Home Loans for Doctors

As a registered practitioner, you may be eligible for home loan discounts and LMI waivers. Our brokers have an extensive panel of lenders, many of which have specific loan policies for doctors.

What is considered acceptable income?

Due to the unusual nature and pay structure of doctor's income, lenders have certain criteria about what is acceptable income. Some of these structures may be:

• Receiving income from Medicare guarantees, on a contract or self-employed.
• Contractors or sub-contractors either to hospitals or smaller practices.
• Full-time employee within a practice whilst contracting as a specialist.

Ultimately it will depend on the terms and conditions of the work arrangement; what is important is that there is income that is regular and reliable.

What discounts are available?

• Borrow up to 100% and avoid Lenders Mortgage Insurance (LMI), or both.
• Doctors may also get access to interest rates that may not be available to the public because of the amount of lending they require

Can LMI be waived?

• Most borrowers must pay lenders mortgage insurance (LMI) if they are borrowing more than 80% of the property value. LMI covers the bank for losses they incur if a default occurs on the home loan.
• Lenders view doctors as low risk borrowers as, doctors are said to have a low chance of missing their mortgage repayment because of the strength of their income. Therefore, lenders will often create specific policies for doctors with benefits that are not otherwise available to the public.

The List of Australian Recognised Medical Specialties includes those organisations, specialties and qualifications that are recognised as medical specialties in Australia, as approved by the Minister for Health.

Our brokers have extensive experience navigating loans for Doctors and Medical Professionals. Feel free to have a confidential chat with us to find out what options and home loan discounts are available to you.