Home Loans for Doctors
Doctor home loans come with rate discounts and 95% waived LMI!
How Much Can You Borrow with OzBroker?
Enjoy the possibility of borrowing up to the full value of the property with no Lender’s Mortgage Insurance (LMI)! (Note: Strict rules do apply.)
When it comes to home loans for doctors, we offer up to 95% borrowing of the property’s value without LMI, catering to a broad spectrum of medical practitioners.
For acquiring a home or an investment property, you can borrow up to $4.5 million, with options to borrow even more in exceptional cases!
Will OzBroker Approve Your Loan?
Your job title needs to match those our lenders find acceptable.
Certain professions like intern doctors, veterinarians, optometrists, pharmacists, chiropractors, and physiotherapists have limited lender options.
Membership in a lender-approved industry association is a must!
Interest Rates at OzBroker
We have fixed interest rates starting from 5.99% p.a. (Looking for something lower? Reach out to us!)
Our variable interest rates start at 5.58% p.a. Inquire with us for more details! Refinancing? Enjoy cashback up to $4,000! (Conditions apply.)
Available Lenders
Choose from a curated list of bank and non-bank lenders. Contact OzBroker to explore your options!
Are You Eligible for a Doctor Mortgage Loan with OzBroker?
OzBroker assists in property purchases anywhere in Australia. Let’s find out if you qualify!
Additional Benefits of Obtaining Home Loans for Doctors with OzBroker:
Beyond the 95% waived LMI, OzBroker’s mortgage brokers are here to help you unlock exclusive perks such as special discounts, reduced interest rates, and waived home loan fees, all reserved for medical professionals.
Accelerate your property acquisition journey whether you’re buying anew or refinancing an existing loan to purchase more!
Secure your assets and enjoy tax benefits when buying under a company or trust structure.
Feel free to contact OzBroker at 0426667696 to learn more about how we can help you with your home loan needs.
Which doctors are eligible for a doctor mortgage loan?
Below is a list of preferred medical professionals:
- Anesthesiologist
- Anaesthetist
- Audiologist
- Cardiologist
- Cardiothoracic Surgeon
- Chiropractor
- Sports chiropractor
- Animal chiropractor
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dental Specialist
- Dentist
- Dermatologist
- Doctor
- Ear and Throat Surgeon
- Epidemiologist
- Emergency Doctor
- Emergency Medicine Specialist
- Emergency Surgeon
- Endocrinologist
- Gastro Intestinal Surgeon (Upper/Lower)
- Gastroenterologist
- General Practitioner (GP)
- GP Registrar
- General Surgeon
- Gynaecologist
- Haematologist
- Heart Doctor
- Heart Surgeon
- Hepatologist
- Herpetologist
- House Medical Officer (HMO/residency)
- Hospital-employed doctors
- Intern doctor (internship)
- Immunologist
- Junior Medical Officer (JMO/residency)
- Kinesiologist
- Maxillofacial Surgeon
- Medical Administrator
- Medical Practitioner
- Medical Registrar
- Nephrologist
- Neurosurgeon
- Neurologist
- Neurophysiologist
- Obstetrician
- Occupational Therapist
- Oncologist
- Ophthalmologist
- Optometrist
- Oral and Maxillofacial Surgeon Oral Surgeon
- Orthodontists
- Orthopaedic Surgeon
- Orthopaedic Registrar
- Osteopath
- Otolaryngologist
- Paediatric Surgeon (Neonatal/Perinatal)
- Paediatrician
- Pathologist
- Physiotherapist
- Pharmacist
- Clinical Pharmacy Specialist
- Academic Pharmacist
- Community Pharmacist
- Compounding Pharmacist
- Consultant Pharmacist
- Drug Information Pharmacist
- Home Health Pharmacist
- Hospital Pharmacist
- Industrial Pharmacist
- Informatics Pharmacist
- Locum Pharmacist
- Managed Care Pharmacist
- Military Pharmacist
- Nuclear Pharmacist
- Oncology Pharmacist
- Pharmacist Clinical
- Pathologist
- Toxicologist Regulatory-Affairs Pharmacist
- Pharmacist prescriber
- Veterinary Pharmacist
- Physician
- Plastic Surgeon
- Podiatrist
- Psychiatrist
- Psychologist
- Radiographer
- Radiologist
- Radiation Oncologist
- Resident doctor (residency)
- Reconstructive Surgeon
- Resident Medical Officer (RMO/residency)
- Respiratory Surgeon
- Respiratory/Thoracic Surgeon
- Rheumatologist
- Sonographer
- Speech Pathologist
- Specialist Physician
- Surgeon
- Surgical Registrar
- Thoracic Surgeon
- Urologist
- Vascular Surgeon
- Veterinarian
Yes, interns, residents, registrars and staff specialists are all eligible for a medical professional home loan!
In addition, some of our lenders favour specific specialists such as anaesthetists, psychiatrists, obstetricians and radiologists.
Which doctors can’t apply?
Some medical professionals, like medical research scientists and naturopaths, can’t apply for doctor home loans through OzBroker because some banks have studied their current loans and found that some professions are riskier than others.
But there’s no need to worry! If you’ve been employed for a long time and have saved a good amount of money, you might still get a loan with a lower interest rate!
You must be an association member
To be eligible for a doctor home loan, you must be a member of one of the following associations:
- 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
Is Your Income Qualified?
Sometimes doctors possess unique income patterns that not every lender may accommodate. This generally pertains to doctors who have income from Medicare guarantees, contracting, self-employment, or partnerships. Doctors often find themselves working as contractors or subcontractors due to the fluctuating workloads in hospitals or private practices, being “on call” or on a locum basis due to the varying needs of medical centres.
The nature of your working arrangement is crucial – possessing an Australian Business Number (ABN) and a registered business name does not traditionally classify you as a contractor. You could still be considered an employee for taxation if you invoice for your
services. Moreover, having a full-time position in a practice and a contract role as a medical specialist in a hospital is also a possibility. To have a successful application, demonstrating proof of stable and regular income is essential.
To explore your options, contact one of our doctor home loan specialists at OzBroker by calling 0426667696 or submitting an online inquiry form. We aim to assist you in presenting a convincing application to a sensible lender.
Doctor Discounts Explained
Eligible medical practitioners can avail themselves of considerable benefits, such as interest rate reductions, the possibility to borrow up to 100%, and up to 95% Lenders Mortgage Insurance (LMI) waivers with doctor home loans. However, these perks vary across lenders.
For medical professionals who are eligible, securing approval for a home loan with no deposit and a 95% LMI waiver is attainable. These concessions exist as lenders compete for the business of medical professionals. To leverage the best rates and waivers, consulting a mortgage broker with robust lender relationships is recommended.
Maximising Your Discounts
When inquiring about home loans, specifically ask about options for doctors. Prioritise securing a 95% waived LMI if borrowing over 80% of the property value, and focus on competitive interest rate discounts if borrowing below 80%. For commercial property acquisitions and medical equipment purchases, additional discounts and plans may be available. Verify that your broker has extensive lender access and knowledge of the most competitive offerings. Unpublished maximum discounts can be negotiated by well informed brokers. Always inquire about fees, generally, services are free barring short term loans and intricate scenarios.
Choosing a Broker for Doctors Mortgages Online
OzBroker has diverse lender connections and is well-informed about the most competitively priced lenders. We are aware of the highest discounts that can be negotiated. Services are usually free of charge except in the cases of short term loans and complicated situations.
Financing for Medical Practices
Special lending rules are in place for doctors aiming to establish their practices. For medical centres, up to 100% of property value can be borrowed with a commercial loan. Medical equipment, often the major non-property expense when establishing a practice, can also be financed. Various benefits of such loans include no additional security requirement, obtaining quotes from different lenders, quick approvals, and settlements.
Construction Loan Discounts for Doctors
Certain lenders offer discounts like 95% waived LMI or reduced interest rates with construction loans. Available discounts will also vary with the nature of the construction. For instance, discounts are applicable for building a medical centre for your business. Loans for construction projects usually consist of two separate parts: one for the land or the original building and the other for the construction itself, drawn progressively as requested by the builder.
FAQs on Home Loans for Doctors
Do Nurses Qualify?
Nurses and midwives, unlike doctors, are not typically eligible for doctor home loans as they are not considered high-income earners. However, they can qualify for waived LMI and discounted interest rates under certain conditions.
Partner’s Eligibility:
If your partner is a medical professional, their eligibility also impacts your qualification for a doctor’s home loan.
To make inquiries or discuss your options further, feel free to contact OzBroker, and we will assist you in realising your property ownership and investment aspirations.
In search of a home loan suitable for doctors?
Our team of mortgage advisors at OzBroker can connect you with the ideal lenders! These lenders can assist you in borrowing the full value of a property and might even waive up to 95% of the Lender’s Mortgage Insurance (LMI). Plus, we can help you get a better deal on your home loan!
Ready for some assistance? Give us a ring at 0426667696, or complete our no-cost assessment form. We’re here and eager to assist you!