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As a doctor, years of education and training often result in substantial student debt, a complicated income structure, and the difficulty of managing home loan products. But the good news is, your consistent income, high borrowing power, and job stability make you a prime candidate for doctor home loans.
At Unconditional Finance Mortgage Brokers, we aim to make the home loan process more manageable for medical practitioners. We offer exclusive perks such as waived Lenders Mortgage Insurance (LMI), special home loan discounts, and discounted interest rates.
Our mortgage brokers will guide you and provide you with the support you need from the application to the approval process. Whether you’re early in your career, looking to refinance your mortgage, considering an investment property purchase, or ready to buy your dream home, we’re here to connect you with the right lender. We aim to secure the most competitive interest rates. Our team is dedicated to guiding you every step of the way.
With access to multiple lenders, major banks, and other financial institutions, we ensure you secure the best possible variable-rate, fixed-rate, or interest-only home loan. These loans are designed to fit your borrowing capacity and loan term while minimising your monthly repayments.
Let us help you take advantage of special deals, custom financial solutions, and expert guidance to achieve your homeownership goals with confidence and ease.
Doctors are often viewed as ideal candidates for home loans for doctors due to several key factors. Firstly, your profession typically has a high and stable income, which significantly reduces the perceived risk. This financial stability ensures that you are more likely to consistently meet your home loan interest repayments and monthly repayments.
Also, doctors have a proven track record of financial responsibility. Statistics show lower default rates compared to other professions. Your job security and the high demand for medical professionals enhance your credibility as a low-risk borrower. This makes it easier to secure specialist home loan products with interest rate discounts.
Moreover, the doctor home loan market offers exclusive benefits such as offset account features, flexible interest payments, and tailored loan features to help you maximise your borrowing power. Whether you’re purchasing a primary residence or an investment property, working with a Sydney mortgage broker ensures you get the best deals.
Find out which medical professionals can avoid paying lenders mortgage insurance.
Doctors and allied health professionals qualify for exclusive home loan deals. For a detailed breakdown, the following medical professionals may be eligible for a ‘doctors-only’ home loan:
| Anaesthetists | Intern Doctors & GPs | Medical resident | Orthodontists | Rheumatologists |
| Cardiologists | Epidemiologists | Medical registrar | Paediatricians | Surgeons |
| Cosmetic surgeons | Endocrinologists | Neurologists | Pathologists | Urologists |
| Dentists | Gastroenterologists | Obstetricians | Pharmacists | |
| Dental surgeons | Gynaecologists | Oncologists | Plastic Surgeons | |
| Dermatologists | Immunologists | Ophthalmologists | Radiologists |
Below are the key professional qualifications and income requirements you need to be aware of when applying for a doctor home loan:
You must be a practising medical professional in a recognised field. Eligible professions typically include, but are not limited to, the following:
If your profession is not listed, it’s recommended to consult with a mortgage broker to review your options.
Lenders accept various income types when assessing your eligibility for a doctor home loan. Whether you’re a salaried employee or self-employed, your income can be structured in several ways:
When it comes to securing a home loan, as a doctor, you have access to tailored loan options for your specific needs at different stages of your career.
For mid-career and senior doctors, several home loan options are available to help you achieve various financial goals, whether you’re looking to buy, or upsize or downsize your existing home.
As a newly qualified doctor, you might have limited financial history, but there are lenders offering loan options to help you get started in the property market sooner.
If you’re looking to optimise your mortgage or adapt as your financial goals evolve, refinancing could be a strategic move to enhance your financial position.
Refinancing your mortgage can provide a range of advantages tailored to your needs as a doctor, helping you maximise savings and financial flexibility.
Understanding the optimal timing for refinancing is key to ensuring you make the most of your mortgage and achieve your financial objectives. Here are essential factors to consider:
Applying for a doctor home loan involves several steps to ensure you qualify and have all the required documentation ready. Here’s what you need to know to make the process as smooth as possible:
1. Initial Consultation
Start by consulting with a mortgage broker who specialises in doctor home loans. During this consultation, your broker will gather detailed information about your financial situation, including your income, assets, and any existing debts. They will also discuss your homeownership goals to suggest the most appropriate loan options for your specific needs as a medical professional.
2. Pre-Approval
After the consultation, your broker will help you apply for pre-approval. This involves a preliminary assessment by the lender, where they evaluate your financial standing to determine how much you can borrow. Pre-approval provides a clear picture of your budget, allowing you to confidently search for a property within your price range. It’s important to note that pre-approval typically lasts for three to six months and is subject to the final approval process once you’ve chosen a property.
3. Documentation Preparation
4. Loan Application
Once all your documentation is gathered, your mortgage broker will submit your formal loan application to the lender. The lender will conduct a comprehensive review of your financial situation, including a credit check, to assess your risk as a borrower. They will also arrange for a property valuation to ensure the property is worth the amount you wish to borrow.
5. Approval and Settlement
If your loan application is successful, the lender will provide a formal loan offer outlining the loan’s terms and conditions. It’s important to carefully review this offer with your broker to ensure it aligns with your needs. Upon acceptance, the settlement process begins, which typically takes several weeks. During this time, the lender will coordinate with your solicitor or conveyancer to finalise the loan and arrange for the transfer of funds to complete the property purchase.
6. Post-Settlement
After settlement, your mortgage broker remains a valuable resource for ongoing support. They can assist with any questions you may have regarding your loan, help you manage your repayments, and even review your loan periodically to ensure you’re still getting the best deal available. If your financial situation changes, your broker can also advise on refinancing or other financial strategies to help you make the most of your home loan.
95% LVR Waived LMI for Doctors
Profile:
Michael is a third-year orthopedic registrar working at a major hospital in Brisbane. He earns $160,000 per year, including overtime.
Objective:
Michael wants to purchase his first home, a townhouse close to the hospital, for $750,000 to cut down his commute and stop paying $600 per week in rent.
Problem:
After looking into home loan options, Michael realizes that with only $55,000 in savings, he doesn’t have enough for a 20% deposit. He either needs to save an additional $95,000, pay a hefty lenders mortgage insurance (LMI) fee, or seek a guarantor.
Solution:
After a discussion with a senior doctor at work, Michael is referred to Mortgage Pros, a specialist mortgage broker for medical professionals. To his surprise, he learns that some lenders offer home loans tailored for doctors, allowing him to borrow more than 90% of the property value without paying LMI.
With a 95% LVR loan, Michael secures financing for $712,500 and saves approximately $27,000 in LMI fees!
Like Michael, you could save thousands with an LMI waiver. Contact one of our mortgage brokers specializing in home loans for doctors by calling 1300 030 388 or enquiring online.
Saving Thousands by Refinancing
Profile:
Sarah is a dermatologist running a successful private practice in Melbourne, earning $450,000 per year. Over the years, she has built an impressive portfolio of 9 investment properties spread across different states.
Objective:
With rising interest rates, Sarah has seen her mortgage rates increase from 2.75% to 5.85% in just over a year. She wants to ensure she is on the lowest rate possible and not paying more than necessary.
Problem:
Sarah approaches her current bank, requesting a better interest rate on her existing loans. However, they inform her that only new customers qualify for lower rates, and she is already on the best rate they can offer.
Solution:
After discussing her concerns with a colleague, Sarah is referred to Mortgage Pros, specialists in home loans for doctors. They analyze her situation and compare market options, identifying significant savings. By refinancing, Sarah:
✅ Secured a 0.55% interest rate reduction, saving her approximately $24,000 per year in interest.
✅ Received a $5,000 cashback per property, totaling $45,000 in cashback incentives.
✅ Extended her interest-only period back to 5 years, freeing up more cash flow.
If you’re a doctor looking to refinance, you could save thousands just like Sarah. Get in touch with our expert mortgage brokers today.
Boosting Borrowing Capacity to Buy a Larger Home
Profile:
James is an emergency physician in Perth, earning $200,000 per year. His wife, Emily, is a physiotherapist making $85,000 per year. They currently own a two-bedroom apartment, which is about 60% paid off.
Objective:
With their second child on the way, James and Emily need more space. They want to upgrade to a $1,350,000 family home but need to maximize their borrowing capacity.
Problem:
When speaking to their bank, they are told their maximum borrowing capacity is only $900,000, falling $450,000 short of their goal. With no additional savings or family assistance, they are left considering a smaller property.
Solution:
After researching online, James finds Mortgage Pros, a specialist broker for doctors. By analyzing their financial situation, the team helped increase their borrowing capacity through strategic changes:
✅ Closing two unused credit cards with a combined limit of $15,000, increasing borrowing capacity by $120,000.
✅ Choosing a lender that considers 100% of James’ overtime income, boosting their total borrowing power.
✅ Factoring Emily’s HECS repayments differently, improving their debt-to-income ratio.
✅ Using the smallest assessment buffer on their existing fixed home loan, allowing them to qualify for a higher loan amount.
As a result, James and Emily secured financing for $1.35 million and successfully purchased their dream home.
If you’re a doctor looking to increase your borrowing power, talk to our mortgage specialists today!
Beyond the primary list of medical professionals, the following additional specialists and practitioners may also be eligible for exclusive home loan deals. If your profession is listed below, you could qualify for a doctors-only home loan.
| Academic Pharmacist | Audiologist | Chiropractor | Community Pharmacist | Ear And Throat Surgeon |
| Emergency Surgeon | General Surgeon | Heart Doctor | Herpetologist | Junior Medical Officer (JMO/Residency) |
| Managed Care Pharmacist | Medical Practitioner | Nuclear Pharmacist | Optometrist | Osteopath |
| Pharmacist Clinical Pathologist | Physician | Podiatrist | Radiation Oncologist | Reconstructive Surgeon |
| Resident Medical Officer (RMO/Residency) | Respiratory/Thoracic Surgeon | Specialist Physician | Speech Pathologist | Surgical Registrar |
| Vascular Surgeon | Animal Chiropractor | Cardiothoracic Surgeon | Clinical Pharmacy Specialist | Consultant Pharmacist |
| Drug Information Pharmacist | Emergency Medicine Specialist | General Practitioner (GP) | Haematologist | Hepatologist |
| House Medical Officer (HMO/Residency) | Intern Doctor (Internship) | Locum Pharmacist | Medical Administrator | Nephrologist |
| Neurosurgeon | Occupational Therapist | Oral Surgeon | Orthopaedic Surgeon | Paediatric Surgeon (Neonatal/Perinatal) |
| Pharmacist | Pharmacist Prescriber | Psychologist | Radiographer | Regulatory-Affairs Pharmacist |
| Resident Military Pharmacist | Resident Doctor (Residency) | Respiratory Surgeon | Sonographer | Sports Chiropractor |
| Thoracic Surgeon | Veterinarian |
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| Property Value | Loan Amount | LVR | Estimated cost of LMI | LMI as percentage of the property value |
|---|---|---|---|---|
| $500,000.00 | $475,000.00 | 95% | $14,773.00 | 2.95% |
| $750,000.00 | $712,500.00 | 95% | $30,638.00 | 4.09% |
| $1,000,000.00 | $950,000.00 | 95% | $40,850.00 | 4.09% |
| $1,250,000.00 | $1,187,500.00 | 95% | $58,425.00 | 4.67% |
| $1,500,000.00 | $1,425,000.00 | 95% | $70,110.00 | 4.67% |
| $1,750,000.00 | $1,662,500.00 | 95% | $84,455.00 | 4.83% |
| $2,000,000.00 | $1,900,000.00 | 95% | $96,520.00 | 4.83% |
| $2,250,000.00 | $2,137,500.00 | 95% | $119,486.00 | 5.31% |
| $2,500,000.00 | $2,375,000.00 | 95% | $132,763.00 | 5.31% |
| $3,000,000.00 | $2,850,000.00 | 95% | $159,315.00 | 5.31% |
| $3,500,000.00 | $3,325,000.00 | 95% | $185,868.00 | 5.31% |
| $4,000,000.00 | $3,800,000.00 | 95% | $212,420.00 | 5.31% |
| $4,500,000.00 | $4,275,000.00 | 95% | $238,973.00 | 5.31% |
| $5,000,000.00 | $4,750,000.00 | 95% | $265,525.00 | 5.31% |
Your stable income, job security, and financial reliability make you attractive to lenders, helping you access several exclusive benefits when applying for a home loan:
Doctors often receive favourable loan terms, including the ability to borrow a larger percentage of the property’s value with a smaller deposit.
Doctors have access to special interest rates often lower than those available to the general public – this can help you save significantly on your monthly repayments over the life of your loan.
As a doctor, you can potentially avoid paying LMI, even if you have less than a 20% deposit. For example, you could save up to $12,750 on a $600,000 loan amount when borrowing 90% of the property value.
Beyond lower rates and LMI waivers, you may be eligible for other perks like cashback offers and fee waivers. Some lenders provide cashback incentives of up to $2,000 to earn your business, and annual fee waivers that could save you thousands over the life of your loan.
Yes, self-employed doctors can qualify for a doctor mortgage. Lenders will typically require you to provide two years of business tax returns, personal tax returns, and recent financial statements to assess your income stability and financial health.
Doctor home loans often come with several benefits, including waived Lenders Mortgage Insurance (LMI) for loans up to 95% of the property value, special interest rate discounts, and reduced or waived fees that are not typically available to other borrowers.
No, you don’t need to be fully qualified. Many lenders offer home loans to medical professionals at various stages of their careers, including residents, registrars, and even interns. However, the exact eligibility criteria can vary by lender.
You’ll need to provide identification (such as a driver’s licence or passport), proof of income (recent payslips or tax returns for self-employed), registration with the Australian Health Practitioner Regulation Agency (AHPRA), and details of any existing liabilities, such as other loans or debts.
Yes, refinancing your home loan can provide access to better interest rates, waived LMI, and other financial benefits. Many lenders offer specialised refinancing options tailored to the unique needs of medical professionals.
Yes, many lenders will consider your casual or overtime income when assessing your application. While some banks may only accept 80% of your overtime earnings, others might accept up to 100%, depending on your employment history and the specific lender’s policies.
Yes, if both you and your partner are doctors or eligible medical professionals, you can apply for a joint doctor mortgage. This could potentially enhance your borrowing capacity and allow you to take full advantage of the specialised benefits offered to medical professionals.
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