Are you a doctor or medical professional looking for a home loan?
Access exclusive deals, low interest rates and borrow up to 95% of the property value with no Lenders Mortgage Insurance (LMI) with Loanscope.
No LMI
Some lenders will waive the LMI for doctors and medical professionals, for loans up to 95% of the property value (95% LVR).
Maximise borrowing capacity
In some cases, you might also be able to borrow some unsecured funds if you have some self-employed income. This can be used to effectively borrow 100% of your residential or commercial property projects.
Special discounts on interest rates
Doctors and medicos receive preferential treatment from some financial institutions because they are considered low-risk borrowers. A lot of lenders will offer special discounts and low interest rates on home loans.
Special loan packages
Many lenders offer customised loan packages to meet medical professionals' unique needs. You can take advantage of these special loan offers to buy your first home, your next home, refinance your current mortgage, buy an investment property, or build a new home with special doctor mortgage loan rates.
Trusted Mortgage Brokers Supporting Australians with Loans
The process of getting a home loan with the specific advantages that come with your profession starts with asking the right information.
Step 1.
Contact us for a free assessment of your situation. We will help you find out how much you can afford to borrow, what your monthly repayments would be and determine which lenders are a good fit for you.
Step 2.
We will organise your pre-approval when you are ready to buy. You will know your borrowing limits and can concentrate on finding a great place to live in. If you have time to prepare, check out how much you can borrow or what deposit you need with our affordability calculator.
Step 3.
Apply for a home loan. At this step you’ll seal the deal and get the doctors’ deals and special rates and discounts
Step 4.
Secure your property
What types of medical professionals have access to DOCTOR home loans?
To qualify for the special options and opportunities with most lenders, you need to be working in one of these professions:
- GP
- Surgeons
- Specialists
- Dentist
- Pharmacist
- Osteopath
- Dentist
- Psychologist
- Psychiatrist
- Nurse
- Midwife
Your profession is so well known for your hard work and responsibility, that certain financial institutions consider you to be low risk borrowers – and are ready to make you some very special offers.
It helps if you are member of a medical association to qualify for a doctors home loan
While there are certain special home loans for medical professionals and medical industries, to unlock them you must also be a member of a relevant association. Some of these are:
- Australian Association of Practice Managers
- Australian College of Rural and Remote Medicine (ACRRM)
- Australian Dental Association (ADA)
- Australian Medical Association (AMA)
Save with no LMI when applying for a doctor’s home loan
Lenders require most borrowers to pay lenders mortgage insurance (LMI) – a one-off fee that secures the lender in the event of default – if they borrow more than 80% of the property value.
However, some lenders will waive the LMI for doctors and medical professionals, for loans up to 95% of the property value (95% LVR) – for commercial properties, fittings and goodwill you can even borrow up to 100%.
The banks and other lenders waive LMI for medical professionals because they are considered low-risk borrowers, with high income and stable employment rate.
Who has to pay LMI?
When it comes to the medical industry, there are some professions that are still required to pay LMI, such as naturopaths and medical research scientists. That is because some medical professions are considered more high risk than others. But you may still receive other advantages – if you are keen to find out, chat with a Loanscope mortgage broker, and we can guide you through your options.
Trusted Mortgage Brokers Supporting Australians with Loans
How much could a doctor save on LMI premiums?
For example, the LMI on a $900,000 loan for a $1 million property purchase is currently $25,072 with one of the big 4 banks! With no LMI for doctors, you can save a lot of money.
| Property value | LMI premium saved | Deposit amount |
| $600,000 | $10,140 | $60,000 + Gov costs |
| $1,000,000 | $21,265 | $100,000 + Gov costs |
| $1,500,000 | $$41,510 | $150,000 + Gov costs |
| $2,000,000 | $58,132 | $200,000 + Gov costs |
How do I access these home loan discounts as a doctor?
Each lender will have particular criteria you will need to meet. Loanscope will help you select the lender that best suits your situation and will offer you a low interest rate.
Just as importantly, Loanscope will advise you on the way to structure your loan in light of your future property investment plans. Structuring your loan correctly has tax implications that may save you plenty in the short/medium term.
Only mortgage brokers with specialised knowledge and experience can assist you in this area. You are unlikely to get this specialist knowledge or flexible service going directly to a bank.
Whether you’re a doctor looking for your first home loan, or an established medical professional wanting to invest in commercial property in an optimal way, finding the right investment loan can make a big difference to both your current expenses and your future wealth.
- We know the industry
- 30+ lenders (major banks, non-bank lenders and non-conforming lenders)
- After-hours, mobile, flexible appointments
- We know which banks waive LMI for doctors
- We can access special deals and tailor them accordingly
- You might have a complicated income structure and we are the right team to present it to banks in the correct light
- We work for you, not the bank
E
Your profession is so well known for your hard work and responsibility, that certain financial institutions consider you to be low risk borrowers – and are ready to make you some very special offers.
Frequently Asked Questions
What if I have an unusual income?
Even if you have an unusual income, as a doctor, you may still benefit from a medical mortgage. As a specialist in mortgages for doctors, we can help.
Which bank is best for doctors?
When securing the best health professional home loans, there is no one-size-fits-all or best bank. A specialist mortgage broker can help you find the right lender (it varies from lender to lender) and medical professional mortgage.
What is Lender’s Mortgage Insurance (LMI)?
LMI is a one-off fee a borrower has to pay the lender – which is an insurance policy to cover the bank for any losses in the event of default. Generally, LMI needs to be paid if the borrower gives less than 20% deposit on the house value.
Is LMI waived for nurses?
Starting in 2022, eligible registered nurses and midwives applying for medical home loans can benefit from an LMI waiver of up to 90% if they earn a minimum of $90,000 pa.
Frequently Asked Questions
What types of medical professionals have access to special home loans?
- Anaesthesiologist/anaesthetist
- Audiologist
- Cardiologist
- Cardiothoracic Surgeon
- Chiropractor
- Sports chiropractor
- Animal chiropractor
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dentist
- Dermatologist
- Doctor
- Ear and Throat Surgeon
- Epidemiologist
- Emergency Doctor
- Emergency Medicine Specialist
- Emergency Surgeon
- Endocrinologist
- GI Surgeon
- Gastroenterologist
- General Practitioner (GP)
- GP Registrar
- General Surgeon
- Gynaecologist
- Haematologist
- Heart Surgeon
- Hepatologist
- Herpetologist
- Intern doctor(internship)
- Immunologist
- Kinesiologist
- Maxillofacial Surgeon
- Medical Administrator
- Medical Practitioner
- Medical Registrar
- Nephrologist
- Neurosurgeon
- Neurologist
- Neurophysiologist
What if I have an unusual income?
Even if you have an unusual income, as a doctor, you may still benefit from a medical mortgage. As a specialist in mortgages for doctors, we can help.
Which bank is best for doctors?
When securing the best health professional home loans, there is no one-size-fits-all or best bank. A specialist mortgage broker can help you find the right lender (it varies from lender to lender) and medical professional mortgage.
What is Lender’s Mortgage Insurance (LMI)?
LMI is a one-off fee a borrower has to pay the lender – which is an insurance policy to cover the bank for any losses in the event of default. Generally, LMI needs to be paid if the borrower gives less than 20% deposit on the house value.
Is LMI waived for nurses?
Starting in 2022, eligible registered nurses and midwives applying for medical home loans can benefit from an LMI waiver of up to 90% if they earn a minimum of $90,000 pa.
- Obstetrician
- Occupational Therapist
- Oncologist
- Ophthalmologist
- Optometrist
- Oral and Maxillofacial Surgeon
- Oral Surgeon
- Orthodontists
- Orthopaedic Surgeon
- Orthopaedic Registrar
- Osteopath
- Paediatric Surgeon (Neonatal/Perinatal)
- Paediatrician
- Pathologist
- Physiotherapist
- Pharmacist
- Physician
- Plastic Surgeon
- Podiatrist
- Psychiatrist
- Psychologist
- Radiographer
- Radiation Oncologist
- Resident doctor(residency)
- Reconstructive Surgeon
- Respiratory Surgeon
- Rheumatologist
- Sonographer
- Specialists
- Surgeon
- Surgical Registrar
- Thoracic Surgeon
- Urologist
- Vascular Surgeon
- Veterinarian
While is isn't always a requirement, it helps to be member member of the following associations:
Australian Association of Practice Managers
Australian College of Rural and Remote Medicine (ACRRM)
Australian Dental Association (ADA)
Australian Dental Council (ADC)
Australian Medical Association (AMA)
Australian Medical Council (AMC)
Australian Veterinary Business Association
Australian Veterinary Association
Australasian College for Emergency Medicine (ACEM)
Australasian College of Cosmetic Surgery (ACCS)
Australasian College of Dermatologists (ACD)
College of Intensive Care Medicine of Australia and New Zealand (CICM)
Medical Practitioners Board of Australia
Royal Australasian College of Dental Surgeons (RACDS)
Royal Australasian College of Medical Administrators (RACMA)
Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
Royal Australian and New Zealand College of Ophthalmologists (RANZCO)
Royal Australasian College of Surgeons (RACS)
Royal Australasian College of Physicians (RACP)
Royal College of Pathologists of Australasia (RCPA)
Royal Australian and New Zealand College of Psychiatrists (RANZCP)
Optometrists Association Australia
The Australia and New Zealand College of Anaesthetists (ANZCA)
The Royal Australian College of General Practitioners (RACGP)
The Royal Australian and New Zealand College of Radiologists (RANZCR)
Urological Society of Australia and New Zealand (USANZ)
Other associations may be accepted on a case-by-case basis
Get in Touch
As your local Melbourne broker for Mortgage,
we can come to you during or after hours.
We also have an office conveniently located in St Kilda Road.
Speak directly to an experienced mortgage broker today.
Our Office
Suite 721-723-725 (Lev7)
St Kilda Rd Towers
1 Queens Road
Melbourne Vic 3004
Loanscope Pty Ltd
Australian Credit License 541487
ACN 636 885 142 ABN 34 636 885 142