Home Loans for Doctors and Medical Professionals (2026 Guide)

Home Loans for Doctors and Medical Professionals: 2026 Guide

By Patrick O’Brien, Director and Home Loan Specialist since 2001

A home loan for doctors is a standard home loan with two advantages. Eligible doctors can borrow up to 90% of the property’s value without paying Lenders Mortgage Insurance (LMI), or up to 95% at several major banking groups, and the right lender knows how to read medical income. The waiver is what most doctors ask about. The income assessment is what usually decides how much you can borrow.

Both vary more between lenders than most medical professionals expect. One lender may waive LMI for a GP but not a physiotherapist, count a registrar’s overtime in full or only in part, and treat a locum on an ABN as self-employed. We compare 52+ lenders, and this guide covers what we look at on a medico file, from the waiver through to income, documents and the mistakes that cost doctors money.

Who counts as a medical professional for a home loan?

Lenders don’t use one definition. Each waiver program has its own list, and the lists are drawn around registration, not job title. For most programs you need current registration with the Australian Health Practitioner Regulation Agency (AHPRA), or the state veterinary board for vets.

The clearest example on our panel is one major banking group’s medico policy, which splits eligible professions into two tiers:

Loans in both tiers go up to $5 million, and the lender makes no exceptions for roles it doesn’t list. Other lenders draw the line elsewhere. Most major-bank programs cover doctors, specialists and dentists, and several accept provisional or limited registration, so interns, residents and registrars qualify. Coverage of pharmacists, optometrists and vets is patchier, and most major-bank programs leave out physiotherapists, psychologists and nurses.

Our LMI waivers hub sets out the maximum LVR for every eligible profession in one table. If you work in nursing or allied health, our guide to LMI waivers for nurses and healthcare workers goes through each role in detail. The rest of this guide is written for doctors: GPs, hospital doctors from intern to consultant, specialists and dentists.

The LMI waiver for doctors: 90% or 95%, and the conditions

LMI normally applies once you borrow more than 80% of the property’s value. It protects the lender, not you, and the premium is usually added to the loan. For an owner-occupier with a 10% deposit, a $720,000 loan (an $800,000 purchase) typically attracts LMI of around $12,000 to $17,000. A $900,000 loan attracts around $15,000 to $22,000. Both figures are estimates based on current premiums from a major LMI insurer, not quotes. At 95% the premium is higher again. An eligible doctor pays none of it.

Most medical waivers on our panel go to 90%, and several major banking groups go to 95% for an owner-occupied purchase, with one more just under it. At the group with the two-tier policy above, doctors and dentists in the top tier face no income test. At 95% with a waiver you borrow 95% clean, because there is no premium to add on top. The 95% tier isn’t only for a home you live in: a couple of major banking groups also waive LMI to 95%, or just under it, on an investment purchase, while another caps investment lending under its waiver at 90%. One banking group extends the 95% waiver to a construction loan as well, provided it is a fixed-price contract with a licensed builder; cost-plus and owner-builder projects drop to far lower LVRs. Another does construction under its waiver at 90%, and some waivers exclude construction altogether. Two conditions travel with any 95% waiver loan: the lender’s LVR-by-property-value table still applies, which can cap the loan below the waiver’s own ceiling on higher-value properties, and where interest-only is allowed it usually has to convert to principal and interest.

The job title gets you in the door. These conditions decide whether the waiver actually applies:

• Registration. Current AHPRA registration in an eligible profession, checked by the lender. Some lenders also want most of your income to come from that profession.
• Employment type. Some programs are written for full-time and part-time employees, and exclude casual and probationary roles, and at least one lender excludes self-employed borrowers from its waiver altogether. That matters for GPs and locums who bill through an ABN.
• Repayment type. Rules on interest-only vary. Some lenders require principal and interest. Others allow interest-only, sometimes at 80% on a home you live in and 90% on an investment, or where the loan converts to principal and interest after the interest-only period. At one banking group, interest-only that doesn’t convert means no waiver.
• Loan size. One smaller lender caps its medical waiver at $2 million per property and only offers it where your total new lending is $500,000 or more. At the other end, a major banking group lends up to $5 million per loan and $7.5 million across the group.
• Loan type and purpose. Many programs cover owner-occupied and investment loans, purchases and refinances. Family guarantee loans are the most commonly excluded, and some lenders also exclude bridging, low doc, construction and vacant land. Where construction is covered, it is usually a fixed-price contract with a licensed builder, and only one banking group takes it to 95%.
• Residency. Usually Australian citizens and permanent residents, with income in Australian dollars.

One point catches people out. At lenders with a fixed list, the waiver is a yes-or-no eligibility test, not something negotiated on price, and a strong application won’t bring in a role or an income that falls outside the list. One lender on our panel assesses professions case by case, which is the exception.

How lenders assess a doctor’s income

This is where medico applications are won or lost. A hospital doctor might have a base salary, overtime, on-call allowances and a rotating contract. A GP might have no salary at all. Each piece is treated differently.

Salaried hospital doctors

Permanent full-time and part-time hospital doctors are the simplest case. Lenders want your two most recent payslips showing year-to-date income, and your latest income statement or Notice of Assessment. Your base salary is counted in full.

Interns, residents and registrars on contracts

Junior doctors usually work on fixed-term contracts that change with each rotation or training year. Most lenders want six months in the current contract or twelve months in the same industry, and a handful will accept a contract in its first three months. Some want a minimum term left on the contract at settlement, commonly more than three months. Several lenders treat a fixed-term contract with leave entitlements as permanent salary, counted at 100%.

Changing hospitals or starting a new training year is a job change as far as the lender is concerned. A contract or letter of offer is enough on its own at a few lenders, while two consecutive payslips from the new role is the majority standard. The waiver documents themselves rarely carry a probation rule. What applies is the lender’s ordinary new-job income policy, which at some lenders means three months in the role with probation passed, or twelve months in a similar role. Line your application up with your rotation dates, not against them.

Overtime, on-call and allowances

For many junior doctors, overtime and allowances are a large share of income. Lenders usually want three to six months of year-to-date history before they count overtime, and one wants twelve. Most lenders count a hospital doctor’s overtime and allowances in full as essential-services income. One major bank still shades overtime to 80%, while counting penalty rates and shift loading in full. On a registrar earning a large share of income from overtime, that one lender’s approach can move borrowing capacity by tens of thousands of dollars.

An allowance your contract promises isn’t income until it has been paid into your account. We had a borrower whose $21,000-a-year relocation allowance made the whole scenario work, and the lender wouldn’t count any of it until there was a history of it being received. If a new allowance is part of your plan, build the timing of your application around the payment history.

GPs and specialists in private practice

Many GPs aren’t employees. They bill patients through an ABN and pay the practice a share of billings under a service agreement, and specialists often run their own practice company or trust. Most lenders treat a GP billing through an ABN under a service agreement as self-employed and want the business figures. Two years is the standard, though some medico paths use the latest year alone, and one accepts twelve months’ experience in the same field on the latest year’s figures. A GP only a few months out of a hospital salary will usually need to wait for a first year’s figures. The exception is the specialist health team inside one bank, which will consider a doctor who has recently moved from a hospital salary to self-employment. It works from a profit and loss statement and business activity statements, and it can read the billings landing in the business bank account to extrapolate an annual income. We have had doctors approved that way with as little as six months of self-employment.

Across self-employed lending more broadly, several lenders accept twelve months of trading, especially at or below 80% LVR. Many have a prior-experience exception where you did similar work as an employee for two years or more before going out on your own. Using the most recent year’s income on its own, rather than averaging two years, suits a practice that is growing. A few lenders will assess on an accountant’s letter or current financials without waiting for the tax return to be lodged.

The first year in private practice is where files stall. We worked with a medical professional who went out on her own partway through a financial year. Her first year showed three months of trading and her second year was roughly four times larger. Averaged across the two, servicing passed comfortably. The lender’s concern wasn’t the arithmetic: it wanted to be sure the second year was regular and ongoing, and was inclined to wait for another year. We took the file elsewhere. To a credit assessor, a part year isn’t a small year, it’s a different year, and a big jump reads as volatility even when the reason is obvious.

Locum income

Lenders generally assess a locum paid through an ABN as self-employed, on the business figures, so the trading-history rules above apply. The specialist health team at one bank will look at billings, BAS and bank statements case by case, and has approved doctors for us with as little as six months of self-employment. Whether the waiver still applies is a separate question. One bank’s medico waiver now excludes any self-employed income. Most others don’t exclude self-employed doctors outright, though one bank’s ABN-history exemption for doctors applies only to loans that don’t need LMI. If most of your income comes from locum shifts, talk to us before you apply. The gap between lenders is large enough to change which lender fits.

HECS-HELP and other study debt

Most doctors finish training with a HELP debt, and lenders build your compulsory repayment into their serviceability calculators. For 2026-27, the ATO repayment thresholds start at $69,529, and repayments are calculated at marginal rates on the income above that. A registrar with repayment income of $150,000 repays about $12,480 a year, around $1,040 a month, and the lender treats that like any other commitment. At least one major bank also has an alternative way of assessing HECS for servicing.

Paying the debt off can lift borrowing capacity, but it comes out of your deposit. We had a buyer whose capacity rose by about $50,000 after clearing a HECS debt of around $30,000, and that trade only made sense because capacity, not deposit, was what was holding the purchase back. We run both scenarios before anyone touches their HELP balance.

How much can a doctor borrow?

The waiver changes how much deposit you need, not how much you can borrow. Borrowing capacity is a serviceability calculation: the lender takes your assessed income, subtracts your living expenses and existing commitments, and tests the repayments at a rate well above the actual one. Banks regulated by APRA test at the loan rate plus a buffer of at least 3%, the level APRA has set since 2021. Our borrowing power calculator gives you a starting figure.

For doctors, how a lender treats your income usually moves capacity more than the interest rate does. Whether it counts 80% or 100% of your overtime, or uses one year of practice income or two, can matter more than a small rate difference. Car loans, credit cards and HELP repayments all come off the top, and a credit card limit counts against you whether or not you use it.

At 95%, work backwards from the deposit. With a waiver you borrow 95% clean, but you still need the other 5% plus stamp duty and legal costs from your own funds, because stamp duty can’t be added to the loan. Most lenders also ask for evidence of savings built up over time above 90% LVR, although one banking group waives that check on its medico waiver loans where there is no LMI.

There is also a lock-in to think about. When you borrow at 90% or 95%, refinancing away before your equity passes 20% would usually mean paying LMI to the new lender, unless it also waives it for your profession. Some lenders price waiver loans at the rates they keep for borrowers with a 20% deposit and others don’t, so the ongoing rate deserves as much attention as the waiver.

Buying a practice or rooms versus buying a home

The LMI waiver is a residential lending policy. Buying your consulting rooms, a share of a practice or its goodwill is commercial lending, assessed on different rules. The healthcare sector does have specialist options here. One specialist lender to medical professionals goes up to 100% on practice property and goodwill below set loan limits. Another part of the same banking group is running a campaign of up to 90% on owner-occupied commercial property for health and veterinary businesses, for applications received by 31 December 2026 and settled by 28 February 2027. If a practice purchase is on the horizon, plan the home loan and the business loan together, because both draw on the same income. See our business loans page.

Investment property sits on the residential side. Several medico waivers cover investment purchases, and a couple of major banking groups go to 95%, or just under it, on an investment purchase, while others stop at 90%. Our investment loans page covers structure and interest-only.

The process and documents

Most doctors come to us with a property in mind and a roster that leaves little time for paperwork. The order that works:

1. Check eligibility first. We confirm which lenders’ waivers you qualify for, based on your registration, employment type and the loan you want.
2. Gather documents. See the list below.
3. Pre-approval. Typically one to two weeks once documents are in.
4. Formal approval. After you have a signed contract, the lender values the property and confirms the waiver.
5. Settlement. Commonly around six weeks after exchange.

On top of the standard items in our home loan document checklist, a medico application usually needs:

• a current AHPRA registration record (lenders check the public register);
• your current employment contract, plus the next one if a rotation is about to change;
• two recent payslips, and your latest income statement or Notice of Assessment;
• for GPs and specialists in practice: two years of tax returns and Notices of Assessment, your service agreement, and business financials if you trade through a company or trust;
• for locums: ABN registration and income evidence across the period you’ve been working that way;
• three months of bank statements and evidence of your deposit.

Common mistakes doctors make

• Going straight to your own bank. It can only offer its own list, its own income rules and its own caps.
• Assuming the waiver is automatic. It is an eligibility test with conditions. Employment type, repayment type and loan size knock out more medico applications than the profession does.
• Applying mid-rotation without a plan. A new contract without payslips narrows your lender choice. Timing the application around your rotation widens it.
• Leaving income on the table. Overtime, allowances and practice income that aren’t documented properly get discounted or ignored.
• Treating a first part-year in practice as a small year. Lenders read it as a different year. Choose a lender that uses the most recent year where that helps.
• Forgetting stamp duty. A 95% waiver loan still needs 5% plus purchase costs in cash.

Frequently asked questions

Are doctors exempt from LMI?

No. Doctors aren’t exempt, but most lenders with a professional waiver will waive LMI for eligible doctors up to 90% of the property’s value, and several major banking groups go to 95% for an owner-occupied purchase. The waiver comes with conditions, such as current AHPRA registration, employment type, loan size and repayment type.

Can junior doctors get an LMI waiver?

Yes, at a number of lenders. Several accept provisional or limited registration, so interns, residents and registrars qualify, though at least one lender accepts only general or specialist registration. Contract length, rotation dates and how much of your income is overtime affect which lender fits.

Is there a minimum income for a doctor’s LMI waiver?

Usually not for doctors. Most programs set no income test for doctors, specialists and dentists. Income tests are more common for allied health, pharmacy, optometry and nursing roles, where one major banking group asks for $90,000 a year from the profession.

Can I use a doctor’s LMI waiver on an investment property?

At some lenders, yes. Several medico waivers cover investment purchases as well as homes you live in. A couple of major banking groups go to 95%, or just under it, on an investment purchase, while others stop at 90%. Rules on interest-only investment loans vary, so the repayment type needs checking lender by lender.

Can I get the waiver if I’m self-employed or a locum?

Sometimes. At least one lender’s medico waiver excludes any self-employed income, while most others don’t exclude self-employed doctors outright. Lenders generally assess a GP or locum who bills through an ABN on the business figures, so whether you qualify depends on the lender and how you are paid. Check before you apply.

Does my partner need to be a doctor too?

No. One eligible applicant is enough at most lenders. One bank requires the doctor to hold an equal share on the title, and where a waiver carries a minimum income it is usually measured on the medical income rather than the couple’s combined income.

How much deposit does a doctor need?

With a 95% waiver, 5% of the price plus stamp duty and legal costs. With a 90% waiver, 10% plus costs. Stamp duty can’t be added to the loan, so it has to come from your own funds.

Does a mortgage broker for doctors cost anything?

We are paid a commission by the lender when your loan settles, so there is no cost to you for our service. Under our Best Interests Duty we have to recommend the option that suits you, not the one that suits a lender.

Talk to us about your medico loan

We can usually tell you within a day or two which lenders’ waivers you qualify for and how each will read your income. Call us on (02) 8004 7459 or use the form on our LMI waivers page.

This article contains general information only and does not constitute financial advice. Your personal financial situation, objectives and needs have not been considered. Before acting on any information, you should consider its appropriateness to your circumstances. Speak to a qualified mortgage broker for advice tailored to your situation. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Approved applicants only. Mortgage World Australia Pty Ltd is a credit representative (CR No. 396946) of Mortgage Specialists Pty Ltd (ACN 612 422 178, Australian Credit Licence No. 387025).

Patrick O'Brien

Patrick is a Director and a Home Loan Specialist. He has been helping Australians with home loans since 2001. Prior to working as a mortgage broker Patrick was employed by Macquarie Bank for 3 years and also worked as an accountant for a publicly listed company. Patrick’s qualifications include:

Bachelor of Business, UTS Sydney. Majored in accounting and sub-majored in Finance and Marketing.
Diploma of Finance and Mortgage Broking Management FNS50310
Certificate IV in Financial Services (Finance/Mortgage Broking) FNS40804