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Streamlining Mortgages
for Busy Doctors

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Unlock Exclusive Home Loan Benefits for Doctors

Special Rates for Doctors

Our “Doctors Only” rates of interest discounts below what banks typically advertise, we will secure you the best rate.

Save Thousands on LMI and Interest

Borrow up to 100% of your home’s value without paying Lenders Mortgage Insurance (LMI), potentially saving you on average $50,000 on a home loan with a $1 million purchase price which would be added to your loan. You can also save thousands of dollars on the interest you would pay on the LMI.

Annual Loan Fee Waivers

We cover your annual fees for home loans above $600K, saving you on average $3000 over the loan’s lifetime.

Attractive Cash Back Offers

Our senior brokers can help you access up to $4000 in cash back from Australia’s leading banks.

How Much You Can Save

Property Value Loan Amount Estimated cost of LMI based on 95%Lending Ratio Potential Interest Saved over Life of Loan*
$750,000 $712,500 $30,638 $39,077
$1,500,000 $1,425,000 $70,110 $89,421
$2,500,000 $2,375,000 $132,763 $168,358
$3,500,000 $3,325,000 $185,868 $237,064
$5,500,000 $4,750,000 $265,525 $338,662
*Interest calculations based on a 30-year loan at a rate of 6.5%.

Case Studies for Doctor Home Loans

Case Study Dr 1: Dr Michael (30, Hospital Registrar) – First Home Buyer

Dr Michael’s Goal: Michael wants to purchase his first home for approximately $750,000 due to a desire to want to live in his own place.

Dr Michael’s Situation: Michael is a registrar based in Sydney who earns approximately $160,000 including base salary, allowances and overtime. Michael’s friends and family do not know a lot about finance and have led him to believe that he needs to have a 20% deposit, or pay thousands of dollars in lender’s mortgage insurance fees (LMI), or have his parents act as guarantors to ensure the loan gets approved without Michael having to pay LMI. Michael has been to able save for a $40,000 deposit.

How we helped Michael:

  • Michael was referred to us by one of his family members to see if there was something that could be done to help Michael buy his first home without paying thousands in LMI.
  • Our Mortgage Broker met with Michael and determined that we could help him purchase a property with a $40,000 deposit by helping him apply for an LMI exempt home loan for doctors like him.
  • We were able to help Michael get approved to borrow $712,500, which is 95% of the purchase price, without having to pay approximately $30,000 in LMI. Due to LMI not being added to his home loan, we were also able to save several thousand dollars in interest that Michael could have potentially paid on the LMI amount.
  • Michael was successful in purchasing his desired home shortly after his home loan was approved.

If you would like us to help you like we did Dr Michael, contact us on (02) 8089 0297 or via our Contact Us page.

Case Study Dr 2: Dr Jane (40, Obstetrician) – Refinance and Purchase of Investment Property

Dr Jane’s Goal: Jane is hoping to save some money on her existing home loan for her house in Annandale and to use equity in her home to purchase an investment property in Brisbane worth $700,000 after consulting with her property investment advisors.

Dr Jane’s Situation: Jane is an Obstetrician who works in various locations in Sydney and lives in a three bedroom house in Annandale, NSW worth $2.5 million. Jane has an $800,000 mortgage against the property in Annandale and has approximately $200,000 in cash and investment funds that she is reluctant to liquidate or spend. Jane is also time poor and does not know a lot about finance and property.

How we helped Jane:

  • Jane’s property investment adviser and Mortgage Broker work together to calculate that Jane would require $100,000 to purchase a property in Brisbane utilising a 90% LVR (loan to value ratio) investment home loan.
  • We then were able to successfully refinance Jane’s home loan against her property in Annandale to get her a better rate and $100,000 of released equity from the Annandale property to put towards the purchase of the property in Brisbane.
  • Next, we successfully helped Jane apply for a $630,000, 90% LVR home loan with an LMI exemption by applying for an LMI exempt home loan for doctors like her.
  • Jane was happy with the outcome because she did not need to use her savings or investments to purchase the investment property and could profit from the tax benefits of maximising the loan against her investment property. Jane was also very happy with getting a discounted rate applied both the new home loan and investment loan and with not having to pay approximately $20,000 in LMI. The discounted rate and LMI exemption will potentially save Jane thousands of dollars over the life of the loan.

If you would like us to help you like we did Dr Jane, contact us on (02) 8089 0297 or via our Contact Us page.

What are the benefits of a home loan designed specifically for doctors?

Home loans tailored for doctors typically offer special interest rates, waived or reduced Lender Mortgage Insurance (LMI), exclusive discounts, and other benefits due to the perceived low-risk nature of medical professionals.

Am I eligible for a waived Lender Mortgage Insurance (LMI)?

Applicants must hold current registration with the Australian Health Practitioner Regulation Agency (AHPRA) and be actively practicing as a certified medical doctor.

Your AHPRA registration must be classified as general or specialist. Limited or provisional registrations may also be considered.

Check with your mortgage broker for specific criteria.

What is the maximum Loan-to-Value Ratio (LVR) I can get without LMI?

Waivers often apply to loans with a Loan-to-Value Ratio (LVR) of up to 95%. On a case by case basis, 100% for self-employed doctors.

Can I borrow 100% of my property’s value without a guarantor?

In some cases, yes. Certain lenders allow doctors to borrow 100% of the property value without a guarantor. This usually involves special arrangements, such as split loans. Check with your mortgage broker for more details.

What special interest rates are available for doctors?

Doctors often receive exclusive interest rates lower than standard rates. These rates vary depending on the lender and the specifics of your loan, but they are typically more favourable than general market rates.

Do you cover annual loan fees for doctors?

Some mortgage brokers cover or waive annual loan fees for doctors, especially for loans above a certain value. This can result in significant savings over the lifetime of your loan. Check with your broker to confirm if this benefit applies to you.

What documents do I need to apply for a home loan as a doctor?

You typically need personal identification (passport or driver’s license), proof of income (recent payslips or tax returns), and bank statements showing current savings. If you’re self-employed, additional documentation might be required, such as business activity statements or interim tax returns.

Can I qualify for cash-back offers with a doctor’s home loan?

Yes, many banks offer cash-back incentives for doctors, typically ranging from $1,000 to $4,000. These offers vary depending on the lender and loan size. Your mortgage broker can guide you to the best cash-back deals.

What types of doctor income structures are acceptable for home loans?

    Lenders generally accept various income structures for doctors, including base PAYG salary, casual income, overtime, and allowances. Self-employed doctors need to provide additional tax returns or business documentation. Check with your broker for specific requirements.

    How quickly can I get my home loan approved?

    Most mortgage brokers return loan options within 24 hours of receiving all required documentation. The full approval process can vary depending on the lender and the complexity of your financial situation.

    What factors do lenders consider when approving a home loan for doctors?

    Lenders consider factors like income stability, credit score, employment history, and LVR. Doctors are generally seen as low-risk borrowers due to their high income and job stability, which increases the likelihood of loan approval.

    Can my spouse or partner qualify for a doctor’s home loan?

    If you apply for a mortgage with your spouse or partner who is a doctor, you may qualify for a doctor’s home loan. Check with your broker to confirm eligibility and required documentation.

    What are the interest rates for doctor home loans with the big four banks?

    The big four banks (CommBank, NAB, ANZ, Westpac) offer special interest rates for doctors. These rates are typically lower than standard market rates, but they vary based on the specific loan and your financial profile.

    How much can I save by working with a mortgage broker for doctors?

    Mortgage brokers specialising in doctor home loans can help you save thousands of dollars by negotiating exclusive rates, securing LMI waivers, and accessing cash-back offers. The exact savings depend on your loan size and terms.

    What is the maximum loan size for doctor home loans?

    The maximum loan size varies by lender, but some lenders offer up to $4.5 million for doctor-specific home loans. Check with your mortgage broker for details on your loan limits.

    Why Aussie Doctors Choose Inspire Mortgage

    • Insider Knowledge: Our team comprises former bank loan approvers, giving us unique insights into securing approvals. We understand how to navigate the system to get your loan approved.

    • Premium Broker Status: With our premium broker status, you gain access to faster turnaround times and lower interest rates. We ensure you receive the best possible terms.

    • Exclusive Access: We connect you with special banking divisions that aren’t available to the general public, ensuring you’re matched with the right lender for your needs.

    • Personalised Support: Our team guides you through the entire process, keeping you informed and supporting you step-by-step to ensure a smooth experience.

    • Industry Specialists: Our highly trained mortgage professionals specialise in serving the medical industry, providing tailored advice and solutions.

    • Award-Winning Team: Inspire Mortgage is a multi-award-winning brokerage, with our brokers ranked among the top 100 mortgage professionals in Australia.

    • Can other professions enjoy LMI waiver?

      You can also explore other options and apply for Guarantor Home Loans or First Home Guarantee (FHG). Sit with our specialist mortgage brokers, and let’s discuss which home loan solution fits your needs

    We’d love to help you save on your loan!