Mortgages for doctors & medical professionals
Doctors, surgeons and other medical professionals are occupations that the banks consider to be low risk, due to high income earning potential and good job security. Many lenders have discounts and other offers for doctors.
What home loan offers are available for doctors?
Often when you borrow more than 80% of a property’s value, you will be required to pay Lender’s Mortgage Insurance. This is where offers for doctors come in:
Borrow up to 90% of the property value with no LMI (a wider range of medical professionals can be considered)
Borrow up to 100% of the property value and pay no or discounted LMI (strict lending criteria applies)
Borrow up to $4.5 million to purchase a home or investment property
See below for how much you could save by not having to pay Lender’s Mortgage Insurance on a loan with a 10% deposit and 90% loan-to-value ratio:
$500,000 Property: $8,680
$1,000,000 Property: $22,392
$1,500,000 Property: $36,858
$2,000,000 Property: $49,144
Eligibility Requirements
Are all doctors eligible?
Eligible medical professionals include the below (interns, residents, registrars and staff specialists are usually also eligible):
Anesthesiologist
Anaesthetist
Audiologist
Cardiologist
Cardiothoracic Surgeon
Chiropractor
Sports chiropractor
Animal chiropractor
Clinical Pharmacologist
Cosmetic Surgeon
Dental Specialist
Dentist
Dermatologist
Doctor
Ear and Throat Surgeon
Epidemiologist
Emergency Doctor
Emergency Medicine Specialist
Emergency Surgeon
Endocrinologist
Gastro Intestinal Surgeon (Upper/Lower)
Gastroenterologist
General Practitioner (GP)
GP Registrar
General Surgeon
Gynaecologist
Haematologist
Heart Doctor
Heart Surgeon
Hepatologist
Herpetologist
House Medical Officer (HMO/residency)
Hospital-employed doctors
Intern doctor (internship)
Immunologist
Junior Medical Officer (JMO/residency)
Kinesiologist
Maxillofacial Surgeon
Medical Administrator
Medical Practitioner
Medical Registrar
Nephrologist
Neurosurgeon
Neurologist
Neurophysiologist
Obstetrician
Occupational Therapist
Oncologist
Ophthalmologist
Optometrist
Oral and Maxillofacial Surgeon
Oral Surgeon
Orthodontists
Orthopaedic Surgeon
Orthopaedic Registrar
Osteopath
Otolaryngologist
Paediatric Surgeon (Neonatal/Perinatal)
Paediatrician
Paediatric Surgeon (Neonatal/perinatal)
Pathologist
Physiotherapist
Pharmacist
Clinical Pharmacy Specialist
Academic Pharmacist
Community Pharmacist
Compounding Pharmacist
Consultant Pharmacist
Drug Information Pharmacist
Home Health Pharmacist
Hospital Pharmacist
Industrial Pharmacist
Informatics Pharmacist
Locum Pharmacist
Managed Care Pharmacist
Military Pharmacist
Nuclear Pharmacist
Oncology Pharmacist
Pharmacist Clinical Pathologist
Pharmacist Clinical Toxicologist
Regulatory-Affairs Pharmacist
Pharmacist prescriber
Veterinary Pharmacist
Physician
Plastic Surgeon
Podiatrist
Psychiatrist
Psychologist
Radiographer
Radiologist
Radiation Oncologist
Resident doctor (residency)
Reconstructive Surgeon
Resident Medical Officer (RMO/residency)
Respiratory Surgeon
Respiratory/Thoracic Surgeon
Rheumatologist
Sonographer
Speech Pathologist
Specialist Physician
Surgeon
Surgical Registrar
Thoracic Surgeon
Urologist
Vascular Surgeon
Veterinarian
Medical qualification
To be eligible for a home loan offer for medical professionals, you must be a member of the relevant medical association, being one of the below:
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)
What documents will I need to provide?
In order to verify your income, you will need to provide your two most recent payslips. You will also need to provide evidence of your medical registration and membership with one of the above medical associations.
How do I access a home loan offer for doctors?
Our role at Unbroke is to assess your needs and situation, help you compare all of the loans you’re eligible for as an engineer, including cashback offers, finding the lowest interest rate and loan features. Our services are free to use, we simply receive a commission from the bank once your loan is settled.
Contact us via our website, email or social media to book in a call to discuss your options for purchasing a property or refinancing your existing home loan.
Are medical professionals the only occupation that qualifies for the LMI waiver?
Roles in other industries may also be eligible for an LMI waiver. These include:
Lawyers and conveyancers
Nurses and midwives
Veterinarians
Professional athletes
Financial planners
Mining specialists
Some entertainment professionals
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. Information in this article is up to date as of 10 January 2023.
