Home loans · Healthcare
Home Loans for Physiotherapists
Physiotherapists are one of the allied health professions that some lenders now single out for better treatment. If you are registered with AHPRA, you may be able to avoid lenders mortgage insurance. The wrinkle for a lot of physios is how they earn, because so many work as contractors rather than employees.
There are two things worth getting right on a physio's home loan. One is the possible LMI waiver. The other is how a lender treats your income when you contract to a clinic on an ABN rather than sit on a salary, which is where plenty of physios trip up.
The allied health LMI waiver
LMI is the premium you normally pay above an 80 percent loan, and it protects the lender, not you. For eligible physiotherapists, select 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. The accepted allied health roles and any income floor differ by lender and change, so I confirm current policy rather than rely on an old list. My guide to how LMI works covers the cost itself.
Employed, or contracting to a clinic
Here is the bit that catches physios. Many work as contractors, invoicing a clinic on an ABN and getting a percentage of billings, rather than being paid a salary with payslips. To a lot of lenders that reads as self-employed, and self-employed applications get assessed differently.
| How you work | What lenders usually want to see |
|---|---|
| Salaried employee | Recent payslips and a short employment history |
| Contractor on an ABN | Often one to two years of returns, sometimes less with the right lender |
| Practice owner or partner | Business financials plus add-backs to show real earnings |
Contracting is not a dead end
If you invoice a clinic and worry that makes borrowing hard, relax. Contractor physios get approved all the time. Some lenders can even treat a steady contract almost like a wage. The trick is choosing the lender that views your setup most kindly.
If this is your first home, start with my first home buyer support. If you are further along and want to sharpen an existing loan, see refinancing.
Let's sort your income and your waiver
Book a free call and I'll tell you whether the waiver fits and which lenders handle contractor income best.
Frequently asked questions
Can physiotherapists get an LMI waiver?
Some lenders include registered physiotherapists in their allied health waiver, usually up to 90 percent of the property value. A minimum income can apply. Policy varies by lender, so I check what currently applies to you.
I contract to a clinic on an ABN. Does that make it harder?
It changes the paperwork, not the outcome. Contractor physios get approved regularly. Some lenders will treat a consistent contract almost like a salary. Book a call and we'll look at your setup.
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.
Ready to talk to a real broker?
Book a free 15-minute call with Victor. No fees, no obligation, no jargon.