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.​​​​​

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

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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.​​​

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LMI waivers for doctors and medical professionals

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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. Many Australian lenders waive it for eligible medical professionals, including ANZ, Bankwest, Commonwealth Bank, Granite Home Loans, NAB, People First Bank, St.George, Suncorp Bank and Westpac. Doctors and dentists with current AHPRA registration can often borrow up to 95% of a property's value without LMI. Vets, nurses, midwives and allied health professionals have fewer lenders to choose from, usually up to 90% and sometimes with an income test. Registration type, loan purpose, repayment type and the lender's loan limits all affect whether a waiver applies.

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For a doctor buying a first home, a medico waiver is usually a better choice than the Government's 5% Deposit Scheme, because the loan generally gets the pricing lenders give loans below 80% of the value.

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Our guide to LMI waivers for medical professionals covers who qualifies, which lenders offer a waiver, how far each type of waiver goes, how it compares with the 5% Deposit Scheme, and a worked example with six ways to buy the same home.

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Why two lenders give the same doctor different borrowing figures

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

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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.

 

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Overtime and allowances

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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.

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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.

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

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Example: how overtime can affect borrowing capacity

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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.

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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.

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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.

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Income from more than one source

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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.

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HECS-HELP

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

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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.

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Locum and telehealth income

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Lenders treat locum and telehealth income differently from a hospital salary, and from each other. PAYG locum income is usually assessed much like other casual or contract pay. Income earned under your own ABN is assessed as self-employed income, and how long your ABN has been registered decides which lenders will consider it: some will look at an ABN registered for as little as three months, while others want 12 to 24 months.

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Our guide to home loans for locum doctors covers PAYG and ABN locum work, locum work on top of a hospital job, and a worked example with three lenders' readings of the same doctor.

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Where you are in your career

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Interns and junior doctors. Lenders with medico policies lend to doctors from the intern year on. Early on, three things matter most: your registration (interns hold provisional registration, which just under half of medico lenders accept for an LMI waiver), how much overtime history your payslips show, and when your contract ends. Our guide to home loans for interns and junior doctors covers each, with a worked example.

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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.

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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.

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What to have ready

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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

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About Medimortgage

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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.

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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.

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Frequently asked questions

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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.

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

Often, yes. Lenders with medico policies lend to doctors in training. For interns, registration type and the contract end date matter most; for registrars, how the lender reads overtime and allowances. Our guide to home loans for interns and junior doctors covers the first years in detail.

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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.

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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. 

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