Veterinarian home loans: LMI waivers and deposit options

NAB can go to 95% for a home you'll live in, and ANZ, Westpac and St George have 90% options. Vets register with a state or territory veterinary board rather than Ahpra, so I'd start with your registration and how you're paid. A salaried vet, an ABN locum and a clinic owner each need different income records. Then we can compare the repayments with the cash you want to keep for moving or your practice.

Our LMI Waivers guide explains the broader options. Use the deposit calculator and LMI calculator to start your buying budget.

On a $900k home with a $90k deposit and an $810k loan, an eligible waiver could save about $17k in LMI.

Say you're buying a $900k home with $120k saved. This comparison assumes the bank values it at $900k, buying costs are $25k and LMI on the standard 90% loan is $17k, paid upfront. These are planning assumptions; your actual costs and LMI premium will depend on the property, location and lender.

The 95% waiver below is NAB's eligible owner occupied option with principal and interest repayments. It's not its investment or construction limit.

The 90% waiver avoids the estimated $17k premium and leaves $5k after buying. The 95% waiver leaves $50k and adds $45k to the mortgage. Using 6% over 30 years, that extra debt costs about $270 a month in principal and interest, before fees. I'd compare that repayment with the cash you'd like to keep.

Compared with a 20% deposit, putting down 5% uses $135k less cash towards the price and adds $135k to the debt. If you add LMI to an ordinary loan instead of paying it upfront, you also pay interest on the premium and must stay within the lender's loan limit.

The $25k cost allowance needs replacing with your own budget for stamp duty after concessions, conveyancing, transfer and mortgage registration, inspections and lender fees. Keep some cash for moving and unexpected bills too.

A lower valuation changes the answer. If the same home is valued at $880k, a 90% loan is $792k. You need $108k towards the price plus $25k costs, leaving a $13k shortfall from $120k savings. At 95%, if eligible, the loan is $836k and the total cash needed is $89k, leaving $31k.

Provide current registration with the veterinary board for the state or territory where you practise. Veterinary registration is separate from Ahpra registration. The Australasian Veterinary Boards Council explains the registration system and overseas qualification pathways.

A veterinary nurse, student or practice manager shouldn't assume they qualify under the veterinarian category. Tell us about any restrictions on registration, a return to practice or qualifications obtained overseas. A recognised qualification and a current registration are different pieces of evidence.

ANZ has no fixed income minimum. Westpac and St George require $90k from eligible professional work; NAB requires your primary income to come from that work. If you earn less than $90k, compare the other offers while checking affordability.

Your partner's salary may help with repayments, but I'd check it separately from the lender's professional income test. ANZ also requires the eligible vet to own the largest or joint largest share. With 2 owners, that means at least 50%; with 3 owners holding 40%, 40% and 20%, the vet must be one of the 40% owners.

Tell us about a company or trust before applying. The borrower, registered professional and property ownership need to meet the chosen lender's rules.

Separate salary, extra shifts and business earnings before estimating your borrowing amount.

A locum can be an employee or self employed. If you receive payslips, I'd check your contracts, work history and any gaps between placements. If you invoice through an ABN, we'd look at the business records and income left after expenses.

For a clinic owner, turnover alone doesn't show what is available for mortgage repayments. I'd review tax returns, financial statements, business debts and any salary or drawings together, so the same income isn't counted twice.

If your practice has completed 1 full financial year, Westpac or St George may be able to use that year's tax returns. Registering an ABN doesn't count on its own: the lender wants a completed year of trading. I'd check the income available for your repayments before you commit to a property.

Buying a practice as well as a home adds another commitment. Send us the proposed practice finance and guarantees, along with any planned change in hours or income. Our self employed home loan guide explains the records we can compare.

Westpac and St George name veterinarians for possible assessment of 100% of overtime and allowances. If emergency shifts or weekend work make up a useful part of your pay, I'd check the history before relying on the full amount.

St George excludes self employed applicants from this treatment and normally requires at least 6 months of evidence with the same employer; shorter histories can be referred. This can help borrowing capacity. It's a separate assessment from qualifying for the waiver.

Compare deposit, income and property rules first, then rates, fees and repayments. Each maximum has conditions.

P&I means principal and interest: repayments cover interest and reduce the loan balance. With interest only repayments, the balance stays unchanged during that period and repayments can rise when it ends.

Compare rates, annual or package fees, offset charges, application, valuation and settlement costs. For a refinance, include discharge and fixed rate break costs. A waived premium does not guarantee the lowest total cost.

If you're buying on acreage or out of town, the property rules can matter as much as the waiver. Lenders limit land size and treat some regional postcodes more cautiously, so I'd check the address against each waiver lender before you commit. Our rural property home loan guide explains those limits.

The Australian Government 5% Deposit Scheme is separate from a veterinary waiver. Eligible buyers can buy with a minimum 5% deposit plus costs and no LMI through a participating lender. You must be an Australian citizen or permanent resident aged 18 or older. You also need to be a first home buyer or someone who hasn't owned Australian property or land in the past 10 years.

There is no income cap. You must live in the home, meet the location's property price cap and qualify for the lender's principal and interest loan. The minimum deposit doesn't cover buying costs, and the lender may require more.

I'd compare general 90% no LMI options as well. They can suit someone whose veterinary registration or professional income test doesn't fit a particular bank, while ordinary affordability and property checks still apply.

A family guarantee may reduce or avoid LMI, but the guarantor's property is at risk if you can't repay. We'd explain the amount and release plan, and the guarantor should get independent legal advice. Saving a larger deposit or paying LMI on another suitable loan can also be worth comparing.

A home loan pre-approval can help you set a budget. Tell us about a new locum contract, practice purchase or change in income before settlement so the lender can assess the current position.

Lenders pay us upfront and ongoing commissions when we arrange eligible loans. The initial assessment is free. If we charge a fee for helping with your application, we'll explain it before you proceed. Lender and other third party costs may still apply. Read how we review lenders.