• Home
  • Services
    • Guarantor Loans
    • Debt Consolidation
    • Home Loan Redraw and Cash Out
    • Home Loan Refinancing
    • LMI Waiver for Financial Professionals
    • LMI Waiver for Health and Medical Professionals
    • LMI Waiver for Legal Professionals
    • Mortgages for Doctors
  • Calculators
    • Borrowing Power Calculator
    • Extra Repayment Calculator
    • Home Loan Offset Calculator
    • How Long To Repay Calculator
    • Income Annualisation Calculator
    • Income Tax Calculator
    • Interest-Only Mortgage Calculator
    • Loan Repayment Calculator
    • Lump Sum Repayment Calculator
    • Mortgage Switching Calculator
    • Split Loan Calculator
    • Stamp Duty Calculator
Menu
  • Home
  • Services
    • Guarantor Loans
    • Debt Consolidation
    • Home Loan Redraw and Cash Out
    • Home Loan Refinancing
    • LMI Waiver for Financial Professionals
    • LMI Waiver for Health and Medical Professionals
    • LMI Waiver for Legal Professionals
    • Mortgages for Doctors
  • Calculators
    • Borrowing Power Calculator
    • Extra Repayment Calculator
    • Home Loan Offset Calculator
    • How Long To Repay Calculator
    • Income Annualisation Calculator
    • Income Tax Calculator
    • Interest-Only Mortgage Calculator
    • Loan Repayment Calculator
    • Lump Sum Repayment Calculator
    • Mortgage Switching Calculator
    • Split Loan Calculator
    • Stamp Duty Calculator
the mortgage agency logo
  • About
  • Blog
  • Contact
Menu
  • About
  • Blog
  • Contact
the mortgage agency logo
  • About
  • Calculators
    • Borrowing Power Calculator
    • Extra Repayment Calculator
    • Home Loan Offset Calculator
    • How Long To Repay Calculator
    • Income Annualisation Calculator
    • Income Tax Calculator
    • Interest-Only Mortgage Calculator
    • Loan Repayment Calculator
    • Lump Sum Repayment Calculator
    • Mortgage Switching Calculator
    • Split Loan Calculator
    • Stamp Duty Calculator
  • Contact
  • Services
    • Home Loan Refinancing
    • LMI Waiver for Financial Professionals
    • LMI Waiver for Health and Medical Professionals
    • LMI Waiver for Legal Professionals
    • Mortgages for Doctors
  • Blog
Menu
  • About
  • Calculators
    • Borrowing Power Calculator
    • Extra Repayment Calculator
    • Home Loan Offset Calculator
    • How Long To Repay Calculator
    • Income Annualisation Calculator
    • Income Tax Calculator
    • Interest-Only Mortgage Calculator
    • Loan Repayment Calculator
    • Lump Sum Repayment Calculator
    • Mortgage Switching Calculator
    • Split Loan Calculator
    • Stamp Duty Calculator
  • Contact
  • Services
    • Home Loan Refinancing
    • LMI Waiver for Financial Professionals
    • LMI Waiver for Health and Medical Professionals
    • LMI Waiver for Legal Professionals
    • Mortgages for Doctors
  • Blog
  • Book in your Free discovery session now!
Home Loan Tips,Lenders Mortgage Insurance
/
July 6, 2021

What Are Doctor Home Loans? And How To Apply For One

Tony Xia
What Are Doctor Home Loans? And How To Apply For One

SHARE

Medical professionals interested in buying a home or investment property should specifically look into doctor home loans.

These specialist loans for doctors include significant benefits and discounted rates that aren’t available with standard home loans. So, not only can they save you money but they can put you on the road to homeownership much sooner than you may have expected.

If you are one of them, here’s what you need to know.

What Are the Benefits of Doctor Home Loans?

A standard home loan requires consistent monthly payslips as part of the eligibility criteria. Home loans for doctors recognise the unusual nature of medical practitioners’ payslips.

Although medical professionals don’t have conventional payslip structures, they earn a higher salary than many other professions. So, lenders typically consider them as low-risk borrowers.

As a result, these professionals don’t need to incorporate any lenders insurance at all when borrowing above 80% to 95%.

This means medical professionals with doctor home loans can:

  • purchase a home or investment property sooner,
  • use the money that would have been for the deposit for stamp duty, fees and costs, renovations, and an emergency cash buffer, and
  • still enjoy conventional home loan features such as a fixed or variable interest rate, offset accounts and split mortgages.


Medical professionals who can apply for doctor home loans include:

Anaesthetist GastroenterologistNeurosurgeonPlastic surgeon
AnesthesiologistGastrointestinal specialist ObstetricianPsychiatrist
CardiologistGeneral surgeonOncologistRadiation oncologist
Cardiothoracic surgeonGPOphthalmologistRadiologist
ChiropractorGynaecologistOptometristReconstructive surgeon
Clinical pharmacologistHaematologistOral surgeonRegistrar
Cosmetic surgeonHeart surgeonOrthodontistRespiratory surgeon
Dental specialistHepatologistOrthopedic surgeonRheumatologist
DentistImmunologistPaediatricianSurgeon
DermatologistInternPathologistThoracic surgeon
Ear and throat surgeonMaxillofacial surgeonPharmacistUrologist
Emergency doctorNephrologistPhysicianVascular surgeon
EndocrinologistNeurologistPhysiotherapistVeterinarian
What Are Doctor Home Loans? And How To Apply For One

Low-Risk Borrowers Don’t Pay Lenders Mortgage Insurance

Lenders mortgage insurance is an insurance policy you may have to take out on your home loan to protect the lender in instances where you may not be able to meet your home loan obligations, such as defaulting on your loan.

Lenders generally require homebuyers to take out an LMI policy where their deposit is less than 20%. In other words, they are taking out a loan for more than 80% of the cost of the property.

However, some lenders and banking institutions offer an LMI waiver for professionals, including medical professionals.

Lenders and banks often see medical professionals as low-risk borrowers because they have high income and employment prospects and seldom miss their home loan repayments.

Therefore, rather than charging lenders mortgage insurance for home loans of 81% and more, doctor home loans have the benefit of going up to 95% (dependent on the lender) without paying any LMI.

For example, if you took out a 90% loan of $900,000 and paid a 10% deposit of $100,000, and your lender doesn’t make you pay lenders mortgage insurance, you can save up to $26,000 (guide).

Who Is Eligible for a Doctor Home Loan?

Below are the standard medical professionals that are eligible for a doctor home loan.

But, if you are a practitioner of a different kind, you should still contact The Mortgage Agency as we can assess your eligibility and negotiate the best rates on your behalf.

Suppose you are interested in buying a home or investment property and married to a medical professional. In that case, you can apply for a doctor home loan if you are borrowing together as a partnership.

You will be eligible for all the benefits, including waived LMI, provided your partner is one of the medical professionals mentioned above.

What Are Doctor Home Loans? And How To Apply For One

How To Apply For a Doctor Home Loan

Before applying for a doctor home loan, you can gather the following documentation:

  • Personal identification documents such as driver’s license or passport.
  • AHPRA proof of registration.
  • Payslips for the last three months, as well as a payment summary from your employer.
  • ABN and tax assessments for the past two years.
  • Information on your loans and liabilities.
  • Signed lease and rental statements if you have rental income.


Take note that most lenders require proof of at least 5% of the deposit amount in genuine savings.

Be sure to have no defaults on your credit file, or your home loan application will not be successful.

Why It’s Worth Employing the Services of a Mortgage Broker?

Our brokers have helped many medical professionals become homeowners, so we understand their specific needs. On top of that, we combine a personal approach and consider your particular financial situation and personal goals.

Our mortgage brokers do all the “work” to find the right lender for you. We work efficiently in accordance with your availability.

Whether you are buying your first family home, growing your investment property portfolio, or buying a home to live in, we will investigate the best doctor home loan products that meet your personal needs and requirements.

Key Takeaways

Doctor home loans allow particular medical professionals to buy a home or investment property at a lower cost because they:

  • can avoid lenders mortgage insurance;
  • are eligible for lower interest rates; and
  • are considered low-risk borrowers.


While other medical professionals such as nurses or midwives don’t qualify for doctor home loans, they’re usually eligible for other benefits due to being part of the medical profession.

If your spouse is an eligible medical professional, you can apply for a doctor home loan as partners.

As a medical professional, you know that patients with specialised needs need attention from specialist doctors. In the same way, doctors benefit from certain privileges when it comes to home loans, employing a mortgage broker can help to identify and successfully apply for a home loan that best suits you.

We understand that you might have unusual income structures not as straightforward as a standard employee’s. Your average bank might not.

We know the high-pressure schedules doctors face daily. That’s why we do all the work for you.

The Mortgage Agency will negotiate the best deals and interest rates and bring all the hidden service fees to light. We will propose the potential lenders to you and help you determine which will best suit your personal circumstances and needs.

To get you started on your journey to homeownership today, get in touch with us at The Mortgage Agency, and we will help you find the best deal to suit your financial goals.

Disclaimer:

Please note that every effort has been made to ensure that the information provided in this guide is accurate. You should note, however, that the information is intended as a guide only, providing an overview of general information available to property buyers and investors. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal, tax or investment advice. You should, where necessary, seek your own advice for any legal, tax or investment issues raised in your affairs.

About Tony Xia

Having worked in the customer service and finance industry since 2011, our Director Tony Xia and his team’s highest priority is to cultivate a long-lasting relationship with clients based on trust and respect at The Mortgage Agency.

Related

Top 4 Questions To Ask Your Mortgage Broker

July 24, 2022
/
Mortgage Broker
Tony Xia
high lvr home loans

What Is An Interest-Only Home Loan & How Does It Work?

July 24, 2022
/
Investment Property Loan
Tony Xia

Breaking Into Property Investment—How A Broker Can Help

July 7, 2022
/
Investment Property Loan
Tony Xia

Borrowing Power: How Much Can I Borrow For My Mortgage?

June 24, 2022
/
Loan Tips
Tony Xia
key with a mini house

How Much Can I Borrow With A Guarantor Mortgage?

June 21, 2022
/
Loan Tips
Tony Xia
key with a mini house

What Happens When You Pay Off Your Mortgage?

June 21, 2022
/
Mortgage Broker
Tony Xia

Everything You Need to Know About a Pre-Approval Home Loan

April 1, 2022
/
Home Loan Tips
Tony Xia
first home buyer mortgage broker

How to Choose a First Home Buyer Mortgage Broker Suited To You

March 17, 2022
/
Mortgage Broker
Tony Xia
land loan

The Ultimate Guide on Land Loans

March 17, 2022
/
Loan Tips
Tony Xia
rental tax

How Is Rental Income and Loss Taxed?

November 15, 2021
/
Rental Tax
Tony Xia

Top 4 Questions To Ask Your Mortgage Broker

July 24, 2022
/
Mortgage Broker
Tony Xia
high lvr home loans

What Is An Interest-Only Home Loan & How Does It Work?

July 24, 2022
/
Investment Property Loan
Tony Xia

Breaking Into Property Investment—How A Broker Can Help

July 7, 2022
/
Investment Property Loan
Tony Xia

Borrowing Power: How Much Can I Borrow For My Mortgage?

June 24, 2022
/
Loan Tips
Tony Xia
key with a mini house

How Much Can I Borrow With A Guarantor Mortgage?

June 21, 2022
/
Loan Tips
Tony Xia
key with a mini house

What Happens When You Pay Off Your Mortgage?

June 21, 2022
/
Mortgage Broker
Tony Xia
Preferred partners
anz logo
ing logo
better choice logo
adelaide logo
auswide-bank-logo
beyond bank logo
bank australia logo
bank of sydney
bluebay homeloans logo
bluestone logo
bmm logo
citibank logo
cba logo
emoney logo
equifax logo
Firstmac-Logo-2016-Copy
fms logo
galilee logo
Heartland Finance logo
heritage
illion logo
get capital logo
latitude logo
latrobe logo
Macquarie_Bank_Logo_MBVert_BLK
me bank logo
mezy mortgage logo
mkm logo
movbe bank logo
mystate bank logo
st george
paramount logo
pepper money logo
virgin logo
plenti logo
qudos bank logo
resimac logo
suncorp bank logo
thinktank logo
ubank-logo2
victorian mortgage group logo
westpac logo
wisr
WLTH logo

Speak to the mortgage agency today

Talk to us now
hte mortgage agency footer
  • Home
  • About
  • Calculators
  • Services
  • Locations
  • Blog
  • Contact
Contact Us

Bella Vista Office

  • 217/14 Lexington Drive, Bella Vista, NSW, 2153
  • 0423 718 612

Parramatta Office

  • 19/103 George St, Parramatta NSW 2150
  • 1800 242 234

Penrith Office

  • 95b Station St, Penrith NSW 2750
  • 1800 146 759

Sydney Office

  • Seabridge House, Suite 120/377 Kent St, Sydney NSW 2000
  • 1800 146 759

Serving The Wider Sydney Area

  • Canterbury-Bankstown
  • Eastern Suburbs
  • Forest District
  • Greater Western Sydney
  • Hills District
  • Inner City
  • Inner West
  • Northern Beaches
  • Northern Sydney
  • St George
  • South-Western Sydney
  • Sutherland Shire
the mortgage agency logo
Tony Xia is A Credit Representative (477089) Of Mortgage Specialists Pty Ltd ACN 050 601 093 (Australian Credit Licence 387025)
Facebook-f Linkedin-in Instagram
Copyright @ 2022
  • Terms and Conditions
  • Privacy policy
  • Website Safe and Secure
  • Made With
  • By Digital Recipe