Numerous banks and lending institutions provide exclusive mortgage options specifically tailored to meet the needs of doctors and medical professionals. These specialised loans often require a lower deposit compared to loans available to other borrowers. Additionally, medical professionals may enjoy reduced interest charges and fees, allowing them to save money throughout the loan term.

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Whether a medical professional is a first-time homebuyer or looking to expand their property portfolio, certain lending institutes offer dedicated home loan options exclusively for individuals working in the healthcare sector. Others consider applications on a case-by-case basis. Regardless, banks perceive medical professionals as low-risk borrowers, prompting them to go the extra mile in attracting and retaining their business.

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Prominent lending providers in Australia, such as Westpac, Commonwealth Bank, ANZ, NAB, and Suncorp, actively encourage medical professionals to apply for home loans.

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Most of these lenders offer the opportunity to borrow up to 90% Loan-to-Value Ratio (LVR) without requiring Lenders Mortgage Insurance (LMI). Some even provide loan packages up to 95% of the property price.

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Lenders Mortgage Insurance is a cost that varies based on the size of the deposit. For example, if a home is valued at $400,000 and a buyer has a 10% deposit of $40,000, they can expect to pay nearly $7,000 for LMI. Naturally, most people aim to avoid this substantial expense. However, being a medical professional can potentially unlock a significant benefit—an LMI waiver.