Home Loans For Doctors– Save Money Pay No LMI – MAP Home Loans
Home Loans for Doctors
Doctors of Medicine and certain Medical Practitioners can borrow up to 90% LVR and not pay any Lenders Mortgage Insurance (‘LMI’). This can equate to a saving of over $10,000 in LMI premium. Read on to find out more!
*Maximum LVR with no Lenders Mortgage Insurance payable is 90% (ie, 10% deposit plus costs is required).
Who is this page for?
This page is home loan/mortgage information for eligible Medical Practitioners/Doctors of Medicine to purchase property in Australia (either owner occupied or investment) or refinance their existing home loan. The following medical practitioners are eligible for a home loan/mortgage up to 90% LVR without having to pay LMI
Why Can Medical Practitioners Borrow Greater than 80% LVR and not pay LMI?
Medical Practitioners are seen by the banks as less risk. Therefore, home loans with only a 10% deposit are possible without having to pay LMI.
If I am buying with my partner/spouse who is not a Medical Practitioner/Doctor, will I still qualify for the LMI Waiver?
Yes. Providing one applicant is employed in one of the positions identified above, LMI can be waived to 90% LVR.
Can I use the First Home Owners Grant as part of my Deposit?
Yes. The 10% deposit can come from a combination of savings, gift, sale of an asset or the first home owners grant. There are requirements however for 5% genuine savings but this requirement can also be waived in certain circumstances.
What are the products and interest rates available?
All products are available including professional packages, basic variable, offset accounts, line of credit and fixed rates. The interest rates are very competitive and discounts of up to 1.0% off the standard variable can apply.
Additional Documentation Required:
- Satisfactory documentary evidence confirming your employment as a medical practitioner (eg, copy of registration with Medical Practitioners Board of Australia or equivalent body and employment contract;
- 5% Genuine Savings must be evidenced – that is, funds held in bank account for 3 months or saved up over a 3 month period. In some circumstances, this can be waived. Contact MAP for further information on this requirement.
Why Use a Specialist Mortgage Broker
If you are a medical practitioner as identified above and are looking to buy a property with less than a 20% deposit, or perhaps refinance and consolidate some personal debt like credit cards and personal loans, MAP can help you save thousands of dollars in lenders mortgage insurance. We primarily specialise in home loans for non residents however we also help those who work in the medical field and those that are employed by the Australian Defence Force. These employees, given their stability of employment, can secure a better deal with some lenders including the waiver of having to pay the lenders mortgage insurance premium for doctors.
We do not charge you for our services so give us a call or enquire online for your free no obligation 30 minute mortgage options analysis.