Home Loans for Doctors
Borrowing capacity
✅Borrow up to 100% of property purchase price with guarantor & no LMI.
✅Borrow up to 90% of property purchase price with no LMI.
✅Borrow up to $4,500,000 for your property portfolio.
Enquire now
Why do doctors get waived LMI?
LMI is to protect the lender against you defaulting on your repayments. Doctors have some of the lowest risk of default in the industry and a stable job future. It is for this reason some lenders will waive the Lenders Mortgage Insurance to compete for your business.
✅Save over $9,000 on a property worth $550,000.
✅Save over $24,000 on a property worth $1000,000.
✅Save just under $40,000 on a property worth $1,500,000.
Income Type
✅Medicare Income Guarantees
✅Self employed
✅Contracting
✅Partnership business
✅Full type work + on-call contract with another hospital
✅As long as you have regular earnings there is a lender that will accept it.
Will I get approved?
You must be a member of one of the following associations:
✅Australian Association of Practice Managers
✅Australian Dental Council
✅Australian Medical Association
✅Australian Medical Council
✅Australian Veterinary Association
✅Australian College for Emergency Medicine
✅Medical Practitioners Board of Australia
✅Royal Australasian College of Physicians
✅Optometrists Association of Australia
✅Royal Australian College of General Practitioners
✅Check your association on the list of accepted accreditations.
Which doctors are eligible?
✅Cardiologist
✅Chiropractor
✅Cosmetic surgeon
✅Dentist
✅GP
✅Ear and throat surgeon
✅Emergency surgeon
✅Gynecologist
✅Heart surgeon
✅Intern doctor
✅Neurologist
✅Oncologist
✅Obstetrician
✅Orthopedic surgeon
✅Pediatrician
✅Physiotherapist
✅Pharmacist
✅Radiologist
✅Psychiatrist
✅Surgeon
✅And many more on the approved list.
Why do doctors get better perks?
Doctors get the best interest rates and other perks because of the stability of their income. They are usually employed directly by the government (not always) and have low risk in defaulting. Their relatively high incomes and upward trajectory gives them high esteem among lenders.
Scenario
Hussein & Maryanne, both doctors at Bankstown hospital, had finished their residency and were about to buy a home off Hussein's father. They had little in the way of savings, actually just enough to cover stamp duty with some change. Hussein's father wanted $1.1 million for the house, which admittedly was on the cheap side, as he wanted to help set up his son.
As two full time working doctors, Hussein & Maryanne were able to borrow 100% of the purchase price with no LMI. Not having to pay Lenders Mortgage Insurance alone saved them thousands in fees.
✅It is imperative not to assume your mortgage broker or bank has presented you to their credit team as a doctor to receive these product discounts.
Which lenders?
✅ANZ
✅BOQ Specialist
✅Commonwealth Bank
✅Westpac
✅And more.
Can I fund my Doctors Office & Equipment?
✅Yes, borrow up to 100% of your commercial medical practice.
✅Office, surgery or full fit-outs.
✅Laboratory equipment.
✅Diagnostic equipment.
✅Beds & benches.
✅Scanning and imaging.
What about nurses?
✅Nurses don't qualify for the same perks as doctors.
✅They can get waived LMI up to 85% of the purchase price.
I want the research and paperwork done for me
As a busy doctor doing shift-work, it is best to engage the services of a mortgage broker to work on your behalf. A good broker will do all the paperwork and work efficiently behind the scenes with minimal contact.
Get in touch
I am here if you need me.
No fee service.
Matthew Stack - mortgage broker Revesby
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