Home loans for doctors offer significant benefits, recognising your profession's substantial commitment and reliability. Lenders acknowledge the lower risk of lending to doctors, due to their stable and high-income potential, which can lead to more attractive loan options.
A home loan as a doctor can work differently from a standard mortgage. Lenders know that medical professionals tend to have stable, long-term earning power, so many offer terms you will not see advertised to everyone else. They often waive Lenders Mortgage Insurance (LMI) for eligible medical professionals and accept a smaller deposit. Some can even count more of your overtime and on-call income. We write home loans for doctors and other medical professionals across Australia, and do the heavy lifting when it comes to finding comparing, and getting you loan approved. So that you can focus on what’s most important, helping your patients.
Doctors have several advantages when it comes to securing home loans. These key benefits include:
Often, yes. Many lenders may waive LMI for eligible medical professionals, even with a deposit under the usual 20%. LMI protects the lender if a loan is not repaid, and it does not protect you It normally applies once a loan passes 80% of the property value. A waiver removes that cost for eligible applicants.
Whether a waiver is available, and how it applies, still depends on the lender, your profession and your situation. That is the kind of detail we check for you before you apply.
Often less than the standard 20%. Because eligible medical professionals may have LMI waived, some lenders accept a smaller deposit and still avoid that cost. A larger deposit can still help your rate and your borrowing power. The right balance comes down to the lender and your goals. Our job is to compare the options so you do not overpay just to get in.
Want a rough figure first? Our borrowing power calculator gives you a starting point. Then we run the numbers properly with you.
Often, yes. For eligible healthcare and medical applicants, lenders may count a higher share of variable income than they would for a standard borrower. That can include overtime, on-call and shift loadings, allowances, locum work and private-practice earnings. As a result, it’s not uncommon to see doctors under medico policies, able to borrow higher amounts than a standard loan product. Every lender treats this income differently. A broker knows which ones are generous with the income you actually earn.
This matters most when a big part of your pay sits outside your base salary. We match your income mix to the lender most likely to accept it.
Often, yes. Many lenders extend their medico policies to hospital-employed doctors at every training level, from interns and residents to registrars. Some also lend to doctors on a fixed-term hospital contract, where a standard applicant on the same contract might struggle. The specifics vary by lender. We know which lenders are comfortable with a training-stage income and which are not.
An online medico calculator gives you a number. It cannot read your income mix, your training stage or your practice structure, and it cannot argue your case with a lender. We can. Fox Home Loans compares a broad panel of lenders, finds the medico policy that fits your situation, and negotiates on your behalf.
We have been helping our customers with the very best home loan options since 2006. Our team of experienced mortgage brokers have access to over 50+ lenders to help find you the best loan solution.
We save you time and effort by handling the exhaustive research and negotiation process across our extensive panel of 50-plus lenders. Streamlining the entire process from start to finish.
We handle the heavy lifting. That means managing the paperwork, talking to the lender directly, and keeping you posted at every step. For complex or non-standard income, that human judgement is often the difference between a yes and a no.
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Fill out some basic details in our simple online form.
Discuss your outlines and objectives with a Home Lending Specialist
Run through the products you are eligible for. Compare and contrast what suits you best.
Once satisfied with the approval after your Home Loan review, sign your documents online with our simplified process.
Your current loan will be paid out, and your new loan will commence.
Fill out some basic details in our simple online form.
Discuss your outlines and objectives with a Home Lending Specialist
Run through the products you are eligible for. Compare and contrast what suits you best.
Once satisfied with the approval after your Home Loan review, sign your documents online with our simplified process.
Your current loan will be paid out, and your new loan will commence.
Fill out some basic details in our simple online form.
Discuss your outlines and objectives with a Home Lending Specialist
Run through the products you are eligible for. Compare and contrast what suits you best.
Once satisfied with the approval after your Home Loan review, sign your documents online with our simplified process.
Your current loan will be paid out, and your new loan will commence.
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Healthcare home loans (often called “medico home loans”) are specialised mortgage loans designed for medical professionals. They offer significant benefits like waived/reduced Lenders Mortgage Insurance (LMI) even with deposits as low as 5-10%, discounted interest rates, and more flexible income assessment. Lenders offer these because doctors are considered low-risk borrowers with stable, high earning potential.
In most cases, no! This is a big advantage. While standard borrowers typically pay LMI if their deposit is less than 20%, many lenders offer LMI waivers or reductions for eligible doctors. This can save you tens of thousands of dollars and allow you to buy sooner with a smaller deposit.
Thanks to LMI waivers or reductions, you can often secure a home loan with a deposit as low as 5% or 10% of the property’s value. This is significantly less than the standard 20% required for most borrowers to avoid LMI. You’ll still need funds for stamp duty and other purchase costs.
Yes, absolutely! While the income assessment might differ (e.g., requiring two years of tax returns or financials instead of payslips), many lenders extend these favourable terms to self-employed doctors, specialists, and practice owners.
Often, yes. Beyond the LMI waiver or reductions, many lenders on our panel of 50-plus offer competitive interest rate discounts to doctors as a further incentive to attract your business. These rates can be noticeably lower than standard market rates.
