Doctors can get special benefits when applying for a mortgage, including waived LMI and discounted rates not offered to those applying for a standard home loan. As a result, you can save money and achieve your property goals sooner.
Doctors Can Borrow 95% of the Property Value With No LMI
As a doctor, you can borrow up to 95% of the property value without paying Lenders Mortgage Insurance (LMI).
Usually, LMI is applicable when you’re borrowing more than 80% of the property value.
With a doctor home loan, you don’t need to pay any LMI fees, as we know lenders that will waive them for you.
Discover If You Qualify For Waived LMI
Type your profession, and you will get results on whether you qualify for waived LMI.
Benefits Of Doctor Home Loans
Apart from 95% LVR with waived LMI, our mortgage brokers can help you qualify for the following:
- 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.
Why Do Doctors Get Discounted Interest Rates?
As a doctor, you might often receive discounted interest rates due to several factors like:
- High-income potential: Doctors have high earning potential, which makes them low-risk for lenders.
- Low default rates: Doctors have historically demonstrated low mortgage default rates, making them reliable borrowers.
- Reliable business: Lenders value business from doctors because of their financial stability and referral power.
At Home Loan Experts, we maintain relationships with lenders to negotiate competitive interest rates on your behalf. Call us on 1300 889 743 or complete our free online assessment form today.
Why Choose Home Loan Experts As Your Mortgage Broker?
At Home Loan Experts, our dedicated mortgage brokers offer personalised services tailored to your needs. From pre-approval to settlement, we guide you through every step of the process, ensuring transparency and working exclusively in your best interest.
We are specialists experienced in home loans for doctors. We understand your complex income structures and offer time-saving convenience, flexible meeting options and access to exclusive benefits. We also have valuable connections with lenders to secure optimal deals.
Our mortgage brokers work diligently to take care of your needs:
- Expert guidance: We conduct thorough research and provide expert financial advice, ensuring you receive personalised home loan deals tailored to your specific requirements.
- Hassle-free process: We handle all the legwork in arranging your home loan with a lender, saving you time and effort.
- Simplified approval process: We will guide you through the often complex pre-approval and application process, making it easier for you to navigate.
- End-to-end support: We follow your loan application from start to settlement, providing continuous support and guidance.
- Best-Interest Duty: Our brokers must work exclusively in your best interest, ensuring you receive unbiased advice and assistance.
- Access to competitive rates: With our extensive network of lenders, we can find you the most competitive mortgage rates on the market, including exclusive deals reserved for mortgage brokers.
- Reduce stress: By entrusting us with your loan, you’ll have more time and freedom to focus on your profession and other important aspects of your life, reducing stress levels.
- Maximum borrowing power: We assist you in obtaining the maximum borrowing amount based on your financial situation and goals.
- LMI assessment: We check if you qualify to borrow up to 100% of your property’s price without the need for LMI.
How Doctors Get The VIP Treatment
Home Loans For Doctors FAQs
- Anesthesiologist
- Anaesthetist
- Audiologist
- Cardiologist
- Cardiothoracic Surgeon
- Chiropractor
- Sports chiropractor
- Animal chiropractor
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dental Specialist
- Dentist
- Dermatologist
- Doctor
- Ear and Throat Surgeon
- Epidemiologist
- Emergency Doctor
- Emergency Medicine Specialist
- Emergency Surgeon
- Endocrinologist
- Gastro Intestinal Surgeon (Upper/Lower)
- Gastroenterologist
- General Practitioner (GP)
- GP Registrar
- General Surgeon
- Gynaecologist
- Haematologist
- Heart Doctor
- Heart Surgeon
- Hepatologist
- Herpetologist
- House Medical Officer (HMO/residency)
- Hospital-employed doctors
- Intern doctor (internship)
- Immunologist
- Junior Medical Officer (JMO/residency)
- Kinesiologist
- Maxillofacial Surgeon
- Medical Administrator
- Medical Practitioner
- Medical Registrar
- Nephrologist
- Neurosurgeon
- Neurologist
- Neurophysiologist
- Obstetrician
- Occuptaional Therapist
- Oncologist
- Ophthalmologist
- Optometrist
- Oral and Maxillofacial Surgeon
- Oral Surgeon
- Orthodontists
- Orthopaedic Surgeon
- Orthopaedic Registrar
- Osteopath
- Otolaryngologist
- Paediatric Surgeon (Neonatal/Perinatal)
- Paediatrician
- Paediatric Surgeon (Neonatal/perinatal)
- Pathologist
- Physiotherapist
- Pharmacist
- Clinical Pharmacy Specialist
- Academic Pharmacist
- Community Pharmacist
- Compounding Pharmacist
- Consultant Pharmacist
- Drug Information Pharmacist
- Home Health Pharmacist
- Hospital Pharmacist
- Industrial Pharmacist
- Informatics Pharmacist
- Locum Pharmacist
- Managed Care Pharmacist
- Military Pharmacist
- Nuclear Pharmacist
- Oncology Pharmacist
- Pharmacist Clinical Pathologist
- Pharmacist Clinical Toxicologist
- Regulatory-Affairs Pharmacist
- Pharmacist prescriber
- Veterinary Pharmacist
- Physician
- Plastic Surgeon
- Podiatrist
- Psychiatrist
- Psychologist
- Radiographer
- Radiologist
- Radiation Oncologist
- Resident doctor (residency)
- Reconstructive Surgeon
- Resident Medical Officer (RMO/residency)
- Respiratory Surgeon
- Respiratory/Thoracic Surgeon
- Rheumatologist
- Sonographer
- Speech Pathologist
- Specialist Physician
- Surgeon
- Surgical Registrar
- Thoracic Surgeon
- Urologist
- Vascular Surgeon
- Veterinarian
Yes, interns, residents, registrars and staff specialists are all eligible for a medical professional home loan!
In addition, some of our lenders favour specific specialists such as anaesthetists, psychiatrists, obstetricians and radiologists.
The following income sources are considered when applying for a home loan as a doctor:
- PAYG – Base income, bonuses, overtime, casual, commission
- Sole Proprietor
- Partnership/company/ trust
- Other Income – Rental income
These forms of income may also be used for servicing assessments
- Child support payments
- Pensions and benefits, including Family tax A & B
- Term Deposit Interest and Share Dividends
- Other investment Income
- Salary-Sacrifice arrangements
- Superannuation Income
As a doctor, you can save over $40,000 by not paying LMI if you’re buying a property valued at $1 million.
The amount of LMI you save depends on the value of the property, the location and whether you’re buying a residential or investment property.
- Registration is verified on the Australian Health Practitioner Regulation Agency (AHPRA) website or relevant veterinary board.
- Personal identification documents like your driver’s licence or passport
- Payslips from the last three months
- A payment summary from your employer
- ABN and tax assessments from the last two years (if self-employed)
- Signed lease and rental statements if you are receiving rental income
- Information detailing your loans and liabilities.
Yes, you can refinance your mortgage to potentially get better rates.
Besides a better rate, there are other benefits of refinancing.
You can qualify for a doctor’s home loan if you’re borrowing together with your partner, given that your partner is an eligible type of doctor. If your partner is a medical professional who’s not eligible, then you may not qualify for this type of home loan. You can refer to the list of preferred medical professionals above in this page to find out if your partner is eligible for doctor discounts.
Yes, you can get a home loan if you’re a self-employed doctor.
Our mortgage broker helped a self-employed radiologist get approved for a home loan.
Mortgages For Doctors: Client Stories
The situation
Dr Wood recently became a qualified heart surgeon and has been registered at Westmead Hospital for the past year. After speaking with his accountant and his partner, he decides it’s time to buy his first investment property. He finds a couple of units in a newly-built apartment building in Redfern worth $400,000 each.
The solution
After speaking with his mortgage broker, he finds that he can avoid the cost of LMI with a couple of major lenders. LMI amounts to around 2% of the property value so, all up, Dr Wood saves over $15,000 in LMI for both properties. Add to the 10% deposit of $80,000 he saved up to purchase both properties, he actually saves upwards of $100,000.
The result
Dr Wood was able to put these savings towards the other costs of completing the purchase including conveyancing and stamp duty.
The situation
John and Samantha decided that their North Sydney home needed a makeover and went to a private lender to finance the substantial renovation. As a radiologist and a GP they were eligible for medical industry discounts. However, they were building using a cost plus contract and this particular bank wouldn’t accept it.
The solution
After being knocked back, John and Samantha spoke to a mortgage broker who negotiated with several lenders on their behalf. By speaking with the key decision makers, the broker managed to get a negotiated interest rate and acceptance of the couple’s proposed building contract. The key was to provide additional evidence of the cost of construction and to make sure there were extra funds on standby in case of a cost overrun.
The result
The home loan was approved at a better rate than their previous bank could offer. The broker even organised for a local branch manager to liaise with the couple so that they could get a similar experience to private banking without paying the higher interest rates. John and Samantha’s home was completed in six months and they’ve enjoyed their new home ever since.
The situation
Having built up a successful optometry practice over the last 5 years, Dr James wanted to add to his investment property portfolio.
At the time, he had a $1.2 million mortgage on his own home and around $600,000 owing on a couple of units he held as investment properties.
After doing his research, he found some great investment opportunities in a few locations around Australia.
Dr James wasn’t getting any younger and he wanted to have a good nest egg for him and his family.
He knew if he didn’t move quickly, the properties would get snapped up by savvy investors.
He set his sights on four properties:
- A unit in Carlingford worth $300,000
- A standard house in Redcliffe worth $460,000
- A townhouse in Blacktown worth $500,000
- Another unit in Fitzroy worth $400,000
Dr James approached his bank to apply for the home loans but the bank was only able to approve him for one or two.
He earned a good income from his practice and he had a good deposit which included equity in his existing properties. What was the problem?
Well, his total debts to buy the four properties plus his existing home loans exceeded $1.5 million.
This exceeds most lenders’ mortgage exposure limits, which is the level of debt they’re willing to accept for any one customer.
The solution
In a bind, he turned to a mortgage broker for help and found out that some lenders are willing to accept up to $10 million in exposure.
However, rather than simply applying with one lender that had high exposure limits, the mortgage broker suggested that Dr James spread his risk across multiple lenders and multiple LMI providers.
The reason is that several lenders may fall under the same ownership structure which means he risked reaching their total banking group exposure in the long run.
He is also able to avoid paying a much higher LMI premium for each purchase.
The result
Dr James was able to rapidly grow his portfolio with the addition of the four properties.
With his mortgage broker on his team, he is also able to better manage his mortgage strategy so he can continue to buy real estate without exceeding bank exposure limits.
Exclusive Benefits Await You
Get closer to your property goal with a doctor home loan. Take action now to unlock special discounts and waive LMI. Call us on 1300 889 743 or complete our online assessment form today.
