Doctors often qualify for specialised home loan solutions because lenders view them as low-risk borrowers with stable, high-income potential. This means they may be offered perks like discounted interest rates, waived LMI (Lenders Mortgage Insurance), or the ability to secure a home loan with a lower deposit.

As mortgage brokers, we have access to a wide network of lenders and can help you navigate these offers, ensuring you find the most competitive rates and tailored deals that suit your financial goals.

Benefits Of Doctor Home Loans

Apart from the 95% LVR with waived LMI, you can also get the following benefits from a lender when you get approved for a home loan:

• Special discounts: This includes reduced interest rates and home loan fee waivers exclusive to medical professionals.
• Build your property portfolio fast: Home loans for doctors can be used to buy a new property or refinance your existing loan to buy more properties.
• Asset protection: Protect your assets and take advantage of tax benefits by purchasing in a company or trust structure.
• Higher loan amounts: You can get higher loan amounts than standard other borrowers because of the potential of increased earnings over time.

Who Qualifies For A Doctor Home Loan?

To qualify, you need to have an industry body membership from the Australian Medical Association or an equivalent organisation.

Several categories of medical professionals qualify for doctor home loans:

• General Practitioners (GPs): GPs working in a private practice or public hospitals are eligible, if they have a stable income and good credit history.
• Medical Specialists: Specialists, including surgeons, paediatricians, and obstetricians qualify, as they usually have higher incomes, which enhances their borrowing capacity.
• Dentists: Due to their stable incomes and high earning potential, both general dentists and specialists such as orthodontists and oral surgeons, can also apply for these loans.
• Interns and residents: Even junior doctors, including interns and residents, may qualify for home loans with up to 100% financing in some cases.

If your medical profession is not listed, you might still be eligible for special benefits. You can check using the Waiver Checker below:

Doctor LMI Waiver Checker

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Special Loan Discounts And Offers For Doctors

Working in a medical profession, you might get exclusive rates and discounts from our panel of lenders.

That means, even when borrowing 95% of the property value, we could workshop a deal to get you interest rate discounts available for 80% LVR loans.

For example, when most borrowers want a 95% home loan, they might get interest-rate discounts of only 1.06 percentage points, which is what most lenders offer.

However, as a doctor, we can get you an interest-rate discount of up to 2.46 percentage points, that’s usually reserved for an 80% LVR.

We can do pricing requests to get even lower interest rates and higher discounts.

Borrowing Capacity: How Much Can I Borrow?

You may be able to borrow up to:

• 100% of the property value: You might be able to borrow up to 100% of the property value, but lending criteria for such loans is strict.
• 95% of the property value: Some medical professionals, like dentists, GPs, medical specialists, and more can borrow 95% with no LMI, if they qualify. There is no income threshold, and the maximum loan amount is $5 million.

Calculate your borrowing capacity using our ‘How Much Can I Borrow’ calculator.

Eligibility Criteria For LMI Waiver

The eligibility requirements for an LMI Waiver for medical professionals are:

• Maximum loan size of $4.5 million
• Maximum loan of 95% to 100% of the property value
• You must be a member of a relevant industry organisation; for example, the Australian Medical Association (AMA)
• You must be a preferred medical professional, such as a doctor, dentist, optometrist, veterinarian, chiropractor, pharmacist, etc.

How Much Can Doctors Save by Avoiding LMI?

Doctors in Australia can save thousands of dollars by avoiding Lenders Mortgage Insurance when borrowing up to 95% of the property value. Here’s how much doctors can actually save with waived LMI, based on the property value:

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