As highly qualified and in-demand medical professionals, dentists are considered excellent home loan applicants by most lenders due to income potential and job security. This is reflected in lenders offering incentives and waivers for dental professionals.

Depending on your financial position, chosen lender and their offering, you may be able to access:

  • Lenders Mortgage Insurance (LMI) waivers if you have a deposit that is less than 20% of the property value
  • Better interest rates due to the lender considering dentists low risk borrowers
  • Fee waivers and other incentives

LMI is an insurance premium payable to the bank when the applicant needs to borrow over 80% of the property value. This insurance protects the bank in the event that you default on your loan and the premium can be into the tens of thousands of dollars. As a dentist you can look to access a waiver of LMI with quite a few lenders.

The criteria for this waiver and the maximum Loan-To-Value ratio (LVR) that will be accepted varies by bank and the lender may also offer a lower interest rate or reduced fees to attract you as a client.

It is important to note that there may be other criteria to meet as well, including:

  • Minimum industry experience and/or seniority
  • Minimum household income requirements
  • Evidence that you are a practicing dentist
  • The lender’s standard credit and assessment criteria

Simplifi Lending are experts in these requirements and policies for medical professionals and will make finding out if you qualify simple.

So, you know that you’re able to save a great deal of money on home loans for teachers with an LMI waiver. But what are your different loan options?

First Home Loans

If you’re a dentist looking to purchase your first property, you can still look to access many of the same incentives and offerings. The LMI waiver is a particularly popular option for first home buyers, dramatically reducing the deposit requirements and savings thousands in LMI premiums. For more information, check out our First Home Buying page.

Home Loan Refinancing

If you already have a home loan and you would like to look for a better rate or additional loan features or extra funds, refinancing can be a great option. You can use the No LMI Home Loan option to access more of your home’s equity, if desired. Check out the Home Loan Refinancing page for more details.

Variable Rate Home Loans

A variable rate home loan comes with excellent flexibility and features. You can generally have an offset facility, access to online redraw and there are usually no restrictions on making extra repayments on your home loan. The compounding effect of these features can save you thousands!

Fixed Rate Home Loans

If you are after certainty when it comes to your interest rate and monthly home loan repayments, then a fixed rate home loan might be appropriate for you. This home loan type makes budgeting for your commitment much simpler and can prevent unwanted rates increases.

Home Construction Loans

Dentists can also access specialist home construction loans if you are looking at building your dream home. This is a structured home loan with progress payments paid directly to the builder as construction progresses. Payments are typically interest-only during construction to preserve your cashflow.

Whether you’re looking to purchase a home or refinance your current lending, taking advantage of Simplifi Lending’s contacts and industry expertise will make applying a home loan easy. Our streamlined, digital process makes every so simple.

We’ll find the right lender for you, make sure you qualify for the relevant incentives and waivers and manage your application from start to finish. Get in touch with us today to get started!

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We will let you know exactly what documents are required for your application as part of your home loan application process. These requirements include:

Evidence of employment as a dentist

To be eligible for the applicable incentives, you will need to provide evidence that you are currently employed as a dentist (either as an employee or as a business owner). This can be evidenced with payslips or tax returns in addition to dental registration.

Good credit history

As with any home loan application, it is important that your credit file shows good conduct on existing lending and credit facilities in addition to no defaults or court judgements. The lender will check your credit score as part of your application.

Deposit Evidence

While you may be eligible for an LMI waiver and reduced deposit requirements as a result, you will still need to show evidence of your deposit funds for the required amount. This can be in the form of savings, shares or equity in another property you own

Working with a mortgage broker takes the stress and inconvenience out of applying for your home loan. We will manage the gathering of information, presentation of lender options, the application to the lender and much more.

Experts in home loans for dentists

We have helped hundreds of home buyers get their home loan approved, including many medical professionals across multiple disciplines. We’ll confirm your eligibility for any incentives or offers and for the home loan application itself. We’ll educate you on the loan types and features available and make sure your lending is structured the right way from day one.

Access more than 40 home lender options

We maintain accreditations with dozens of lenders, making sure we have a wide range of potential lender options available for you to access. Let us save you time researching, do the legwork for you and find the right lender option for your unique scenario.

Simple, digital application process

Our secure, easy-to-use client portal makes providing the information required for your home loan application easy. We’ll keep you up to date every step of your home loan application and manage any queries your chosen lender may have.

We’re your point of contact moving forward

Our job isn’t done once your loan settles. We are here to help you with anything to do with your new home loan- internet banking, loan changes or increases, interest rate reviews and much more!

How much can I borrow as a dentist?

We will calculate a detailed and accurate borrowing capacity as part of your preliminary assessment before we even look to apply for your home loan. The main variable here is your household income relative to your existing expenses and liabilities. Your capacity can also be affected by your available equity or deposit.

How much deposit do I need for a home loan as a dentist?

The amount of deposit you require may vary depending on which lenders you can access and what their policy and deposit requirements are. If you qualify for an LMI waiver, the banks that offer these generally allow you to borrow up to 90% of the property value, meaning your deposit would be 10% plus costs. We will provide detailed figures for you as part of your preliminary assessment.

Which dental roles are eligible to receive a LMI waiver?

Generally, the LMI waiver offers are for practicing dentists only. Dental assistants, oral hygienists and other employees in a dental practice (i.e. receptionists and administrators) are typically not eligible. If you aren’t sure whether you qualify, get in touch with us and we are more than happy to check!