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Personalised Home Loan Solutions for Doctors

Doctors can borrow up to 95% with no LMI and lower rates!

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Updated: 27 Nov, 2024
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Doctors often benefit from specialized home loan solutions, as lenders typically consider them low-risk borrowers with stable, high-income potential. These tailored offerings may include perks such as reduced interest rates, waived Lenders Mortgage Insurance (LMI), and the option to secure a home loan with a smaller deposit.

As mortgage brokers, we leverage our wide network of lenders to help you explore these offers, ensuring you secure competitive rates and customized solutions that align with your financial objectives.

Benefits Of Doctor Home Loans

In addition to the 95% LVR with waived LMI, getting approved for a home loan can also provide you with the following benefits from a lender:

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:

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:

Property Value

Loan Amount

LVR

Savings With Waived LMI

$800,000

$760,000

95%

$33,000

$900,000

$855, 000

95%

$37,000

$1 million

$950, 000

95%

$42,000

$2 million

$1.9 million

95%

$97,000

$5 million

$4.75 million

95%

$266,000

The results shown in the table are illustrative purposes only and do not constitute financial advice. Eligibility for LMI waivers depends on specific lender criteria and personal circumstances. We recommend speaking with one of our expert mortgage brokers to assess your situation and confirm the details of your loan options.

Application Process For Doctor Home Loans

Consult with a mortgage broker who specialises in doctor home loans to assess your financial situation and secure benefits like waived LMI and discounted interest rates.
Obtain pre-approval quickly, leveraging your stable income and possible status to determine your borrowing capacity.
Submit the contract of sale after making an offer and proceed with formal approval.
Complete property valuation with quicker approval thanks to your low-risk profile.
Finalise settlement and take advantage of flexible features like interest-only repayments, among others.
Once settlement is completed, you officially take ownership of the property.

Throughout this process, having a mortgage broker specialising in doctor home loans ensures that you can access tailored loan products and get the best possible deals and discounts.

Specialized Home Loan Options for Doctors

Take advantage of waived LMI and exclusive discounted rates designed for medical professionals. Make your dream home a reality today!

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Required Documents When Applying For A Home Loan

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.

Why Choose Sunrise Finance WA As Your Mortgage Broker?

At Sunrise Finance WA, we understand the unique financial needs of doctors and medical professionals. Here’s why doctors across Australia trust us to secure the right home loan deals:

Specialised expertise in doctor home loans: Our brokers are well-versed in the financial needs of medical professionals. Whether you’re an intern or a specialist, we’ll help you navigate your options and structure your loan in a way that fits your long-term financial goals.
Access to exclusive doctor discounts: With our extensive network, we have access to lenders that specifically offer special deals for doctors. This ensures that you get the most competitive loan options available in the market.
Streamlined Process: We make the home loan application process faster and simpler for busy professionals. With our experience, we reduce the paperwork, saving you time and ensuring a smooth application process from start to finish.

Client Stories

Dr. Wood Saves Over $100K on His First Investment Property

Dr. Wood, a newly qualified heart surgeon at Westmead Hospital, was ready to purchase his first investment properties in Redfern. After consulting Sunrise Finance WA, he discovered he could avoid Lenders Mortgage Insurance (LMI) costs with certain lenders, saving him over $15,000 on two units. Combined with his 10% deposit, he ultimately saved more than $100,000, allowing him to cover additional purchase costs such as stamp duty and conveyancing.

John and Samantha Secure a Better Deal for Their Dream Renovation

John, a radiologist, and Samantha, a GP, planned a major renovation for their North Sydney home but were rejected by their private lender due to a cost-plus building contract. They turned to a Sunrise Finance WA broker, who negotiated with several lenders, securing a lower interest rate and acceptance of their contract by providing detailed cost evidence and ensuring extra funds for potential overruns. We also arranged personalised service through a local branch manager, giving the couple the benefits of private banking without the higher costs. Their renovation was completed in six months, and they now enjoy their newly transformed home.

Dr. James Expands His Property Portfolio by Navigating Lender Exposure Limits

Dr. James, a successful optometrist, was eager to expand his investment portfolio with four new properties but hit a roadblock when his bank wouldn’t approve loans for all of them because it would have exceeded mortgage exposure limits. With $1.8 million in existing debt and a total new investment of $1.66 million, he needed a new solution. Turning to Sunrise Finance WA, Dr. James was advised to spread his loans across multiple lenders to avoid exceeding any one lender’s exposure limits and to minimise his LMI premiums. This strategy allowed him to secure all four properties and grow his portfolio, with ongoing support to manage future investments.

FAQs

Why Do Lenders Waive LMI For Doctors?

Lenders waive LMI for doctors for three reasons:

High-income potential: Doctors have high earning potential, which makes them a 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.

Lenders will consider the following income sources when you apply for a home loan as a doctor:

PAYG – Base income, bonuses, overtime, casual, commission
Sole Proprietor
Partnership/company/trust
Other Income, such as 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 Incomeommission
Yes, you can get a home loan if you’re a self-employed doctor. Our expert mortgage brokers have helped many self-employed medical professionals get approved for a home loan.

Yes, you can buy an investment property and still get the benefit of waived LMI and special discounts.

Still need answers? We're here to help!

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Related Topics

Waived Lenders Mortgage Insurance (LMI)

Many lenders waive LMI for eligible doctors, even when borrowing up to 95% of the property value, saving you thousands of dollars.

Discounted Interest Rates

Enjoy exclusive interest rate discounts tailored for medical professionals, reducing your overall loan costs.

Higher Borrowing Capacity

Lenders often offer doctors higher borrowing limits due to their stable income and low-risk profile.

Low Deposit Options

Secure a home loan with as little as a 5% deposit, making it easier to purchase your dream home or investment property.

Flexible Loan Features

Access features like offset accounts, interest-only repayments, or split-rate options that align with your financial goals.

Simplified Approval Process

Benefit from a streamlined loan approval process that takes into account your unique financial situation, including varying income structures or recent graduations.

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