There are two main benefits you’re eligible for when applying for home loans for doctors: An LMI waiver and discounted interest rates.

Let’s look at the LMI waiver first. LMI stands for “Lenders Mortgage Insurance”, and it is essentially an insurance policy that protects the lender against loss if you end up defaulting on your mortgage.

In normal circumstances, a home loan applicant will need to pay LMI if they have less than a 20% deposit, but if you’re a doctor, some lenders will be willing to apply waived Lenders Mortgage Insurance, even if you only have a 10% or 5% deposit.

This is because lenders consider doctors as low risk borrowers due to their excellent job security and high income potential. The same reasoning applies to why you may be offered discounted interest rates.

You’ll have several different home loan options available to you as a doctor, and each comes with the potential for waived Lenders Mortgage Insurance and discount rates. However, the type of loan that suits you best will ultimately depend on your circumstances.

  • First Home Loans:
    Ideal for doctors looking to buy their first home, this type of loan often features competitive interest rates, reduced deposit requirements and flexible repayment terms, which, along with the LMI waiver, can really help you save money.
  • Home Loan Refinance:
    Maybe you’re looking for a better deal than your current loan. Home loan refinance could be a good choice as you may be able to get lower monthly repayments and secure better interest rates, potentially reducing your current overall loan costs.
  • Variable Rate Loans:
    A variable rate home loan offers flexibility in potential market fluctuations and as its name suggests, variable interest rates. This is a good choice for doctors who want to anticipate changes in their financial situation and potentially save money if interest rates decrease.
  • Fixed Rate Loans:
    With a fixed rate loan, you’re offered set interest rates over a predetermined amount of time (usually somewhere between 1-5 years), and this gives you the peace of mind that you’re protected against potential interest rate rises.
  • Home Construction Loans:
    This is a specialist home loan designed specifically for those looking to build or renovate a home. Payments are made as work progresses, and during this time you may benefit from interest-only payments, saving you money while you wait for your home to be built.

Each of the above home loans for doctors comes with its own benefits, but to get the right deal for your circumstances, we recommend that you seek expert guidance from a mortgage broker like Simplifi Lending. We will look at your situation and guide you towards the right loan type and structure and negotiate a great rate in the process.

Many lenders have different policies, requirements and incentives on offer for doctors and medical professional, including LMI waivers and rate discounts. We are experts in these criteria and ensuring you meet them before proceeding with an application.

With years of experience at our disposal, you’ll be getting access to expertise with Simplifi Lending that will ensure you get a great deal and a smooth home loan application process. We’ll do all the hard work for you- handling the paperwork, negotiating with lenders and ensuring you get all of the discounts you’re entitled to, removing all the stress.

Over the years, our experienced team has helped hundreds of people, including doctors and other medical professionals, secure a home loan and achieve their dream of getting on the property ladder.

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Just like any other finance you’re trying to secure, there are certain eligibility criteria you’ll need to meet when applying for doctor home loans. These include:

Medical Qualification

In order to access benefits like waived LMI and discounted interest rates, you’ll need to hold a recognised medical qualification from an accredited institution. This could be a degree in medicine, surgery, or any other qualification awarded to medical professionals. Lenders will also usually want a copy of your AHPRA registration showing that your medical qualification is current.

Employment Status

A lender will also need to see proof that you are employed as a doctor in an accredited healthcare institution. Some lenders may also have specific requirements with employment statuses, such as proof that you’ve been in the role for a certain number of years to ensure employment stability.

Income Verification

You’ll also need to provide proof of income when applying for home loans for doctors, which may include your recent payslips, financial statements, and details of any additional income. Some lenders have certain income requirements to qualify for LMI waivers and discounts.

For self-employed doctors, you may also be required to provide two years of business tax returns, two years’ worth of personal tax returns, and your 2 most recent Notices Of Assessment from the Australian Tax Office (ATO).

Good Credit History

Holding a good credit history is essential if you’re hoping to secure a home loan for doctors. A lender will look into your credit history to determine how responsibly you’ve handled debt in the past and for any signs of defaulting or bankruptcy. The better your credit history is, the better your chances of approval and the more access you’ll have to great home loan deals.


While some doctor home loans offer reduced deposit requirements, you will still need to contribute a deposit towards the property purchase price. This can be as little as 5-10% with some lenders, so if you’re looking for a high loan amount make sure you contact a mortgage broker who will be able to negotiate this on your behalf.

As a busy doctor, there aren’t many spare hours in the day for you to sift through your home loan options and try and find the right deal for you. This is why it’s a good idea to work with mortgage brokers who will do all of the hard work on your behalf while keeping your best interests at heart.

That’s not all we can help you with, though. When you work with Simplifi Lending, you’ll also get these benefits:

Specialised Knowledge

We have expertise in sourcing and securing loan products that are designed to meet the needs of medical professionals and will guide you through all of your options in a simple, easy-to-understand way. We’ll also use this specialised knowledge to help select the best deal for your individual financial circumstances and preferences.

Access to Multiple Lenders

Searching online for home loans for doctors will only show you a set number of lenders. When you work with a mortgage broker, you’ll get access to a huge number of potential lenders, many of which offer products that are specifically designed for medical professionals. You also won’t have to spend hours looking through them – we’ll do the hard work and present your best options.

Streamlined Application

Applying for a home loan can be time-consuming and complex, but with our expertise and experience, we’ll be able to streamline the process by handling all the paperwork, liaising with lenders on your behalf, and ensuring that all documentation is completed accurately and efficiently. In turn, you’ll save time, and the entire home buying journey will be less stressful.


We’ll also leverage our experience to negotiate with lenders on your behalf, finding the best deal possible. This includes negotiating on interest rates, waiving fees, and bargaining for additional features that help you save money and get the best home loan for your circumstances.


You can also rest assured that all laws and regulations will be complied with when you work with us, which doesn’t only remove the headache of trying to work out certain complexities yourself but means you’ll be on the fast track to securing finance as you won’t hit any regulatory issues along the way.

Ongoing Guidance

Access to our expertise doesn’t stop once your home loan has been approved, either. We’ll also keep in touch to let you know about changes in the market that could affect your current loan and offer advice on how to navigate these in the best way.

Waived Lenders Mortgage Insurance (LMI), discounted interest rates, and product-specific benefits are all potentially available to doctors looking for a home loan. But there are also some other things you need to know before starting your application. Let’s take a look at some of the questions you may have:

This is one of the biggest benefits you’ll get as a doctor applying for home loans. Some lenders will offer a loan amount of up to 90-95% of the property value, meaning you’ll only need a 5-10% deposit. Of course, if you are able to put down a larger deposit, you’ll get a higher loan amount and potentially better deals, but either way, you’ll still get an LMI waiver.

It is important to remember, however, that while you can get a home loan with a smaller deposit, you’ll still need to meet the lender’s eligibility criteria. This will include having a good credit history, showing proof of your medical qualification, and proof of regular income.

As a doctor in Australia, whether self employed or working for a medical institution, you’ll be eligible for waived Lenders Mortgage Insurance (LMI) even if your deposit is below 20% (the usual waiver threshold).

You’ll also get access to discounted interest rates, which can save you thousands in the long run, as well as product-specific discounts and benefits offered by lenders with specialist home loans for doctors.

There are a few government grants and schemes that you may be eligible for as a doctor in Australia, which, along with waived LMI and interest rate discounts, can potentially save you a lot of money.

One of the most well-known government grants is the First Time Home Owner Grant (FHOG), which provides a one-time payment to buyers with the aim of helping them purchase, renovate, or construct their first home. The amount you can get varies between states and territories, and you’ll also need to meet eligibility criteria to qualify for this grant.

Some states and territories also offer stamp duty concessions or exemptions for first home buyers, which can significantly reduce the upfront costs of purchasing a property. Again, you’ll need to meet the eligibility criteria and the concession amount varies depending on the jurisdiction the property is located in.

Visit our First Home Buyer page for more information.

One of the benefits you’ll get as a doctor applying for a home loan is interest rate discounts, which can substantially reduce your ongoing monthly repayments. However, the rate you’ll get will depend on your personal financial situation and credit history, as well as the lender you choose.

Work with a mortgage broker who will use their expertise to look at your available options, negotiate on your behalf, and ensure you get a great deal.

Can you get a home loan for doctors on probation?

Some lenders will offer home loans for doctors on probation, but you’ll have to provide proof that your job is secure when you apply and that your employment prospects are looking good where you currently work. You’ll also have to have been on probation for at least three months to apply, but some lenders require you to be at least six months into your probationary period.

Can I get the LMI waiver as a self employed doctor?

Yes, you may still be entitled to an LMI waiver as a self employed doctor in Australia. However, you’ll need to provide additional supporting documents when you apply for your home loan, including one to two years of business tax returns, two years worth of personal tax returns, and your 2 most recent Notices of Assessment from the Australian Tax Office (ATO).

Can I get lenders mortgage insurance discounts if I’m studying to be a doctor?

Unfortunately, you aren’t able to get an LMI waiver or interest rate discounts until you’ve qualified as a doctor. This is because you’ll need to provide proof of your medical qualification along with proof that you’re either a self employed doctor or you work for an accredited medical institute in Australia.