Home loans · Healthcare
Home Loans for Vets
Vets have quietly joined the group of professionals that some lenders treat differently, and a lot of vets have no idea. If you are registered and earning a steady income, you may be able to skip lenders mortgage insurance. If you own or are buying into a clinic, there is a second angle worth getting right.
For years the medical concessions went to doctors, dentists and a short list of others. That list has widened. A number of lenders now extend an LMI waiver to registered veterinarians, usually on a loan up to 90 percent of a property's value. It is newer and less consistent than the doctors' version, so the lender you pick matters even more here.
The vet LMI waiver, and why it is not automatic
LMI is the premium you normally pay when you borrow above 80 percent of a property's value, and it protects the lender rather than you. For eligible vets, select lenders drop it, so a 10 percent deposit can be enough with no insurance cost. The catch is that not every lender includes vets on their list, and some that do apply a minimum income. Because the policy is patchy, going straight to your own bank can mean missing out on a waiver that a different lender would have given you. My guide to how LMI works covers the cost in detail.
- Registration as a veterinarian is the usual starting point for eligibility.
- A minimum income may apply with some lenders and not others.
- General and specialist vets are commonly covered where the waiver is offered.
- The lender you choose decides whether the waiver is even on the table, so comparing matters.
One bank saying no does not mean no
I have seen vets told flatly that no waiver exists, simply because the bank they asked does not offer it. Another lender on my panel might waive the lot. That is the whole point of having someone compare for you.
Clinic owners and mixed income
Plenty of vets earn through a mix of arrangements. You might be a salaried associate, a contractor on an ABN, or a partner drawing from a practice. Each is assessed differently, and self-employed vets often look like they earn less than they do once deductions come out. Presented properly, with legitimate add-backs, your real earning capacity can support a much stronger loan. If a practice is involved, there may be commercial or SMSF loan options worth a look too.
If this is your first home, start with my first home buyer support and get a feel for the numbers using how much can I borrow.
See if the waiver applies to you
Tell me how you earn and I'll confirm which lenders would waive LMI on your situation. Free call, no obligation.
Frequently asked questions
Do vets really get an LMI waiver?
Some lenders now extend their professional waiver to registered veterinarians, usually up to 90 percent of the property value and sometimes above a minimum income. It is less universal than the doctors' version, so I check which lenders currently include vets for your situation.
I own my clinic. Can I still borrow well?
Yes. Self-employed vets get approved regularly. The key is presenting your real income with the right add-backs rather than the lower figure at the bottom of your return. Book a call and we'll map it out.
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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