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

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:

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
  • 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.

We will find you the perfect home loan solution