Doctor Home LoansSave thousands on your loan with a specialist loan for medical professionals. GET A FREE ASSESSMENT
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 100% 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 100% 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)
- General Practitioner
- General Surgeon
- GP Registrar
- Heart Doctor
- Heart Surgeon
- Intern (Hospital Employed)
- Maxillofacial Surgeon
- Medical Administrator
- Medical Practitioner
- Medical Registrar
- Cardiothoracic Surgeon
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dental Specialist
- Ear and Throat Surgeon
- Emergency Doctor
- Medicine Specialist
- Emergency Surgeon
- Gastro Intestinal
- Oral Surgeon
- Orthopaedic Surgeon
- Paediatric Surgeon (Neonatal/Perinatal)
- Plastic Surgeon
- Radiation Oncologist
- Reconstructive Surgeon
- Resident Medical Officer
- Residents (Hospital Employed)
- Respiratory Surgeon
- Specialist Physician
- Staff Specialists (Hospital Employed)
- Surgical Registrar
- Thoracic Surgeon
- Vascular Surgeon
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:
- Medical research scientist
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:
- Clinical Pharmacologist
- EN&T Surgeon
- General Practitioner
- General Surgeon
- Orthopaedic Surgeon
- Plastic Surgeon
- Thoracic Surgeon
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.
Are [self-employed] Dentists or Doctors eligible for home loans with no LMI?
Picture this. You’re a self-employed dentist running your own clinic for the past five years. You’re income is sitting at around $120,000 per annum with savings sitting in your bank at $200,000. You’re ready to buy and are considering a 2 bedroom home for around $670,000. What are your options and will you have to pay LMI? Will you be eligible for waived LMI?
Yes, self-employed Dentists and Doctors are eligible for home loans with no LMI!
Yes you are! Self-employed dentists are eligible for home loans without LMI and your tax returns will be evidence to prove this. However, if this isn’t a possible document then invoices can be used as evidence of income. Lenders are looking at your ability to repay the loan and it certainly isn’t the first time a self-employed professional has asked for a loan.
However, due to this, they can sometimes be looked at with an air of caution by lenders, as the income level is not stable and there’s a higher chance of default. A way to get around this is to show regular and stable income for an extended period. Anything from 2 years + will cover this.
In order to receive benefits that dentists recieve such as waived Lenders Mortgage Insurance (LMI) or interest rate discounts, you need to be a member of the Australian Dental Association (ADA) or the Australian Dental Council (ADC).
Some weeks I do extra contract work outside of this, how is this income looked at?
Extra income earned outside of your dental job may be considered when calculating your borrowing power.
When it comes to determining income for self-employed professionals, lenders will often consider these factors:
- ✅ Income made over the past two years
- ✅ Previous tax returns
- ✅ The lowest income figures for the previous two years
- ✅ Then rental payments and depreciation as shown on your tax return are subject to the lender
Really what it comes down to is proving to a lender that you have a stable income, but also showing that there is a growth in your income. If your income has decreased over this period, that adds doubt to the process too. In that situation, additional supporting documents will be required such as financial statements.
Speak to our team at Hunter Galloway today for details about your personal situation.
Can I get an interest only doctor loan with no LMI?
When it comes to providing a home loan to doctors, you can get a loan of up to 100 percent of the property price and avoid paying the cost of the lender’s mortgage insurance (LMI). Not only that, they can also get significant discounts on interest rates. The reason behind it is simple, they are high-income earners and usually take out loans for investment purposes.
And to answer your question as to whether you can get an interest only doctor home loan with no LMI?
The answer is YES, you can. ✅
However, there are certain things you have to consider before getting an interest only doctor home loan….
No LMI with an Interest Only Doctor Home Loan
Being able to get no LMI, and interest only Doctor Home Loan comes down to the purpose of the loan.
If you are intending to get an interest only doctor home loan for investment purposes ✅ and also get LMI waiver this is completely fine. You will save a lot of money on LMI, and it will give you a huge cash flow benefits for future investments.
On the other hand, if you are buying a property to live in (also known as an owner occupied home) the banks do not like giving Interest Only Doctor Home Loans unless there is a reason, like if you were planning on turning the property into an investment within a few months of moving in.
There are lots of options for Doctors and medical professionals when it comes to getting a home loan, and at Hunter Galloway we can help so talk to our team and see how we can help.
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. You can read more about special deals for Nurses here.
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 for Nurse’s to get special home loan discounts include –
- ☑️ 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.
More information on Nurse Home Loan specials here.
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.
100% no LMI Home Loans are now available for Doctors
Yes, as of April 2019 we can assist with having your Lenders Mortgage Insurance Waived for selected Medical Professionals, Dentists and Specialists on owner-occupied purchases up to 100% (this was previously 90%).
These are specifically made for Doctors, Dentists and Medical Specialists who need a home loan the provides flexibility around how much deposit they need to put in.
Generally speaking, 100% no LMI home loans for doctors are structured as:
- ✅ 90% of the purchase price – On a regular 30 year home loan
- ✅ 10% of the purchase price – On a 6-8 year loan term (ideally to be repaid faster, or consolidated in the short term)
Let’s say you are looking at purchasing a home for $1,000,000 and want to access a no deposit doctor home loan:
- ☑️ 90% of the purchase price = $900,000 – Repayments based on 3.69% interest rate over 30 years = $4,137 per month
- ☑️ 10% of the purchase price = $100,000 – Repayments based off 8 year loan term on a slightly higher interest rate = $1,517 per month
- ☑️ Combined payments on a 100% LVR loan in this example are $5,554 per month
We can quickly assess if you are eligible to apply for a 100% no LMI Doctor Home Loan, either by calling us on 1300 088 065 or fill out our online assessment form.
We appreciate our customers’ feedbacks!
Here’s what some of our customers say about our work.
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.Michael Cooper
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!Melissa Allison
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!Jessie Zhang
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!Charles Phillis
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.Bianca Smith
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.Irene Diocares