Doctor Home Loans

Save thousands on your loan with a specialist loan for medical professionals.
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Why Do Doctors Use Hunter Galloway For Home Loans?

When you’re looking to borrow money for a home loan, banks and other lenders will look at a number of different factors to determine your ability to repay the loan amount. This includes your financial history, credit record, and profession.

Doctors have an excellent reputation with banks thanks to their high earning potential and a history of low default rates.
See also: Investment Property Loans

This means that banks really want your business. Some lenders are willing to go the extra mile and offer special discount rates or waive fees such as Lenders Mortgage Insurance (LMI).

These special deals could save you tens of thousands of dollars over the lifetime of your loan.

Benefits of a Medical Professional Home Loan

Q

No LMI on mortgages up to 90% of the property value

Lenders will usually charge Lenders Mortgage Insurance (LMI) if you don’t have a 20% deposit. As a medical professional you can have this waived for loans up to 90% of the total property value.

Discounted interest rates

If you are borrowing less than 80% of the property value, you can get a loan with discounted interest rates that are not available to the average home buyer.

Higher maximum borrowing capacity

Your high income potential as a medical professional means that banks are willing to lend you a higher amount than other home buyers.

Am I eligible for a medico loan?

Medical professionals from this list of preferred specialties are eligible for a specialist loan:

 

  • Surgeon (Upper/Lower)
  • Gastroenterologist
  • General Practitioner
  • General Surgeon
  • GP
  • GP Registrar
  • Gynaecologist
  • Haematologist
  • Heart Doctor
  • Heart Surgeon
  • Hepatologist
  • Immunologist
  • Intern (Hospital Employed)
  • Maxillofacial Surgeon
  • Medical Administrator
  • Medical Practitioner
  • Medical Registrar
  • Nephrologist

 

 

 

  • Anesthesiologist
  • Anaesthetist
  • Cardiologist
  • Cardiothoracic Surgeon
  • Chiropractor
  • Clinical Pharmacologist
  • Cosmetic Surgeon
  • Dental Specialist
  • Dentist
  • Dermatologist
  • Ear and Throat Surgeon
  • Emergency Doctor
  • Emergency
  • Medicine Specialist
  • Emergency Surgeon
  • Endocrinologist
  • Gastro Intestinal

 

 

  • Neurosurgeon
  • Neurologist
  • Obstetrician
  • Oncologist
  • Ophthalmologist
  • Optometrist
  • Oral Surgeon
  • Orthodontist
  • Orthopaedic Surgeon
  • Otolaryngologist
  • Paediatric Surgeon (Neonatal/Perinatal)
  • Paediatrician
  • Pathologist
  • Pharmacist
  • Physician
  • Physiotherapist

 

 

  • Plastic Surgeon
  • Psychiatrist
  • Radiologist
  • Radiation Oncologist
  • Reconstructive Surgeon
  • Registrar
  • Resident Medical Officer
  • Residents (Hospital Employed)
  • Respiratory Surgeon
  • Rheumatologist
  • Specialist Physician
  • Staff Specialists (Hospital Employed)
  • Surgeon
  • Surgical Registrar
  • Thoracic Surgeon
  • Urologist
  • Vascular Surgeon
  • Veterinarian

 

What if my profession isn't on the list?

Home loans for doctors are not available to some medical professionals. This is because banks have completed a statistical analysis of their existing loan portfolios and have identified certain professions to be a higher risk. These professions include:

 

  • Psychologist
  • Medical research scientist
  • Naturopath

There are other options available for you even if you don’t qualify for a specialist loan, especially if you have a strong employment history and substantial savings. Contact us or book a free assessment to find out what options are available to you.

What are the other criteria for medico loans?

To be eligible for a specialist doctor home loan, you must be a member of a medical association. The following associations are recognised by lenders:

 

  • 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)
  • Australasian College of Dermatologists (ACD)
  • College of Intensive Care Medicine of Australia and New Zealand (CICM)
  • Medical Practitioners Board of Australia
  • Royal Australasian College of Dental Surgeons (RACDS)

 

 

  • Royal Australasian College of Medical Administrators (RACMA)
  • Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
  • Royal Australian and New Zealand College of Ophthalmologists (RANZCO)
  • Royal Australasian College of Surgeons (RACS)
  • Royal Australasian College of Physicians (RACP)
  • Royal College of Pathologists of Australasia (RCPA)
  • Royal Australian and New Zealand College of Psychiatrists (RANZCP)
  • Optometrists Association Australia
  • The Australia and New Zealand College of Anaesthetists (ANZCA)
  • The Royal Australian College of General Practitioners (RACGP)
  • The Royal Australian and New Zealand College of Radiologists (RANZCR)
  • Urological Society of Australia and New Zealand (USANZ)
  • Other associations on a case by case basis

 

How do I apply?

Specialist loans like these are not always available directly to the public. The best way to make sure you are getting the right loan is to engage the services of an experienced mortgage broker. As experts in finance, we can compare and contrast your options across many lenders to make sure that you are getting the best deal. Call us on 1300 088 065 or book a free assessment to find out what options are available to you.

Frequently Asked Questions

Which types of doctors are eligible to special home loan discounts?
It’s important to understand that not all doctors are automatically eligible for the medico package discount. The below list outlines those eligible:

  • Allergist
  • Anaesthetist
  • Cardiologist
  • Chiropractor
  • Clinical Pharmacologist
  • Dentist
  • Dermatologist
  • Dietician
  • EN&T Surgeon
  • Endocrinologist
  • General Practitioner
  • General Surgeon
  • Gynaecologist
  • Gynaecologist
  • Haematologist
  • Herpetologist
  • Immunologist
  • Neurologist
  • Neurosurgeon
  • Obstetrician
  • Oncologist
  • Ophthalmologist
  • Optometrist
  • Orthodontist
  • Veterinarian
  • Diagnostician
  • Orthopaedic Surgeon
  • Otolaryngologist
  • Podiatrist
  • Pathologist
  • Pharmacist
  • Plastic Surgeon
  • Psychiatrist
  • Radiologist
  • Registrars
  • Thoracic Surgeon
  • Rheumatologist
  • Urologist

As a doctor, you must be a member of an Australian association, Hunter Galloway will speak to you about the list of associations eligible.
Also eligible: Staff specialists, registrars, interns.

Why do doctors get discounted interest rates?
Doctors are low-risk borrowers with great incomes, therefore, they receive great discounts and rates. They are favoured due to their low default rate in comparison to any other profession. Due to this, they receive a number of benefits.

Do nurses qualify for home loans for doctors?
Nurses qualify for a different type of home loan deal, yet not quite as discounted as doctors as they don’t fall into the category of low-risk employees due to lower income.

Where the saves can be made is via lenders insurance (LMI) through showing that you have a stable and consistent income as a nurse. As lenders believe nurses are low risk professionals, they can quality for over 80% loan. The requirements are:

  • The borrowing amount should not exceed 85 percent loan to value ratio
  • The loan size should not be more than $1,500,000
  • You hold a good credit rating
  • You have a stable job and a reasonable stream of income. Banks give preference to customers who have an annual income of more than $150,000.

Will I qualify for a doctor’s home loan if my partner is a medical professional?
When partners are applying for a home loan together, the eligibility of receiving the benefits is not based on both borrowers being employed in the health profession. At least one of you must meet the requirements for employment position and from the LMI premium can be waived.

Michael Cooper

"My mortgage was not your typical simple loan; it required a lot of attention and out of the box thinking. All of this was provided by the team. Both Nathan and Josh worked tirelessly to get the result and outcome that I needed. They are incredibly personable, professional and a joy to work with."

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"These gentlemen came recommended and I was genuinely impressed; the personalized service and very rapid reply to queries and constant updates was impressive as well as the ease with which they performed all the necessary work. They are very thorough and whilst collating paperwork is never much fun, they make it easy and explain why having all in place first is the best method. Very impressed!"

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Melissa Allison

"Thank you so much to Nathan, Josh, Jared and the team for everything that they did for us in the process of buying our first house. They truly made it a seamless process. The team were always so on top of everything and kept us in the loop every step of the way. We will recommend Hunter Galloway to everyone we know! Thanks again boys!"

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Bianca Smith

"We had a really great experience with Nathan from Hunter Galloway. Would definitely recommend him to anyone who is looking for a finance broker. He certainly knows his stuff, and his constant communication during the loan approval process was incredible."

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Jessie Zhang

"I would recommend Nathan team to everyone. They are very professional and efficient. I previously had unpleasant experience when dealt with bank directly. Lucky, found Nathan, Josh and Jared just on time. Through them, bank even offered the loan more than I need. I could not settle this investment without Nathan's help!"

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Irene Diocares

"After being stuffed around for over two weeks by another broker - got in touch with Nathan and had a first-home loan approval within 48 hours of speaking with him. First-class customer service and demonstrated wealth of experience. Can't recommend Hunter Galloway enough."

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Rose Clarke

"Could not recommend this service highly enough! Nathan and his team went above and beyond to ensure our loan was approved and ready in time- constantly keeping us updated and reassured throughout the whole process and getting the best rate possible for us. Absolutely amazing customer service and we really can't thank them enough for helping us achieve our family home and taking all the stress out of getting a loan!"

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