Home Loans for Doctors: What to Know Before You Apply
Doctors have access to some of the most generous lending options in Australia, but many never hear about them – let alone know how to qualify. Between waived Lenders Mortgage Insurance (LMI), higher borrowing power, and fast-tracked approvals, lenders have created specialised home loan pathways just for medical professionals. But these benefits aren’t automatic, and applying without a strategy can cost you thousands.
Let’s walk through what you need to know before you apply, and how to make the most of your position as a doctor in today’s lending landscape.
Don’t Assume All Lenders Treat Doctors the Same
While many banks have specialist policies for doctors, not all lenders are created equal. Some actively seek out medical professionals and offer tailored features – others don’t even recognise the profession as low-risk. It’s important to know which lenders offer LMI waivers, which ones count projected income, and which will penalise you for short work history or contract-based roles. Working with a broker who’s across the fine print can save you time, stress, and missed opportunities.
Know the Value of the LMI Waiver
One of the biggest advantages available to doctors is the potential to avoid paying Lenders Mortgage Insurance—even with a deposit under 20%. This can save you tens of thousands of dollars upfront. But not every lender offers it, and some have strict eligibility criteria tied to your registration status or income. It’s also common for lenders to require you to work a certain number of hours or be a member of a recognised medical body. Understanding the exact criteria matters—because missing out on this waiver means paying a cost you could easily avoid.
Understand How Your Career Stage Affects Borrowing Power
Interns, registrars, and early-career GPs often worry their income isn’t high enough to secure a decent home loan. The reality? Some lenders are happy to factor in your future earning potential, especially if you’re already on a clear career path. That means you could borrow more than your current payslip might suggest. However, only a select group of lenders take this approach—and knowing who they are can be the difference between a rejected loan and a confident approval.
Be Prepared to Prove Your Income (Even if You Work Casually)
Doctors who work across hospitals, clinics, or locum contracts sometimes face challenges proving consistent income. Traditional lenders may require two full years of tax returns, which isn’t always practical for healthcare professionals. Luckily, some lenders are more flexible with doctors and will accept payslips, contracts, or employer letters in place of a full tax history. But again, it comes down to choosing a lender that understands how medical income works. confident approval.
Loan Features Matter More Than You Think
While interest rates are important, don’t overlook the loan features. Doctors often benefit from offset accounts, interest-only options, and the ability to make extra repayments without penalty. These can have a massive impact on your long-term finances – especially if you plan to invest in future properties or want to stay flexible during career transitions. The trick is knowing which features will actually serve your goals and choosing a loan product that supports them.
Getting a home loan as a doctor shouldn’t feel like guesswork. You’re in one of the most financially stable professions in the country – but without the right guidance, it’s easy to miss out on benefits you’ve earned. At XploreFS, we specialise in helping medical professionals structure their lending for long-term success. Whether you’re buying your first home or expanding your investment portfolio, we’ll help you apply with confidence – and make the most of every opportunity available to you.
Frequently Asked Questions About Doctors Home Loans
Can doctors apply for a home loan through a trust or company?
Yes, many doctors—especially those investing or running private practices—choose to purchase property through a trust or company structure. This can have tax benefits, asset protection advantages, and long-term planning flexibility. However, not all lenders support these structures, and the lending process is more complex, so it’s important to get specialist advice before proceeding.
Are there any first home buyer grants or schemes that doctors can access?
Doctors are eligible for the same government schemes as the general public, including the First Home Guarantee (FHBG) and state-based grants. The key benefit is that doctors may also qualify for lender perks on top – such as waived LMI – making their first purchase even more accessible.
Can I refinance an existing home loan with a doctor-specific product?
Absolutely. If you’ve already purchased a home on a standard loan, you can often refinance to a doctor loan and take advantage of better rates, reduced fees, or LMI waivers you missed the first time. A refinance can also be an opportunity to access equity or consolidate debt.
Is a doctor home loan only for residential property?
No. While many doctors use these products to buy their primary residence, some lenders also extend doctor-specific benefits to investment properties. This can allow you to grow a portfolio faster with lower upfront costs and more flexible servicing policies.