Psychiatrist home loans: LMI waivers and deposit options

As a psychiatrist, you may be able to buy a home with a 5% deposit plus buying costs and have LMI waived. I'd start by checking your registration and how much of your hospital, locum or practice income the lender will use. Then we can match your budget to a property and a suitable waiver.

A smaller deposit leaves you with a larger loan. I compare the repayments and cash left after buying before recommending how much of your savings to use. Investment, construction and interest only applications can need a larger deposit.

Our LMI waivers guide explains the wider options. Use the LMI calculator for an estimate, or read our doctor home loan guide for broader medical profession advice.

Suppose you're buying a $900k home, the bank values it at $900k, and you have $225k saved. For this illustration, allow $40k for buying costs. That's an assumed budget for duty, legal work, inspections, registration and lender charges, not a state specific quote. Your actual costs and concessions can differ.

The 95% option leaves $135k more cash, adds $135k to your debt and costs about $809 more each month at the assumed rate. I'd check whether that ongoing commitment is comfortable if you reduce hospital hours or private bookings fall.

Repayments assume 6% p.a. over 30 years, monthly principal and interest, no fees added to the loan, no offset balance and no extra repayments. Amounts are rounded to whole dollars. The rate is an illustration, not a lender quote.

If the same $900k purchase is valued at $880k, 95% supports an $836k loan. You need $64k towards the price, $19k more than before, plus buying costs. Our deposit calculator can help you set the starting budget.

For the same $900k property, $45k deposit and $855k loan, our LMI calculator estimated a $32,490 premium on 11 September 2026, or about $32.5k. An eligible waiver removes the premium; the actual amount varies by lender.

Paying that estimated premium upfront would use about $117.5k including the assumed $40k buying costs, leaving about $107.5k. Adding LMI to the debt would increase the balance and repayments, if the lender allows it.

Psychiatrists are medical doctors with specialist training in psychiatry. Lenders assess their medical registration rather than treating them as psychologists. Psychologists belong to a separate registered profession and may qualify under different waiver rules.

Check your current entry on the Ahpra register. ANZ accepts general or specialist registration; provisional and limited registration are excluded. Non-practising registration is generally excluded, with possible consideration for a temporary break such as parental leave.

If you hold a temporary visa, I'd check the lender's visa rules and the property's foreign buyer requirements together before you rely on a 5% deposit.

If you split your time between a hospital and private practice, I'd assess both before setting your budget. A 95% waiver can still produce a smaller borrowing limit than a lender that accepts more of your documented income.

Include investment and practice debts, credit cards and required HELP repayments. Explain salary packaging deductions and reimbursements so the same amount isn't counted twice. A waiver doesn't remove the affordability assessment.

The highest borrowing percentage isn't a recommendation. I'd compare the lender's accepted income, property rules, interest rate, package or account fees, valuation and settlement charges, and offset features. For a refinance, add discharge costs and any fixed rate break cost.

Construction, a company or trust, and temporary visa applications need their own checks. Have the lender confirm the structure before you make an unconditional offer.

The Australian Government 5% Deposit Scheme is another route for an eligible first home buyer or someone who hasn't owned Australian property in the past 10 years. It has no income cap, but requires an eligible home to live in within the local price cap.

You must be an Australian citizen or permanent resident, at least 18, and qualify for an owner occupied principal and interest loan through a participating lender.

The scheme requires you to use as much savings as its rules and your lender's policy require. Lenders have different retained savings policies and may consider your reasons for keeping a buffer. Our scheme guide explains this. If you have 20% saved after buying costs, the scheme isn't available: the $225k savings example above therefore compares ordinary and medical waiver loans only.

If those routes don't fit, compare a general no LMI loan, a family guarantee loan or a standard loan with LMI. A guarantee creates a financial obligation for the family member and puts their security at risk.

Start with your registration, income records and price range. We'll check your starting budget and deposit options, then prepare the application for the lender you choose. When you find a property, send us the contract details so the lender can assess the security and valuation.

We'll explain any pre-approval conditions and work through the lender's remaining requirements before you rely on finance being ready. Your solicitor handles the contract and legal checks.

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