes the second half of the picture.
The headline for optometrists is that select lenders will waive lenders mortgage insurance for eligible practitioners, usually on a loan up to 90 percent of a property's value. That removes a cost that often runs into five figures. The second angle is how your income is assessed, which depends a lot on whether you are employed or self-employed.
The LMI waiver for optometrists
LMI is the premium you normally pay above an 80 percent loan, and it protects the lender rather than you. For eligible optometrists, some lenders drop it, so a 10 percent deposit can be enough with no insurance cost. Lenders generally want current AHPRA registration, and a minimum income can apply with some. Not every lender includes optometrists, and the ones that do differ on the detail, so the choice of lender is doing real work. My guide to how LMI works covers the cost you would be avoiding.
Retail employee or practice owner
A lot of optometrists work for a retail chain on a salary, sometimes with a bonus tied to sales or clinics seen. Others own or buy into an independent practice. Each is assessed differently, and the difference can be worth getting right.
- Employed optometrists are assessed on payslips, with any regular bonus often averaged.
- Practice owners and partners provide business financials plus legitimate add-backs.
- Add-backs such as depreciation can lift the income a lender counts once documented.
- Buying into a practice may open commercial or SMSF loan options worth a look.
Self-employed does not mean second class
Owning your practice can actually strengthen an application once the numbers are presented properly. The trick is showing your true income, including legitimate add-backs, rather than the lower figure left after deductions on a tax return.
If this is your first home, start with first home buyer support and get a feel for the numbers using how much can I borrow.
See if the waiver fits you
Tell me how you earn and I'll confirm which lenders would waive LMI and suit your income. Free call, no obligation.
Frequently asked questions
Do optometrists qualify for an LMI waiver?
Some lenders include registered optometrists in their allied health waiver, usually up to 90 percent of the property value and sometimes above a minimum income. Not every lender offers it, so I check which ones currently apply to you.
I own my practice. Can I still get a good loan?
Yes. Self-employed optometrists get approved regularly. The key is presenting your real income with the right add-backs. Book a call and we'll work through your numbers.
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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