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Home loans for doctors in Australia: LMI waivers & benefits



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Photo by: Sam Lion on Pexels.
A dog dressed in white shirt and stethoscope, resembling a doctor’s appearance.

Undeniably, given their low-risk nature, doctors (including interns and registrars) are usually preferred applicants for home loan applications. Generally, banks have similar risk policies; but depending on the selected choice of bank, final benefits and discounts vary. In fact, if you are a doctor (or medical professional), we have listed relevant information where you can find out what benefits and waivers apply to home loans for doctors.

LMI waiver and other benefits may apply for doctors looking for a home loan: 

  • Special discounts: For example, we can negotiate special interest rates and reduced fees for you.
  • Asset protection: Purchasing your asset under a company or trust structure helps to protect the asset. Moreover, you can take advantage of tax benefits.
  • Tax advantage through us: Every time we do business together, something great happens. Additionally, you get an advantage – a tax advantage! This is because we finance your dream whilst investing up to half of our profits (on your behalf) to empower vulnerable families through microfinance.

Main conditions apply: 

  1. Maximum borrowing amount of $4.5 million. 
  2. Part of a relevant industry organisation. (i.e AMA, Royal College).
  3. Needs to be on the medical professional’s list.
  4. Nurses, Psychologists, medical research scientists and naturopaths are generally excluded.

Tips from our ex-bankers:

  1. Firstly, ask about home loans for doctors. It’s always better to check for at least 2 to 3 options. Why? This is due to the difference of 0.05% (5 basis points) in an interest rate that could cost you thousands and extra years to pay it off.
  2. Then, for any borrowing over 80%, always make sure you have LMI fully waived. 
  3. Commercial property or medical equipment. Moreover, other discounts and packages apply. 
  4. Subsequently, make sure the broker you are working with is aware of all the banks/lenders that are currently having aggressive offers and looking to gain more clients. 
  5. Also, maximum discounts are never publicly advertised. Therefore, make sure your broker is aware of the limits that they can negotiate up to. 
  6. Lastly, always check the fine print. For instance, the fees and comparison rates.

Medical Professional Occupation List:

  • Anesthesiologist
  • Anaesthetist
  • Cardiologist
  • Cardiothoracic Surgeon
  • Chiropractor
  • Sports chiropractor
  • Animal chiropractor
  • Clinical Pharmacologist
  • Cosmetic Surgeon
  • Dental Specialist
  • Dentist
  • Dermatologist
  • Doctor
  • Ear and Throat Surgeon
  • Emergency Doctor
  • Epidemiologist
  • Emergency Medicine Specialist
  • Emergency Surgeon
  • Endocrinologist
  • Gastro-Intestinal Surgeon (Upper/Lower)
  • Gastroenterologist
  • General Practitioner (GP)
  • GP Registrar
  • General Surgeon
  • Gynaecologist
  • Haematologist
  • Heart Doctor

Disclaimer: The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstance and requirements.

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