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LMI waiver up to 90-95%
Skipping LMI is the single biggest saving a medico policy offers, often many thousands of dollars on a larger purchase. For eligible doctors the premium is waived in full, not just reduced.
If you are a doctor, your profession can open lending benefits that most borrowers never see. A number of lenders consider medical professionals lower risk, given strong and stable earning potential, and reward that with policies that are not available to the general public.
The headline benefit of home loans for doctors is the lenders mortgage insurance (LMI) waiver. Where a typical borrower pays LMI on any loan above 80% of the property value, eligible doctors and specialists can often borrow up to 90%, and in many cases 95% or higher, with the LMI waived entirely. On a larger loan that can save tens of thousands of dollars. As experienced Melbourne finance brokers, we match your situation to the lender offering the strongest medico policy for you. If you are buying an investment property as well, the same profession benefits can often extend to investment loans.
Are you a doctor looking to buy or refinance? Call us on 1300 562 696, and we will tell you which lender policy works best for your situation.
The Benefits for Doctors
A doctor home loan is not a separate product so much as a set of lender concessions applied to a standard loan. These are the benefits worth knowing about:
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More from a smaller deposit
Because the LMI hurdle is removed, a 5 to 10% deposit can do the work that would normally need 20%. That can bring a purchase forward by a year or more, or free up cash for other goals.
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Favourable treatment of income
Some lenders are more comfortable with how doctors earn, including private billings, contract income and additional shifts, and assess it more generously than a lender unfamiliar with medical careers.
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Cover for homes and investments
Many medico policies extend to investment property, so the LMI waiver and favourable treatment can apply whether you are buying your home or growing a portfolio.
What the LMI Waiver Actually Saves
The value of a medico waiver is easiest to see in dollars. LMI rises sharply as your deposit shrinks, so removing it on a higher loan is a significant saving.
On an $800,000 purchase with a 10% deposit ($80,000), a standard borrower would typically pay LMI of many thousands of dollars, often added to the loan and charged interest for its full term. An eligible doctor borrowing the same 90% with an LMI waiver pays none of that. The exact premium depends on the lender and the loan-to-value ratio (LVR), and we calculate the real figure for your scenario, but on a larger loan that is money that stays with you instead of going to the insurer.
Which Doctors Qualify
Medico policies are based on registered occupation and Australian Health Practitioner Regulation Agency (AHPRA) registration, and the eligible list is broader than many people expect. Each lender keeps its own list and income thresholds:
| Group | Typical maximum LVR (no LMI) | Notes |
|---|---|---|
| Specialists and consultants | Up to 95%, some to 100% | No minimum income; the most generous terms |
| GPs and hospital doctors | Up to 90-95% | Registrars and residents accepted by many lenders |
| Dentists and vets | Up to 90-95% | Part of expanded medico definitions |
| Allied health (pharmacists, optometrists, physios, etc.) | Up to 90% | Minimum income around $90,000 from the profession |
General industry guide only; eligibility, caps and income thresholds vary by lender and change over time. AHPRA registration in an accepted category is generally required.
How Lenders Assess a Doctor’s Application
Even with a medico policy, the loan still has to stack up on the usual measures of deposit, serviceability and the property. What changes is the LMI treatment and, with some lenders, how your income is read:
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Registration and profession evidence
Lenders confirm your AHPRA registration and that your role sits in an accepted category. This is what unlocks the waiver, so getting it documented correctly matters.
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Income and serviceability
The standard serviceability test still applies, including the buffer added to the assessment rate. Minimum income requirements vary by role, which we confirm with the right lender for you.
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Joint applications
You do not both need to be medical. Lenders apply the waiver to the whole loan when one applicant holds the qualifying registration and a significant share of the income or equity.
Why Doctors Work With Loanworx Group
Medico policies differ a lot between lenders, and the differences are not advertised. A doctor home loan broker who knows them earns their keep, which is what you get with Loanworx Group:
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We know each lender’s medico policy
Which lenders waive LMI to 90 or 95%, which include your specialty or career stage, which set the income thresholds, and which read your income most generously. With over 1500 products, we match you to the strongest fit.
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We structure the application properly
Evidence of registration, the right income documents, and the right lender from the start. Going to the wrong lender can mean paying LMI you never needed to, or an avoidable decline.
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We work around your hours
Doctors are busy. We handle the legwork, keep you informed clearly, and aim for a straightforward, supported experience from first chat to settlement.
Get the Full Benefit of Your Profession
If you are a doctor buying or refinancing, the right lender can save you the cost of LMI and read your income the way it deserves. We will find that lender for you. Call us on 1300 562 696.
Who We Help
Doctors are not the only professionals who can access better lending terms. Explore the other groups we help below, or point a colleague our way.
Nurses
Home loan benefits and waivers available to registered nurses and midwives, including shift income.
Pharmacists
Tailored home loans and LMI waivers for pharmacists and community pharmacy owners.
Engineers
Professional home loan benefits and LMI waivers for qualified and chartered engineers.
Lawyers
LMI waivers and professional packages for solicitors, barristers and legal professionals.
Dentists
Medico-tier home loans and LMI waivers for dentists, specialists and practice owners.
Self-Employed
Full-doc and low-doc home loans for business owners and the self-employed.
Low Doc Loans
Home loans with alternative income verification when standard payslips don’t fit.
Teachers
Home loan options and waivers available to teachers and education staff.
LMI Waivers
Borrow up to 90% or more without lenders mortgage insurance, if you qualify.
IT Contractors
Home loans structured for contract and day-rate IT professionals.
Government Help
First home grants, schemes and concessions, explained and matched to you.
Frequently Asked Questions (FAQs)
Can doctors really avoid LMI?
Yes. Many lenders waive LMI for eligible medical professionals, commonly to 90% and often to 95% or higher for doctors and specialists. The saving reaches the tens of thousands on a larger loan. It comes down to your AHPRA-registered occupation and the lender’s policy.
How much can a doctor borrow without LMI?
Most eligible doctors reach 90 to 95% of the property value with the waiver, and some lenders go to 100% for qualifying specialists. Your exact limit depends on your profession, income and overall position, and we work out which lender will lend you the most.
Which medical professions qualify?
Specialists, GPs, hospital doctors, registrars and residents are widely recognised, and expanded medico definitions now include dentists, vets, optometrists, pharmacists and other allied health roles, typically at 90%. Each lender keeps its own eligible list, so the lender choice determines whether you qualify.
Is there a minimum income to qualify?
It varies. Medical specialists often have no minimum income requirement, while some allied health roles need a minimum, frequently around $90,000 from the eligible profession. We confirm the exact threshold with the lender we match you to.
Do I need to be AHPRA registered?
Generally yes. A medico LMI waiver depends on current AHPRA registration in a category the lender accepts. If your registration has lapsed or sits outside that list, the waiver may not apply, so it is worth checking early.
My partner is not a doctor. Can we still get the waiver?
Usually yes. Your partner can work in any field. As long as you hold the medical registration and a meaningful share of the income or equity, we structure the application so the waiver still applies.
Can I use a doctor home loan for an investment property?
Often yes. The same medico policy behind your home loan can carry over to an investment purchase with many lenders, though the rental income and serviceability are assessed differently. We structure both around your wider plans.
I am early in my career. Can I still qualify?
Possibly. Many lenders include interns, residents and registrars in their medico policies, which can help younger doctors buy sooner with a smaller deposit. The available lenders narrow at the earliest career stages, so it is worth a conversation.
