Home loans for doctors: no LMI from a 5% deposit

A doctor home loan is a standard home loan where the lender waives lenders mortgage insurance (LMI) for eligible doctors. Selected lenders go up to 95% of the property value, so you can buy with 5% plus costs and pay no LMI. That gives you a choice: buy sooner with a smaller deposit, or keep some savings for moving, setting up your home or time away from work.

The saving is only part of the decision. We'd compare the interest rate, fees and repayments over the same loan term, so you can see whether the doctor offer is better value than a standard loan. If you've saved a larger deposit, you can still use it to reduce what you borrow.

Our LMI waivers guide explains the wider options. Use the LMI calculator for an initial premium estimate.

Before joining Hunter Galloway, I worked in private and commercial banking. That background helps when we're explaining a move into private practice or income from several medical roles to a lender. Here's what we do with your application:

Eligible doctors can buy a home with a 5% deposit plus buying costs and no LMI. Westpac, St George and NAB go to 95% for a home on principal and interest, and so does ANZ when your total debt is under 6 times your income. CBA's Medico Plus+ goes to 94.99%. An investment or interest-only loan can need a bigger deposit.

Our 90% no-LMI home loan guide compares the wider options if you have a 10% deposit. I'll check what fits your registration, income and property before you rely on a number.

For this example, you have $150k saved and are buying a $1m home that the bank also values at $1m. I've allowed $25k for buying costs and assumed any LMI is paid upfront. Your actual duty, fees and concessions depend on the property and your eligibility.

Compare the repayments with the cash you'll need for moving, tax and the months ahead.

If the lender lets you add LMI to the loan, you keep that cash but pay interest on the extra debt. I'd compare the waiver loan and the standard loan using the same loan term and repayment type, including the rate, fees and LMI. That shows what each option costs you upfront and each month.

Actual buying costs and the lender's LMI quote can differ. A waiver removes LMI, but it does not remove stamp duty, legal costs or the need for a cash buffer.

At 95%, the LMI a waiver saves you is bigger. These estimates are from our LMI calculator for a Queensland purchase with a 5% deposit.

Estimates only, Queensland, checked 21 October 2026. They're not a quote. Run your own price through the LMI calculator.

Watch on YouTube: Home loans for medical professionals

There isn't one borrowing limit for doctors. It depends on your income, living costs and debts, including how the lender counts overtime and HECS repayments. Banks also look at your total debt compared with your annual income, called your debt-to-income ratio, and apply their lending limits.

Use our borrowing power calculator for a starting estimate. I'd then compare lenders using your actual income records before you set a buying budget.

Each lender has its own way of counting overtime, allowances, locum earnings and practice income. Depending on its rules and your income history, it may use the full amount, average your earnings over time or count a smaller share. That income can come from payslip overtime and on-call allowances, locum contracts or several clinics. We can compare those figures before choosing the waiver with the smallest deposit.

Westpac and St George can count 100% of overtime and allowances for doctors employed by a hospital. Overtime in other roles is usually counted at 80%. You'll need at least 6 months of consistent payments from the same employer. Their published offer excludes self-employed healthcare professionals from this income treatment. I check your payslips before relying on the full amount.

Suppose your base salary is $140k and you receive $30k of regular overtime. Using 80% of the overtime gives $164k of annual income for the loan calculation. Using all of it gives $170k.

That's another $6k of income in the calculation. We'd run both figures with your expenses, HECS repayments and other debts to see what it changes for your buying budget.

Salary packaging can change how much you can borrow, because each lender counts it differently. Many Queensland hospital doctors package through RemServ. Whether you use RemServ or another provider, your payslip shows less taxable pay than your contract, and the bank then adds the packaged amount back in its own way. Here's how the lenders we compare treat tax-free packaging for doctors at public and not-for-profit hospitals.

Example: you're a hospital doctor packaging $9,010 a year tax-free. NAB counts all $9,010 as tax-free income, because it's under NAB's limit of $970 a month, or $11,640 a year. Bankwest counts $9,010, its cap. CBA counts 90%, which is $8,109. That's $901 a year less tax-free income at CBA. CBA can use your gross pay before packaging instead, so I'd run both methods. This is an example only. What the gap does to your borrowing power depends on the rest of your application.

Lenders don't all say how they treat meal entertainment. CBA's policy lists it among the packaged benefits it covers, but most others don't spell it out, so we check your payslip and packaging statement before counting it.

Novated car leases are treated differently again. Westpac, St George and NAB can add the pre-tax lease amount back to your income and count the lease as a commitment. CBA and Bankwest work from your income after the pre-tax lease and count any post-tax part as a liability. ANZ and Macquarie leave the pre-tax deduction out of your income.

Send the payslip breakdown and packaging statement, and the lease statement if you have a novated car lease. I'd separate salary, benefits, reimbursements and repayments before comparing lenders. A reimbursement mustn't be counted twice, and a payslip deduction isn't automatically extra income the bank can use. Loan and lease repayments still need to be included in your expenses.

Send us recent payslips and your employment contract, with the history of overtime and allowances. If a promotion, hospital rotation or new contract changes your pay, include the amount and start date in writing. The lender can also ask for an income statement.

For locum or contract work, include current agreements and records showing ongoing earnings. Moving from employment to an ABN can change the documents needed even when you're doing the same medical work.

Locum shifts with a second health service can count, even when they are casual and interstate. See how one junior doctor's locum income was assessed.

Moving into private practice does not rule you out of a waiver. I'd look at your earlier hospital work alongside the new business, then compare which income records a lender can use. Our self-employed home loan guide explains the broader options.

Send us your tax returns, tax assessments and business financials. We'll check which lenders can work with the records you have and how much of the practice income they'll count. We'll confirm the current document requirements with you before applying.

Your HECS balance and repayments can also change the borrowing amount. If you're running a practice, our self-employed guide covers the income records in more detail.

GPs, hospital doctors, interns, residents, registrars and recognised medical specialists can qualify when their registration and income meet the lender's rules. Psychiatrists and dentists have their own guides: psychiatrist home loans and dentist home loans. I'd check your registration and income before choosing a deposit option.

Your Ahpra register entry can change the available loans, especially during internship or if you trained overseas. Include any conditions on your registration and your residency details.

The Medical Board's registration types are summarised below. If your status is changing soon, tell us when. Some lenders need the new registration in place before they can use it.

Interns, residents and registrars can qualify, but your current registration matters. ANZ's medical waiver excludes provisional registration, while Westpac names hospital-employed interns in its doctor offer.

If you're starting hospital work, my home loans for interns and junior doctors guide covers registration, contracts and your first payslips.

You don't need Australian Medical Association membership for every offer. Professional membership requirements vary, so we'll check the loan you've chosen. Your credit history, income, property, deposit, repayments and any lending limits also matter.

One of our clients, a principal house officer, was refused the waiver by one bank on her job title alone. Another bank approved the same file first time. Here's what happened and how to check your title.

Looking for another health profession? See our guides for nurses, midwives, physiotherapists, pharmacists, audiologists and veterinarians. Their lender options can differ from the doctor waivers below.

If you are a psychologist, our psychologist home loan guide explains why your options differ from a psychiatrist's.

Interns and residents. Westpac and St George name interns, residents and registrars in their main doctor group. CBA covers them too, on provisional, general or specialist registration, or limited registration for supervised practice or postgraduate training. NAB also accepts provisional registration, but ANZ needs general or specialist.

Started a new hospital job but haven't had your first pay yet? Most lenders want at least 1 payslip. NAB can use your contract or a letter from the hospital. If you haven't started yet, we'll check with NAB before you apply. The bank still needs to check your registration, income and the rest of your application.

Registrars. The same waivers apply. If you hold general registration, as most Australian trained registrars do, ANZ's offer is open to you too.

Locums. No lender we use has a locum-specific rule. If you invoice through an ABN, you're assessed as self-employed. PAYG shifts through a hospital or agency are assessed as casual or contract income, usually with at least 6 months of history. We'd confirm the lender's view before you rely on it.

Private practice, VMOs and consultants. CBA can use 1 year of financials for medical professionals in private practice. It can also accept under 2 years of trading if you've had 12 months in the same field. To use this income rule, you need to borrow in your personal names, with no guarantor.

ANZ, NAB, CBA, Westpac and St George waive LMI for eligible doctors up to about 95%, and Bankwest and People First Bank up to about 90%. ubank's no-LMI loan isn't limited to doctors, and Macquarie has no doctor waiver.

Intern or on provisional registration. I'd start with Westpac and St George, because their public lists name hospital-employed interns, then check CBA and NAB, which also accept provisional registration. ANZ's published offer needs general or specialist registration.

Salaried hospital doctor or GP buying a home with 5%. I'd compare Westpac, St George and ANZ's published owner-occupied offer first, then check the other banks on your numbers. The lowest deposit won't help if the bank counts too little of your overtime.

Moved into private practice recently. Send me the financials you have. I'll compare which banks can use them, what deposit they need and how much they will lend. We'll confirm the current limits with you before applying.

BOQ Specialist focuses on medical, dental and veterinary professionals. We're not arranging new BOQ Specialist applications at present. We can help existing clients review their loan and compare alternatives.

Health Professionals Bank is part of Teachers Mutual Bank Limited. Its membership and income rules can suit healthcare workers, but it doesn't offer a professional LMI waiver. I'd compare its deposit schemes, repayments and fees with a waiver loan.

If your practice income moves around, I'd usually start with a variable loan and an offset account. You can park tax money in the offset and still pay less interest. Fixing gives you certainty but limits extra repayments. Interest-only loans can require a larger deposit than the main doctor offer. ANZ stops at 80% for interest only on a home you live in, NAB won't waive LMI on owner-occupied interest only, and CBA's waiver is principal and interest only.

Some doctor waivers cover an investment purchase. We need to compare the rent the bank will count, existing debts, repayment type and any equity you want to release. Your own home and an investment can have different deposit requirements.

For company or trust ownership, check the proposed borrowing alongside your accountant's and solicitor's advice.

Practice goodwill, equipment, fit out and working capital need separate business finance. Buying the premises can require commercial finance. Your residential LMI waiver covers the home loan.

Practice debts can also reduce what you can borrow for a home. I'd plan the applications together so you know what the business commitment leaves available for your purchase.

For most doctors, a waiver beats the 5% Deposit Scheme and a family guarantee, because it has no government scheme price cap and doesn't put a parent's home on the line. The scheme can still help if your registration doesn't fit a waiver. Our 5% Deposit Scheme guide and guarantor guide cover both.

Buying your first home in Queensland? A doctor waiver can sit alongside the state help, because that comes from the Queensland Government, not the lender. A new home valued under $750k can get the $30k first home owner grant, and the first home new home duty concession takes duty to $0 with no value cap for contracts from 1 May 2025. Our Queensland first home owner grant guide covers both.

From 1 August 2026, each buyer must be an Australian citizen, permanent resident or specified foreign retiree to get a Queensland home duty concession. If you trained overseas, ask your conveyancer to check your visa before you budget for duty. Many temporary visa holders pay standard duty plus 8% additional foreign acquirer duty. New Zealand citizens who hold a Special Category Visa when entering the transaction are generally exempt from that extra 8%.

A lender can consider documented return to work pay after checking the start date, savings and any income gap. Starting a new job? Most lenders ask for payslips. If you've started but don't have payslips yet, NAB can use your contract or a letter from your employer. If your registration means a waiver doesn't fit, we can compare a standard loan.

A home loan pre-approval can help set your budget while you search. If you're buying and selling at different times, compare bridging finance early so we can check whether the proposed loan structure fits.

If your income includes overtime, locum work or practice profits, ask whether the lender has assessed those records or only given an estimate. Find out what it still needs before you rely on that borrowing amount to make an offer.

Read how we review lenders for our approach to the comparisons.

Send us recent payslips or your available practice figures, your deposit and price range. We'll compare the income each lender can use, repayments and the cash you'd have left after buying.

Or call 1300 088 065

Client examples are based on real situations. Names and identifying details have been changed.