Home loans for doctors
The 20% deposit rule wasn't written for doctors.
Most lenders want a 20% deposit, or they charge you LMI. Eligible doctors can borrow up to 95% of the price with no LMI: a 5% deposit, and no insurance bill on top. The trick is knowing which lender says yes, and that's our job.
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The doctor's catch
The problem isn't whether you can afford it. It's what a standard lender counts against you.
You've got the income. What you might not have yet is a 20% deposit, a long run in one job, or a HECS balance that's cleared. Put that in front of a standard lender and its system counts the debt, shades your overtime and locum income, and asks for LMI on anything under 20% down. Medico lending policy reads the same file and sees a doctor.
What a standard lender sees
- A small deposit after years of training, so it asks for LMI
- A HECS balance it counts against you
- Overtime, on-call and locum income it shades before counting
- A registrar who's moved hospitals, read as unstable
- One bank's rulebook, taken as the whole market's answer
What's actually true
- A high, secure income that lenders compete to lend to
- Eligibility for the medico waiver: up to 95% of the price, no LMI
- A strong income that carries the HECS a standard calculator panics over
- Overtime, on-call and locum income the right lender counts more fully
- The right lender from 30+, matched to how doctors actually earn
And there's a second thing a one-off application misses: your income climbs every year you practise. This loan should set up the next one, not just get you through the door.
The shift
Your income climbs for the next twenty years. Plan the lending to match.
Most doctors take out a mortgage the way they grab a coffee between shifts: one lender, whatever's quickest, done. It works once. But your income as a registrar looks nothing like your income as a consultant, and the loan that gets you into your first home can set up the next move or quietly cap it. We map the lending across your career, with you and your accountant, so each step is planned before you need it, not scrambled after.
What working with us gives you
Three things you won't get walking into a branch.
We find the lender that waives your LMI
The medico waiver isn't automatic, and not every lender runs it the same way. We know which lenders take eligible doctors to 95% with no LMI, which count your overtime and locum income, and which add a professional-package discount. Every situation is assessed on its own and matched to the lender it fits. Your deposit goes further than you think.
Share your file once. We do the chasing.
Your registration, your payslips, your HECS, your locum contracts, collected a single time. We build the case the lender needs and push it through, so you're not re-sending documents between shifts or explaining your income for the fourth time. Most doctors just tell us what they want and let us work out how.
This loan sets up the consultant years, and the first investment
The first home, the upgrade when you make consultant, the first investment property: one plan, not four cold starts. We map them with you and your accountant so today's loan opens the next move instead of blocking it. After settlement, your loan stays watched, so when your income jumps or rates move, you hear about it.
Who you'll talk to
A licensed broker who knows medico lending, not a call centre.
You'll work with a licensed credit representative who arranges home loans for doctors and medical professionals, and who's across the parts that matter: which lenders waive LMI for which specialties, how registrar and locum income is assessed, and how a HECS balance actually affects what you can borrow. They work around your roster, not the other way around.
Good to know
Around your roster
We work when you can't
You're on shift, on call, or asleep after nights. We're across your file either way. Updates come to you, questions get answered around your hours, and nothing stalls because you couldn't get to the phone at 2pm.
Human first
The AI never decides
Approov's process handles the documents, the updates and the monitoring. A licensed broker makes every call and signs off on the advice.
In your corner
Free to you, and on your side
We're paid by lenders for introducing loans. Under the Best Interests Duty we're legally bound to recommend what's right for you, not what pays us most.
Common questions
Home loans for doctors, answered.
- Do doctors get cheaper home loans?
- Often, yes. Many lenders offer a professional-package discount to medical professionals, on top of waiving LMI. Whether it works out sharper than a standard loan depends on the lender and your situation, which is what we check across 30+ lenders rather than taking one bank's word for it.
- Are doctors exempt from LMI?
- Eligible doctors can be. Under medico lending policy, registered medical practitioners can borrow up to 95% of a property's value with no Lenders Mortgage Insurance, where a standard borrower would pay it. It isn't automatic, and eligibility is assessed on your situation, so the work is matching you to a lender whose policy fits.
- Can doctors borrow up to 95% with no LMI?
- In many cases, yes. The medico waiver lets eligible doctors buy with as little as a 5% deposit and no LMI. The maximum depends on the lender and your circumstances, so we assess your situation first and match you to the lender most likely to say yes.
- What deposit does a doctor need to buy a home?
- For eligible doctors, often around 5% plus costs like stamp duty, rather than the usual 20%. A smaller deposit gets you in sooner and skips the LMI bill. We'll model your real numbers before you commit to anything.
- What salary do you need for a $500,000 loan?
- It depends on your other commitments, including HECS, your living costs, and the lender's assessment rate, not just your income. Most doctors service a loan this size comfortably, but the honest answer changes with your situation, so we run it properly rather than quoting a rule of thumb.
- How much do you need to earn for a $700,000 mortgage?
- There's no single figure, because lenders weigh your income, your commitments and their own buffer differently. A doctor's income usually stretches further than a standard calculator assumes, especially once overtime and on-call are counted by the right lender. We'll map what you can actually borrow across 30+ lenders.
Let's find the lender that waives your LMI.
A licensed broker shows you what you can borrow as a doctor and which lenders waive your LMI. Nothing to prepare, no obligation.
15 to 30 minutes · no obligation · 30+ lenders