HOME LOANS FOR DOCTORSTom Uhlich
Home loans for doctors were created by the Australian lenders because they favour doctors above all other professions. From a risk perspective doctors are known to be low risk borrowers, earn high incomes, and often approach the bank later in life for a business or investment loan.
Doctors have one of the lowest default rates of any profession so you’re in a unique position to negotiate significant discounts that aren’t available to other borrowers.
In Australia, home loans for doctors are mortgages offered by lenders to certain types of doctors.
These types of mortgages differ from normal mortgages due to the following reasons:
- The maximum amount that you can borrow is usually higher than what is offered to the public. For example, some lender will lend up to $4.5 million for your home and investment properties. Larger loans are available on a case by case basis.
- Lenders create these products to attract doctors.
- Home loans for doctors offer special discount not available to normal borrowers.
- Home loans for doctors can be used to buy a new property or refinance your existing loan to buy more properties.
Medical practitioners who are eligible for doctor home loans can get either an interest rate discount, a lenders mortgage insurance (LMI) waiver, or both. Home loans for doctors vary from lender to lender so the type of discount will depend on the lender.
For example, if you’re buying a home for $1,000,000 and borrowing $900,000 then you would normally pay around $24,500 in LMI. As you can see, this is an incredible discount!
Not all doctors are considered to be eligible for the ‘Medico Package’ discounts. Below is a list of preferred medical professionals:
Cardio Thoraci Surgeon
Ear and Throat Surgeon
Emergency Medicine Specialist
Gastro Intestinal Surgeon (Upper/Lower)
Intern (Hospital Employed)
Oral and Maxillofacial Surgeon
Paediatric Surgeon (Neonatal/Perinatal)
Resident Medical Officer
Residents (Hospital Employed)
Staff Specialists (Hospital Employed)
To be eligible you must also be a member of one of the following associations:
Australian Association of Practice Managers
Australian College of Rural and Remote Medicine (ACRRM)
Australian Dental Association (ADA)
Australian Dental Council (ADC)
Australian Medical Association (AMA)
Australian Medical Council (AMC)
Australian Veterinary Business Association
Australian Veterinary Association
Australasian College for Emergency Medicine (ACEM)
Australasian College of Cosmetic Surgery (ACCS)
Australasian College of Dermatologists (ACD)
College of Intensive Care Medicine of Australia and New Zealand (CICM)
Medical Practitioners Board of Australia
Royal Australasian College of Dental Surgeons (RACDS)
Royal Australasian College of Medical Administrators (RACMA)
Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
Royal Australian and New Zealand College of Ophthalmologists (RANZCO)
Royal Australasian College of Surgeons (RACS)
Royal Australasian College of Physicians (RACP)
Royal College of Pathologists of Australasia (RCPA)
Royal Australian and New Zealand College of Psychiatrists (RANZCP)
Optometrists Association Australia
The Australia and New Zealand College of Anaesthetists (ANZCA)
The Royal Australian College of General Practitioners (RACGP)
The Royal Australian and New Zealand College of Radiologists (RANZCR)
Urological Society of Australia and New Zealand (USANZ)
Other associations on a case by case basis
Yes, interns, residents, registrars and staff specialists are all eligible!
Do you qualify for a discounted interest rate or waived LMI?
Give us a call on 0476 111 000 or fill in our form on our contact us page to find out more.