Pharmacists are considered one of the lowest-risk borrower groups in Australia, which gives them access to exclusive mortgage benefits. These can include waived Lenders Mortgage Insurance (LMI), discounted interest rates, and borrowing up to 95% of a property’s value with specialist lenders. This guide, written by an expert mortgage broker in Brisbane, explains the key benefits, eligibility requirements, and strategies available to pharmacists who want to maximise their borrowing power.
Table of Contents
Why Do Pharmacists Get Better Home Loan Deals?
Banks view pharmacists and other medical professionals as low-risk borrowers. This means they get better offers not available to other professions. Some of the special offers pharmacists get include:
- Interest rate discounts
- Waived LMI with a 10% deposit
- Waived fees
- Higher loan-to-value ratio with up to 105% of the property value borrowed (this is only applicable if you are doing a guarantor home loan).
Yet one thing to note is that the offers vary between lenders. Different lenders offer different benefits, and deciding which lender works best for you comes down to your own personal circumstances.
So it is worth getting a mortgage broker involved to research for you.
Pharmacist Mortgages Eligibility Criteria
Every pharmacist qualifies for a loan as long as they have a stable job and income. This includes pharmacists who are:
- Pharmacist Clinical Toxicologist
- Pharmacist Clinical Pathologist
- Veterinary Pharmacist
- Regulatory-Affairs Pharmacist
- Pharmacist Prescriber
- Oncology Pharmacist
- Nuclear Pharmacist
- Military Pharmacist
- Managed Care Pharmacist
- Locum Pharmacist
- Informatics Pharmacist
- Industrial Pharmacist
- Hospital Pharmacist
- Home Health Pharmacist
- Drug Information Pharmacist
- Consultant Pharmacist
- Compounding Pharmacist
- Community Pharmacist
- Clinical Pharmacy Specialist
- Academic Pharmacist
If you are registered with any of the institutions mentioned above, you can apply for a mortgage and get these deals.
Other Eligibility Criteria for Pharmacist Home Loans
In addition to registration, there are other eligibility criteria you must meet to get a pharmacist home loan. Not every lender has the same rules, but most share common eligibility criteria. If you tick the right boxes, you could qualify for major savings.
Here’s what lenders usually look for:
- Income: Some lenders require a minimum income, often around $90,000 a year.
- Residency: You should be an Australian citizen or permanent resident.
- Loan limits: Many lenders cap loans at $2 million, but some specialist lenders go up to $4.5 million.
- Credit profile: You need to show you can comfortably repay the loan.
Meeting these criteria doesn’t guarantee approval, but it gives you a strong foundation. A mortgage broker can match you with lenders that align with your exact circumstances.
And if I can’t meet these criteria?
You may still be eligible to borrow up to 90% of the property value with no LMI. Speak to a mortgage broker to see if they can arrange this loan structure for you.
What About Medical Professionals That Aren’t Eligible?
There are certain types of medical professionals that, unfortunately, don’t qualify for these deals. For example, if you are in any one of the following medical fields, you will not qualify:
- Nurses
- Psychologists
- Medical research scientists
- naturopaths
This does not mean you won’t have access to other benefits if you are not a doctor or pharmacist. If you have a lot of savings and a solid employment history, you may still have access to better interest rates.
Top Lenders For Pharmacy Loans In Australia
Finding the right lender is just as important as choosing the right property. Not all banks understand the unique financial needs of pharmacists. The good news? Several lenders offer tailored pharmacy loans that recognise your earning potential and career stability.
Major Banks
- Commonwealth Bank – Offers competitive business and equipment finance for pharmacy owners.
- Westpac – Known for flexible business loans and overdraft facilities, making cash flow easier to manage.
- NAB – Provides professional packages for healthcare workers, including pharmacists, with fee discounts and sharper rates.
- ANZ – Supports both home and business lending, with options to combine your pharmacist mortgage with a pharmacy business loan.
Specialist Lenders
In addition to the big four, specialist lenders also provide customised finance for pharmacy businesses. These lenders may offer higher loan-to-value ratios or waive Lenders Mortgage Insurance (LMI) for eligible professionals.
Why it matters
Choosing the right bank can:
- Reduce your borrowing costs through waived fees or discounted rates.
- Give you access to higher borrowing power as a healthcare professional.
- Provide tailored support, whether you’re buying a pharmacy shop, expanding, or applying for a pharmacist mortgage.
The Role of a Mortgage Broker
Because every bank has different lending policies, pharmacists often benefit from working with a specialist mortgage broker. A broker can:
- Compare multiple lenders (major banks and niche providers) to secure the best deal.
- Help you access no-LMI offers or professional packages that aren’t always publicly advertised.
- Streamline the application process so you don’t waste time applying with lenders that don’t recognise pharmacist income structures.
By partnering with a broker who understands healthcare lending, you’ll have a better chance of maximising your savings and securing approval quickly.
How Can I Get 90% And No LMI As A Pharmacist?
Pharmacists are considered low-risk borrowers, so banks are often willing to lend more. This means you may be eligible for a higher borrowing limit than other professionals.
Depending on the lender, you could:
- Borrow up to 90% LVR without LMI
- Access 95% LVR with waived LMI through specialist lenders
- Secure loans between $2 million and $4.5 million
- Use the equity in your current property to purchase an investment
Let’s take a quick example. On a $1 million property, borrowing 95% without LMI could save you over $20,000 upfront. That’s money you can keep for renovations, furniture, or other investments.
By understanding your borrowing capacity early, you can set realistic goals and avoid costly surprises later.
Read more: Mortgage calculator
How Can I Get Approved For A Pharmacist Home Loan?
You will be approved if you are currently working as a pharmacist and are registered with your industry association.
However, each case is reviewed on an individual basis and is dependent on you meeting the specific lender’s requirements.
A few other things will determine if your application is successful or not:
- The number of properties you wish to buy, along with the size of the deposit
- If you have an unusual case outside of bank policy
- Your personal situation – company structures, trusts etc.
Note: all of this advice is just general advice. We strongly recommend you speak to our team of Mortgage Brokers, who are Lenders Mortgage Insurance experts, to understand your situation as a pharmacist and accurately confirm with you what benefits you are eligible for.
Speak to Hunter Galloway today for more information.
How Much Can Pharmacists Save With 90% No LMI Loans?
Lenders Mortgage Insurance (LMI) is a one-off fee charged when you borrow more than 80% of a property’s value. At higher price points, LMI can climb into the tens of thousands — which is why waived LMI for pharmacists up to 90% LVR can be such a massive benefit.
The table below shows typical LMI costs at 90% LVR and how much you could save if you qualify for a 90% no-LMI pharmacist loan:
Purchase Price | Deposit (10%) | Estimated LMI @ 90% LVR | Potential Saving with 90% No-LMI |
$800,000 | $80,000 | $14,400 | $14,400 |
$1,000,000 | $100,000 | $20,790 | $20,790 |
$1,500,000 | $150,000 | $37,830 | $37,830 |
$2,000,000 | $200,000 | $55,720 | $55,720 |
$3,000,000 | $300,000 | $92,850 | $92,850 |
$4,000,000 | $400,000 | $129,800 | $129,800 |
Estimates based on recently published LMI premium examples for first-home, owner-occupied loans at 90% LVR. Actual premiums vary by lender/insurer, state, and whether the premium is capitalised. Use this table as a guide only.
Tip: At higher property prices, LMI costs increase dramatically. By having it waived, pharmacists could save well over $100,000 on a $4 million purchase. This is why it is important to work with a mortgage broker who understands professional loan packages.
What Extra Home Loan Features Are Available to Pharmacists?
When you apply for a pharmacist mortgage, you can unlock more than just waived LMI. Lenders often package additional benefits to make your loan more flexible and cost-effective.
Some of the most valuable features include:
- Offset accounts: Link your savings to reduce the interest you pay daily.
- Redraw facilities: Access extra repayments if you need funds later.
- Split loans: Combine fixed and variable rates to balance certainty and flexibility.
- Interest-only periods: Lower your repayments temporarily, useful for investment planning.
- Discounted credit cards: Some lenders waive annual fees for professional packages.
These features can save you money and give you more control over your loan. By structuring your mortgage with the right mix of features, you’ll be better prepared to meet both short and long-term goals.
Case Study: Pharmacist Couple Using Equity Release to Fund an Investment Property
James and Priya, both community pharmacists in Melbourne, bought their first home five years ago. Thanks to steady repayments and strong property growth, they had built up $280,000 in equity.
Like many professionals, they wanted to grow their wealth by investing in property. But they weren’t sure how to tap into their existing home loan to make it possible.
After speaking with a mortgage broker, they discovered they could use an equity release strategy. This allowed them to borrow against the increased value of their home without selling it.
How it worked
- Their property was valued at $950,000.
- Their current loan was $520,000.
- This left $430,000 in available equity.
- The bank let them access 80% of the property value ($760,000) minus their current loan.
- This gave them $240,000 to use as a deposit and costs for an investment property.
The outcome
Using the $240,000 released from their home, James and Priya purchased a $750,000 investment property. Because they qualified for a pharmacist mortgage package, the lender waived Lenders Mortgage Insurance (LMI) and offered a sharper interest rate.
Their new property is now rented, covering most of the repayments. They are building long-term wealth while keeping their family home loan on track.
Key takeaway
Equity release can be a smart way for pharmacists to fund investment property purchases. With the right loan structure, you can grow your portfolio without dipping into savings.
FAQ Pharmacist Mortgage Loans
Can a first time home buyer pharmacist get special benefits?
Yes. A first time home buyer pharmacist can access waived LMI, lower interest rates, and higher borrowing limits with select lenders.
What is a pharmacist mortgage loan?
A pharmacist mortgage loan is a tailored home loan that offers waived LMI, reduced fees, and increased borrowing power compared to standard loans.
Are doctor loans for pharmacists available?
Yes. Some banks extend doctor loans for pharmacists, giving access to 90–95% borrowing without LMI and competitive rate discounts.
How do pharmacist home loans differ from standard loans?
Pharmacist home loans include waived LMI up to 95% LVR, discounted rates, and loan sizes up to $4.5 million with eligible lenders.
Can I get business loans for pharmacy ownership?
Yes. Business loans for pharmacy allow you to buy, expand, or refit a pharmacy. Lenders provide flexible repayment options and tailored terms.
Do lenders offer home loan options for psychologists too?
Yes. A home loan for psychologists is available, but benefits are often smaller compared to pharmacist mortgage packages.
What finance for pharmacy options are available in Australia?
Finance for pharmacy includes business loans, equipment finance, and commercial property lending. Major banks and specialist lenders both offer options.
Who are the top banks for pharmacy loans in Australia?
Top banks for pharmacy loans in Australia include NAB, CBA, ANZ, and Westpac. Specialist lenders may provide more flexible lending solutions.
How Does Hunter Galloway Help Pharmacists?
If you are a pharmacist and want to buy a home or refinance, it’s important to work with one of our experienced mortgage brokers who will fully understand your situation and occupation.
At Hunter Galloway, we help Pharmacists get no LMI Home loans in this competitive market. We give you the actual strategies that have helped other home buyers like you secure a property when there have been 5 other offers on the table!
We have access to over 30 lenders— we do all the paperwork for you, negotiate a better deal with your bank and, best of all, our services do not cost you anything as we are paid by the banks.
Enquire online or give us a call on 1300 088 065.
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