Your profession can waive the LMI everyone else pays.
Lenders know doctors, dentists and specialists are among the safest borrowers they'll ever have — so many will lend you up to 90–95% of the property value with the Lenders Mortgage Insurance waived entirely. On a typical loan that's often tens of thousands of dollars you simply don't have to pay, and years less saving for a deposit. The catch is that every lender's policy and eligible-profession list is different — which is exactly what a broker is for.
The waiver, in real dollars.
Lenders Mortgage Insurance protects the lender, not you — yet you pay for it whenever you borrow above 80% without a waiver. Eligible medical professionals skip it. Here's what that's worth on an $800,000 loan at 90%.
Indicative only. LMI premiums vary with loan size, LVR, the lender's insurer and your circumstances; figures shown are typical estimates (money.com.au) at 90% LVR, not a quote. Eligibility, maximum LVR and the list of qualifying professions differ by lender and can change — we confirm what applies to you. Not an offer of credit.
Two broad tiers — and the exact list depends on the lender.
The example below follows one major lender's published medico policy. Others differ: a profession in the top tier at one lender may sit lower, or need an income test, at another. Matching you to the right one is the job.
Doctors, dentists & specialists
- GPs and medical specialists
- Dentists and dental specialists
- Hospital-employed doctors — interns, residents, registrars
Allied & other health
- Veterinarians, optometrists, pharmacists
- Physiotherapists, psychologists, chiropractors
- Registered nurses, midwives, radiographers and more
It's usually more than just skipping LMI.
Sharper rates & waived fees
Medico packages often come with below-advertised pricing and waived annual/package fees — indicative, and confirmed on assessment.
HECS/HELP handled realistically
A large HECS balance won't disqualify you — lenders expect it for medicos. It trims borrowing capacity a little; we factor it in honestly.
Works at every career stage
Registrar, staff specialist or consultant — and whether you're PAYG, contracting or privately billing, there's usually a lender whose policy fits.
Not a favour — a bet on a very safe borrower.
Medical professionals are among the most stable, lowest-default borrowers in the market, so lenders compete hard for them. Australia has a large, growing pool of them.
Sources: Medical Board of Australia / Ahpra registrant data (medical practitioners 2023/24; total health practitioners 2024/25 annual report). LMI waiver terms per a major lender's published medico policy (Feb 2026); eligibility varies by lender.
What LMI actually is — and why waiving it matters
Lenders Mortgage Insurance is a one-off premium that protects the lender if a borrower defaults — it does nothing for you, yet you pay it (usually added to the loan) whenever you borrow above 80% LVR without a waiver.
So a waiver isn't a discount on something you wanted — it removes a cost you'd otherwise carry, and pay interest on, for years. That's why it's the single biggest lever for eligible medicos.
LMI general information via ASIC MoneySmart. Whether a waiver applies depends on the lender, your profession and your circumstances.
Also a professional? You may qualify too.
The waiver isn't only for medicine. Some lenders extend no-LMI lending to around 90% for accountants, lawyers and finance professionals under separate professional packages — with their own eligibility rules.
If that's you, it's worth checking. We're bound by a Best Interests Duty, so we'll find the lender whose policy genuinely fits your profession — not just the one we know best.
Best Interests Duty: ASIC RG 273 (since 1 January 2021). Professional-package eligibility varies by lender.
Doctor home loans, answered straight.
Can junior doctors get home loans?
Yes — registrars and hospital-employed junior doctors are typically eligible for the top waiver tier (up to 95% LVR, no LMI), often from early in training. You don't need to be a consultant to access it.
What's the minimum deposit for doctors?
With an eligible waiver, doctors, dentists and specialists can often borrow up to 95% — roughly a 5% deposit — with no LMI; allied-health tiers are usually up to 90% (about 10%). It varies by lender, so we confirm the best fit for your profession.
How do lenders assess private-billing or contract income?
Usually through recent tax returns, financials or an accountant's figures. Medico policies tend to be more flexible with contracting, locum and privately-billed income than a standard loan — we match you to the lender that reads your income structure most favourably.
Does $100k+ HECS/HELP debt disqualify me?
No. HECS is a repayment obligation that trims your borrowing capacity slightly, but lenders expect it for medical professionals and it won't rule you out. We factor it in realistically rather than letting it become a surprise.
Can I get pre-approved before I finish training?
Often yes — registrars and hospital-employed doctors can typically access waivers and pre-approval well before reaching consultant level. Getting pre-approved early clarifies your budget before you start looking.
Should I buy a home or an investment property first?
That's a personal decision that depends on your goals, where you're working and your career stage — we won't make it for you. What we can do is model the finance side of either path clearly, including the waiver, so you decide with real numbers in front of you.
Let's see if the waiver's yours.
Tell us your profession, stage and rough numbers — we'll confirm which lenders waive your LMI and what it saves you. No credit check to start.
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