Home Loans for Doctors in Australia

Most information about doctor home loans focuses on one thing: LMI waivers. And while that can be a significant benefit, it is only one part of choosing the right lender.​​​​​

​

​What often makes a much bigger difference is how the lender assesses your income.​​​​

​

Two lenders can look at the same doctor, with the same payslips and deposit, and come up with very different borrowing figures because they assess overtime, allowances and other income differently.​​​

​

LMI waivers for doctors and medical professionals

​

Lenders mortgage insurance (LMI) normally applies when you borrow more than 80% of a property's value, and on a large loan it can cost tens of thousands of dollars.

​

A number of Australian lenders offer LMI waivers for eligible medical professionals. The differences are usually in how much they will lend, which professions they include, and the conditions that apply.

​​​

​​​

Which lenders offer LMI waivers for medical professionals

​​

Lenders that offer LMI waiver options for eligible medical professionals include:

​

• ANZ 

• Bankwest 

• Commonwealth Bank 

• NAB 

• People First Bank 

• Suncorp Bank 

• Westpac and St George

​

There are also smaller and non-bank lenders with options for eligible degree-qualified professionals, which can be useful where the major banks are not the right fit.

​

The right lender will depend on your profession, how your income is structured, the property you are buying and the purpose of the loan.

​

​

How much you can borrow without LMI 

​

Doctors, medical specialists and dentists may be able to borrow up to 95% of a property's value without LMI with selected lenders, subject to eligibility and lender criteria.

​

Veterinarians may also be able to access up to 95% without LMI with selected lenders, although the range of lenders is generally smaller than it is for doctors and dentists.​

​

Investment lending may have lower maximum LVRs, and with some lenders the LMI waiver may not apply to investment purchases.

​

Allied health professions vary more between lenders. Some include physiotherapists, optometrists, pharmacists, psychologists and other health professionals, while others have narrower eligibility or lower maximum LVRs.

​

Because lender policies can change, we check the current criteria at the time you apply rather than relying on outdated information.

​

Which professions qualify

​

Doctors, medical specialists, dentists and veterinarians are commonly included in medico lending policies. Allied health eligibility varies more between lenders, with professions such as physiotherapists, psychologists, pharmacists and nurses treated differently depending on the lender.

​

Registration status can also matter. Lenders will generally verify professional registration through AHPRA, and while general or specialist registration is commonly accepted, provisional or limited registration can be treated differently between lenders.

​

If your profession sits in one of the more variable categories, it is worth checking the lender criteria before assuming an LMI waiver will apply.

​

Conditions that can affect an LMI waiver

​

Principal and interest repayments. Many LMI waivers are only available on principal and interest loans, while interest-only lending may have lower maximum LVRs or different eligibility.

​

Property value and lending limits. LMI waivers may only apply up to certain property values or total lending limits with a lender.

​

Loan purpose. LMI waiver eligibility can vary depending on whether the property is owner-occupied or an investment.

​

​​

 

Why two lenders give the same doctor different borrowing figures

​

This is often where the biggest differences between lenders show up.

​

Your borrowing capacity is not a fixed number. It depends on how a particular lender assesses your income and which parts of that income they are prepared to use.

 

​

Overtime and allowances

​

Doctors in hospital roles often earn a significant portion of their income from overtime, on-call and allowances. Some lenders may use all of this income, while others may only use a percentage or require a consistent history before including it in servicing.

​

For a junior doctor earning a substantial amount of overtime, the way a lender treats that income can make a significant difference to borrowing capacity.

​

Same doctor, same payslips and same deposit — but potentially a very different borrowing outcome depending on the lender.

​​​​

​

Example: how overtime can affect borrowing capacity

​

This hypothetical example shows how different lender policies can affect borrowing capacity. It is for illustration only and is not a quote or an indication of what any individual may be able to borrow.

​

Consider a hospital-employed doctor earning a $90,000 base salary plus $36,000 in overtime, with no dependants or other debts. In this example, a lender that includes the full overtime income produces a borrowing capacity around $60,000 higher than a lender that excludes the overtime.

​

Borrowing capacity will vary depending on your overall financial position, interest rates and the lender’s credit policy at the time you apply. Example prepared September 2026.

​​

Income from more than one source

​

It is common for doctors to have income from more than one source, such as hospital PAYG work, private billing, locum shifts or telehealth. Each income stream can be assessed differently, and lender policies vary.

The more varied your income is, the more important it becomes to choose a lender whose policy fits the way you earn.

​

HECS-HELP

​

HECS-HELP repayments are included in servicing assessments and can reduce borrowing capacity, particularly for doctors on higher incomes.

​

We also ask for your current HECS-HELP balance, as this can matter if the debt is close to being repaid or if paying it out could change your borrowing strategy.

​

Locum and telehealth income

​

Locum and telehealth income can be treated quite differently between lenders, particularly where the income is not standard PAYG employment.

​

If your locum work is PAYG

​

PAYG locum income is generally straightforward to assess. In many cases, recent payslips will be enough for the lender to verify the income.

​

If you are working under your own ABN

​

This is where lender policies can differ significantly, particularly around how long your ABN has been active.

Some lenders will consider an ABN that has been registered for as little as three months, while others may require 12 to 24 months of trading history.

​

If your ABN is relatively new, you may need to provide BAS, interim financial statements prepared by your accountant, and business bank statements.

​

If your ABN has been active for 12 to 24 months, lenders will usually rely on more standard self-employed documentation such as tax returns and financial statements.

​

If you have recently moved into contracting or locum work under an ABN, you may still have lending options. The key is finding a lender whose policy fits your trading history and the way your income is structured.

​

Where you are in your career

​

Interns and residents. A number of lenders will consider doctors who are still in training. Registration status and employment type can be just as important as how long you have been in the role.

​

Registrars. Overtime, on-call and allowance income can make up a significant part of total earnings, so the way a lender assesses this income can have a big impact on borrowing capacity.

​

Moving into private practice. Moving from PAYG employment to self-employed income can change how lenders assess your borrowing capacity. If you are planning that transition, it can be helpful to consider your lending options before you make the move.

​

What to have ready

​

You do not need to have everything ready before speaking with us, but if you want to move quickly it can help to have the following available:

• Recent payslips, including any that show overtime and allowances

• Your most recent tax return and notice of assessment

• A current screenshot of your HECS-HELP balance

• AHPRA registration details

• If you work under an ABN: BAS, interim financial statements prepared by your accountant, and business bank statements

• Details of existing debts, including credit card limits

​

About Medimortgage

​

Medimortgage is run by Xaviera Moore, who has 25 years of experience in banking and lending, including roles with NAB, Commonwealth Bank and ANZ, and as a mortgage broker.

​

That experience provides insight into both sides of a loan application — how lenders assess income and apply credit policy, and how to structure an application for the right lender.

 

Medimortgage specialises in home lending for medical professionals across Australia.

​

​

Frequently asked questions

​

Do all doctors qualify for an LMI waiver?

Doctors with current registration are eligible for an LMI waiver with medico lenders. Normal lending criteria still apply to the loan itself, including your income, expenses, credit position, the property and the purpose of the loan. Allied health eligibility varies more between lenders.

​

How much can I actually borrow?

That depends on your overall financial position and how each lender assesses your income. Two lenders can look at the same documents and arrive at very different borrowing figures, which is why lender choice can make such a difference.

​

Can I get a home loan as an intern or a registrar?

Often, yes. A number of lenders will consider doctors who are still in training. Your registration status, employment type and income structure will all form part of the assessment.

​​

I have just started locum work under my own ABN. Am I too new?

Possibly not. Some lenders will consider income from an ABN that has been registered for as little as three months, provided the supporting documentation is available. Others may require a longer trading history.

​

Does HECS-HELP really affect what I can borrow?

Yes. HECS-HELP repayments are included in servicing assessments and can reduce borrowing capacity, particularly for higher-income doctors. Your current HECS-HELP balance may also matter if the debt is close to being repaid.

​

What does it cost to use Medimortgage?

There is no cost to use my services as your mortgage broker. Medimortgage is paid an upfront commission and, in most cases, an ongoing trail commission by the lender. Normal lender, government and third-party fees associated with your home loan or property purchase may still apply. 

​​

 

​