Our experts can help you find the lenders offering special policies for eligible medical professionals, including lower deposit requirements with no lender’s mortgage insurance (LMI).
We know exactly how different lenders treat doctors’ overtime, penalty rates, allowances and PAYG vs self-employed income, so you can maximise your borrowing capacity.
Our brokers can access specialist lenders for the medical profession, plus 40+ mainstream lenders. Crucially, we can guide you on which pathway will deliver the right outcome for you.
Whether you're a junior doctor buying your first home, or an established professional building a property portfolio, we'll negotiate the best rates, features and loan structure for your situation.
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The most notable lenders in Australia offering loans where you can only qualify if you're a doctor or other member of the medical profession are Health Professionals Bank and BOQ Specialist.
But doctors can and should look beyond the limited pool of profession-specific providers. Pretty much every lender in Australia offers home loans to eligible doctors, and many have preferential policies and eligibility criteria for doctors, particularly when it comes to deposit/LVR requirements.
The table below shows what some specialist lenders offer versus what doctors can get from Money.com.au's wider lender panel.
| Lender | Variable rates from | 2-year fixed rates from | 3-year fixed rates from | LMI Waiver? |
|---|---|---|---|---|
Money.com.au lender panel | 5.99% p.a. (comparison rate^ 6.02% p.a.) up to 60% LVR | 6.14% p.a. (comparison rate^ 6.08% p.a.) | 6.09% p.a. (comparison rate^ 6.30% p.a.) | Yes up to 95% for eligible doctors with selected lender |
Health Professionals Bank | 5.99% p.a. (comparison rate^ 6.05% p.a.) up to 60% LVR | 6.64 % p.a. (comparison rate^ 6.46 % p.a.) | 6.74% p.a. (comparison rate^ 6.52% p.a.) | No, but it is a participating lender in the First Home Guarantee meaning eligible doctors can apply and avoid LMI up to 95% LVR (property price caps apply) |
BOQ Specialist | Not advertised | Not advertised | Not advertised | Yes up to 90% LVR |
Nick Burgess, Senior Mortgage Broker at Money.com.au
“Being a doctor doesn’t mean a specialist medical lender will automatically offer you the best deal. We compare those lenders with the wider market because mainstream banks and non-bank lenders can have very competitive policies for doctors too. They’re just not always advertised publicly.
If you’re a doctor who owns multiple properties, you also don’t necessarily need to use the same lender for each loan. In particular, the lender that’s best for your home might not be the best option for an investment property.”
Nick Burgess, Senior Mortgage Broker at Money.com.au
Doctors usually don’t automatically qualify for lower home loan rates, but they are often in a particularly strong position to negotiate hard with lenders on rate. That’s because doctors often tick the main boxes in terms of what lenders like most in a borrower:
“Some lenders have discounts for doctors built into their home loan packages, along with LMI waivers. With others, you or your broker need to put your case forward. But in my experience, lenders tend to do what it takes within reason to keep or attract valuable customers like doctors,” says Money.com.au Senior Mortgage Broker, Michael Burgess.
According to Money.com.au’s lender database, 11 providers including each of the Big Four banks offer LMI waivers for eligible doctors. Basically it means as a doctor you may be able to get a home loan with a deposit of as little as 5% of the property’s value. This can significantly lower your lending costs.
| Lender | Max LVR without borrower-paid LMI | Eligible doctors | Max loan / lending | Key conditions |
|---|---|---|---|---|
ANZ | 95% | Medical practitioners, specialists and dentists | $4.75m per property / $8m total ANZ home lending | AHPRA registration required; property value limits apply |
Auswide Bank | 90% | GPs and eligible medical specialists | Not specified | Lending through a company or trust can be acceptable |
Bankwest | 89.99% | Eligible doctors and medical specialists | $5m per borrower | PAYG applicants only; maximum LVR varies with security value |
CommBank | Up to 94.99% | Eligible medical professionals | $3m per security / $5m per customer | Higher-LVR Medico Plus+ policy subject to eligibility and DTI limits |
Granite Home Loans | 95% | Degree-qualified medical and allied-health professionals | $2.5m | Lender-paid LMI rather than an LMI waiver; owner-occupied purchase; metro/inner-city property; PAYG or self-employed |
NAB | 95% OO / 90% INV | GPs and a broad range of eligible medical specialists | $4.5m per security / $7m aggregated | Must practise in an eligible medical field and hold current AHPRA registration |
People First Bank | 90% | GPs, hospital doctors and medical specialists | $2m per security | OO or investment; P&I; fixed or variable; minimum $500k aggregate new lending |
St.George | 95% | GPs, hospital doctors and medical specialists | $5m loan / $7.5m group exposure | Medico policy; eligibility and credit criteria apply |
Suncorp Bank | 90% | AHPRA-registered medical practitioners | $1.5m aggregated | P&I only; no construction or interest-only |
Westpac | 95% | GPs, hospital-employed doctors (interns, residents, registrars and staff specialists) and medical specialists | $5m loan / $7.5m total lending with waiver | No minimum income requirement for eligible doctors |
WLTH | 95% | Degree-qualified medical and allied-health professionals | $2.5m | 0% LMI Professional Worker product; owner-occupied residential purchase; main income earner must be an eligible professional |
How much could an LMI waiver save a doctor?
Let's look at the example of a doctor buying a $1.6 million home in NSW with a 10% ($160,000) deposit would need a $1.44 million loan.
The estimated LMI cost on the loan in that scenario without the waiver would be $70,550, according to Westpac. An eligible doctor approved for a 90% LVR LMI waiver could potentially avoid that cost entirely.
A doctor’s base salary doesn’t always give the full picture, which is why lender selection can be particularly important. We asked Money.com.au’s most experienced mortgage brokers for a breakdown of the main considerations when it comes to how a doctor’s income is assessed as part of a home loan application.
Particularly early in a doctor’s career, a relatively high proportion of your income may be made up of overtime, unsocial-hour loadings and the likes of extra locum shifts. For eligible doctors, some lenders will recognise 100% of your total earned income when calculating borrowing capacity and loan servicing. Others will cap it (e.g. setting a max of 60 hours per week), meaning the base salary is more influential. If servicing is tight, the lender’s policy here can be make-or-break.
Income assessment can become more complex for doctors who are not PAYG earners. For example, a doctor may bill patients as a sole trader under their own ABN, earn income through a private practice or operate through a company or trust. The documentation lenders require varies for each scenario and no two lenders are the same.
In one refinance we handled for two GPs who own their practice, the application couldn't progress until their latest tax returns were completed because the lenders being considered would no longer accept the previous year's returns. This is a fairly common scenario and one our mortgage brokers are experienced at handling.
Some lenders will accept just one year of tax returns for eligible self-employed doctors, although it’s sometimes in your interest to submit multiple years’ returns if a previous year’s income was higher.
Because doctors can move between hospitals and health services as part of their training, several employers appearing on their income history isn’t unusual. Lenders won’t automatically understand the nature of your employment and that multiple employers don't necessarily mean your employment is unstable.
We recently helped a junior doctor who had worked across three health services in a relatively short period. One lender wanted them to build up another three months of income history, but we were able to find other lenders who took a more flexible view of their earnings across different placements.
Doctors' payslips often include deductions that need to be explained to the lender. For example, one doctor we helped recently had chosen to front-load his annual salary-packaging allowance in his first few pay cycles of the year, making the deductions on those payslips unusually high.
He was also paying for temporary hospital accommodation through payroll. Once we established that the accommodation cost would end when the placement finished, we were able to explain to the lender that it was not an ongoing commitment.
Public sector pay bands for doctors in particular are fairly well known. It means lenders may be more confident in lending to doctors where servicing is tight, taking account of future pay increases. Lenders don’t explicitly base lending assessments on an assumed increase to future income, but where the lender has discretion (usually non-bank lenders have more flexibility here) it may form part of the overall risk assessment.
Doctors may also have more flexibility with genuine savings
Some lenders also waive their usual genuine savings requirements for eligible doctors. This could help if you have enough for your deposit but haven't held or accumulated the money for as long as the lender would normally require. For example, if some of your deposit has recently been gifted to you by the.
Nick Burgess, Senior Mortgage Broker at Money.com.au
“For doctors with income that’s a bit more complex, I often recommend getting a fully assessed pre-approval rather than relying on an online borrowing estimate. It gives you much more certainty around borrowing capacity and your budget for buying a property based on how lenders will actually assess things like overtime, allowances or PAYG versus self-employed income.
Remember, though, that having pre-approval from a particular lender does not mean you are wedded to that lender. Pre-approvals can last up to 90 days and we can reassess who’s offering the best pricing once you’re ready to commit.”
Nick Burgess, Senior Mortgage Broker at Money.com.au
If you’re a doctor with an investment property, or you’re considering one, most of the same considerations apply to your investment property home loan. For example, you may still be eligible for an LMI waiver on an investment loan if your LVR is above 80%.
But the loan structure on an investment becomes all the more important. One factor that’s particularly relevant for high-income earners like doctors right now is whether the property will be eligible for negative gearing tax deductions after 1 July 2027.
From that point onwards, negative gearing on residential investment properties that were purchased after 12 May 2026 will be limited to eligible new builds. In other words, you won’t be able to use investment property losses to offset the income you earn from working as a doctor.
If you bought your investment property before 12 May 2026, the existing negative gearing rules will still apply to that property.
These changes could affect how some doctors think about the structure of their home and investment debt, including the potential role of interest-only lending.
It also changes the potential role of your principal place of residence, if it was purchased prior to 12 May 2026, and could therefore potentially be converted to an investment property eligible for negative gearing.
“Once tax considerations like negative gearing come into it, that’s where we recommend getting advice from your tax adviser, as well as chatting to a broker,” says Nick.
Bonus tip! Did you know, some doctors can salary package their mortgage repayments? If you work in the public health system, you may be able to salary package some of your mortgage repayments. For example, Queensland Health lists mortgage repayments as an eligible salary-packaging expense, while eligible NSW Health employees can package up to $9,009 of general living expenses, including mortgage payments. The rules and potential tax savings depend on your employer and circumstances.
Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly repayments. The comparison rates only apply to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.
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How home loans are sorted and filtered by default When results load initially in the main comparison table on this page, we show relevant loans from our sponsored partners first, then all loans on our database starting with the lowest relevant rate available from each of Australia's top 10 largest lenders first (top 10 is according to APRA, based on total value of loans per lender). We know these are the rates our customers are most interested in seeing. After these initial results, we show all products on our database, sorted as follows:
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