Who this is for
Lender policies differ, but medical professional policies commonly cover:
- Specialists, GPs and surgeons
- Registrars, residents and interns
- Dentists and some allied health professionals
- Vets, pharmacists and others, depending on the lender
Each lender has its own list of eligible professions and registration requirements, usually with AHPRA.
Lenders mortgage insurance (LMI) for medical professionals
LMI is usually charged when you borrow more than 80% of a property's value. Some lenders may waive LMI for eligible medical professionals borrowing above 80%, up to a set limit. That can mean buying sooner with a smaller deposit, without the LMI premium being added to the loan.
Whether a waiver applies depends on your profession, registration, income, the loan size and the lender's policy at the time you apply. Peter can check which lenders may offer a waiver for your situation. Eligibility and lending criteria apply.
How lenders look at medical income
The right lender can make a real difference to your borrowing capacity. Policies vary on:
- Overtime and on-call income, and how much of it is counted
- Locum and contract income, including how long you need to have earned it
- New contracts, such as starting a new role or rotation
- Private practice income for doctors who are self-employed or in a practice
- Upcoming changes, such as moving from registrar to consultant
Peter looks at your actual income pattern and matches it to lenders whose policy suits it.
Buying, refinancing or investing
Medical professional policies can apply when you're:
- Buying your first home, including with a smaller deposit
- Refinancing to a lender with better-suited policies or features
- Buying an investment property or structuring lending around a practice
How Peter helps
- A short call to understand your role, income and plans.
- A borrowing estimate based on how lenders are likely to treat your income.
- Lenders compared on LMI waivers, rates, features and medical policies.
- Application managed for you, built around your roster, not the other way round.
Read more
Frequently asked questions
Can doctors get a home loan without LMI?
Some lenders may waive LMI for eligible medical professionals, usually up to a set loan-to-value ratio. Eligibility depends on your profession, registration and the lender's criteria.
Can registrars or junior doctors apply?
Some lenders include registrars and residents in their medical policies. Others only include specialists. Peter can check which lenders accept your stage of training.
Does locum income count?
Many lenders will consider locum income, usually once you've earned it for a set period. Policies vary, so the choice of lender matters.
I'm moving to a new hospital. Can I still apply?
Often, yes. Some lenders will assess a new contract, especially within the same profession. Timing your application can help.
This page is general information only and doesn't take your personal objectives, financial situation or needs into account. Lending criteria, fees and charges apply. Talk to Peter about your circumstances before making a decision.