Doctors often qualify for special home loan options because lenders consider them low-risk borrowers with stable, high incomes. As a result, they may enjoy benefits like lower interest rates, waived LMI (Lenders Mortgage Insurance), and the ability to secure a loan with a smaller deposit.

“Who Can Apply for a Doctor Home Loan?”

To qualify, you need membership with the Australian Medical Association (AMA) or a similar organization.

Here are the medical professionals who can apply for doctor home loans:

• General Practitioners (GPs): Eligible if they work in private practice or public hospitals with a stable income and good credit history.
• Medical Specialists: Surgeons, paediatricians, obstetricians, and other specialists qualify due to their higher incomes and borrowing capacity.
• Dentists: Both general dentists and specialists (like orthodontists and oral surgeons) can apply, thanks to their stable incomes and earning potential.
• Interns & Residents: Even junior doctors, including interns and residents, may qualify for loans with up to 100% financing in some cases.

“Top Benefits of Doctor Home Loans”

In addition to 95% LVR with waived LMI, doctors can enjoy several perks when approved for a home loan:

• Exclusive Discounts: Enjoy reduced interest rates and fee waivers tailored for medical professionals.
• Grow Your Property Portfolio: Use your home loan to buy new properties or refinance to expand your portfolio.
• Asset Protection: Purchase through a company or trust structure to protect assets and gain tax advantages.
• Higher Loan Limits: Benefit from higher loan amounts due to the potential for increased earnings over time.

“How Much Can You Borrow? Understanding Your Borrowing Capacity”

      You could potentially borrow up to:

• 100% of the property value: While lending criteria are strict, it’s possible to borrow the full property value.
• 95% of the property value: Medical professionals like dentists, General Practitioners, and specialists can borrow up to 95% without LMI, with no income threshold and loans up to $5 million.

“Who Qualifies for an LMI Waiver? Medical Professionals Explained”

To qualify for an LMI waiver, medical professionals must meet the following criteria:

• Maximum loan size of $4.5 million
• Loan amount of 95% to 100% of the property value
• Membership with a relevant industry body (e.g., Australian Medical Association)
• Be a preferred medical professional, such as a doctor, dentist, optometrist, veterinarian, chiropractor, pharmacist, and more.

“Essential Documents for Your Home Loan Application

Here’s what you’ll need to provide when applying for a home loan:

• Verification of registration on the Australian Health Practitioner Regulation Agency (AHPRA) website or relevant veterinary board.
• Personal identification (e.g., driver’s licence or passport).
• Payslips from the last three months.
• A payment summary from your employer.
• ABN and tax assessments from the past two years (if self-employed).
• Signed lease and rental statements if receiving rental income.
• Details of your loans and liabilities.

“What Income is Considered for a Doctor Home Loan?”

• PAYG: Base income, bonuses, overtime, casual pay, and commission
• Income from sole proprietorship, partnership, company, or trust
• Additional income, such as rental earnings

Additionally, the following income types may also be considered during servicing assessments:

• Child support payments
• Pensions and benefits (including Family Tax A & B)
• Interest from term deposits and dividends
• Investment income
• Salary-sacrifice contributions
• Superannuation income

“Dreaming of Your Own Home? Here’s How Self-Employed Doctors Can Secure a Home Loan with Ease!

“Wondering if your income type qualifies for a home loan? As a self-employed doctor, you may be eligible if you have:

• Standard Employment
•  ABN Contracting
• Contracting as an Employee
• Medical Partnerships
• Profit Share/Commissions

No matter your situation, you could qualify for exclusive interest rate discounts and avoid Lenders Mortgage Insurance (LMI) when borrowing up to 100% of your property’s value!

“Are you a doctor working as an independent contractor with your own ABN? Here’s what you’ll need to provide for your home loan application:

• Last 3 months of invoices
•  Last 3 months of bank statements
• Contracts with your practice(s)
•  Tax returns (optional but helpful)

With these documents, you could be one step closer to securing your dream home!

“Are you a doctor working under a fixed-term contract or through an employment agency? We can help you navigate the home loan process! Here’s what we typically need:

When submitting your application, we often request additional documents to ensure we present the strongest case to the lender. We’ll review your situation, borrowing capacity, and available documents to present the best possible application.

Typically, we’ll ask for:

• Two recent payslips
• A copy of your employment contract
• (Optional) Proof of previous income at a similar level

This way, we can help you secure the right home loan for your needs.

“Doctors in medical partnerships often share practice costs, especially common among same profession. Since income in these partnerships can include both wages and distributions, some lenders may find it complex.

Here’s what we typically need for your home loan application:

• Two years of personal tax returns
•  Two years of partnership tax returns
•  Alternative options may also be available

“Do you earn through profit share or commission, like dentists, optometrists, veterinarians, or other medical professionals? If you’re paid based on a percentage of your billings, we can help you secure a home loan!

Here’s what we typically need:

• 3 months of invoices or a payslip with 3 months of  YTD income
•  (Optional) A copy of your contract
• (Optional) Your tax returns

We’ll work with you to make the application process smoother!