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Supporting those who support our health. We help you with tailored home loan solutions crafted specifically for doctors, ensuring your financial journey is as dedicated as your profession.
Whether you’re buying your first home, a new home, an investment property, renovating, or even refinancing, home loans for doctors often come with some appealing terms. As an expert in your field, it makes sense that you would seek out an expert mortgage broker when securing a loan.
Doctors are known for being high-income earners. In fact, five of the top ten highest-paying jobs in Australia are medical professions – surgeons, anaesthetists, internal medicine specialists, psychiatrists and ‘other’ medical practitioners (such as dermatologists and gynaecologists). You would think that banks and lenders typically consider doctors as desirable clients – and they do.
However, it’s very common for doctors to consider applying for home loans early on in their careers. It’s important to keep in mind that most banks won’t even consider approving a home loan until full earnings are in place with one to two years of financial records to back them. Couple this with the fact that getting a medical degree is an expensive process, so you may also have educational debts to contend with.
While there’s no such thing as a specific medical professional home loan, lenders tend to consider doctors to be low-risk borrowers and often offer them additional features and exemptions through a refinancing mortgage broker (providing they meet eligibility criteria).
This includes the potential to avoid Lenders Mortgage Insurance (LMI) when you have less than a 20% deposit, discounted or reduced interest rates, potential fee waivers, and a more streamlined approval process.
As an expert mortgage broker in Sydney, we at Unconditional Finance understand how high-pressure the medical field is and how time-poor doctors tend to be. Our goal is to offer specialised guidance and provide all the information you need as quickly as possible, making the home loan application process as safe, quick, and straightforward as possible, allowing you to focus on more important things.
We understand that your priorities are focused on delivering the best treatment for your patients. Whether you’re a surgeon, specialist, general practitioner, dentist, or even a veterinarian, all we need is proof of your registration with the APHRA, and we’ll do the rest.
Unconditional Finance has worked with many medical professionals in the past – rest assured we understand your business and commitments. Let us handle the details so that you can enjoy a negotiated interest rate discount and LMI waiver, saving you thousands of dollars.
There are a number of benefits to using your medical profession when applying for a home loan:
As doctors have more lenient eligibility requirements when it comes to applying for home loans, the approval process can often be faster than that of traditional loans. This is especially beneficial if you need to buy quickly or are buying in a competitive market.
Most lenders also typically allow doctors to borrow more than people employed in other professions. This is because medical professionals are considered to be high-income earners with the ability to repay larger loan amounts.
Most lenders typically offer more interest rate discounts on doctor home loans than they do for traditional loans. This is because medical professionals are considered a low-risk group with a stable income and good job security. Lower interest rates can save you thousands of dollars over the lifetime of your loan.
In some cases, home loans for doctors may not have any ongoing fees (such as annual or account-keeping fees). This can save you hundreds, if not thousands, of dollars over the lifetime of the loan.
Other additional features that you may be offered as a part of your home loan could include offset accounts or redraw facilities, which can help you to save on interest and manage cash flow.
As doctors have more lenient eligibility requirements when it comes to applying for home loans, the approval process can often be faster than that of traditional loans. This is especially beneficial if you need to buy quickly or are buying in a competitive market.
Most lenders also typically allow doctors to borrow more than people employed in other professions. This is because medical professionals are considered to be high-income earners with the ability to repay larger loan amounts.
Most lenders typically offer more interest rate discounts on doctor home loans than they do for traditional loans. This is because medical professionals are considered a low-risk group with a stable income and good job security. Lower interest rates can save you thousands of dollars over the lifetime of your loan.
In some cases, home loans for doctors may not have any ongoing fees (such as annual or account-keeping fees). This can save you hundreds, if not thousands, of dollars over the lifetime of the loan.
Other additional features that you may be offered as a part of your home loan could include offset accounts or redraw facilities, which can help you to save on interest and manage cash flow.
There is a range of medical professions that can access home loans for doctors, including surgeons, general practitioners, pharmacists, psychologists, psychiatrists, speech pathologists, osteopaths, and dentists and nurses (case by case)Please get in touch with us for the full list.
As with any home loan application, doctors need to go through the mortgage approval process. This includes providing financial details, such as PAYG payslips as proof of income. The application process can be more complex for self-employed doctors who work as contractors. They may need to provide one to two years of business tax returns, two years of personal tax returns, their most recent notice of assessment from the ATO, two years of financial statements from the business, and so on.
You are a specialist in your own field, which means that you likely understand the benefits of specialisation in the medical setting. The same applies to finances – when it comes time to secure doctors’ specialist home loans, it pays to work with an experienced mortgage broker.
Unfortunately, nurses do not automatically get access to special discounts on home loans for doctors. However, during 2023, there are some lenders who would assist nurses with LMI waiver off. Please get in touch with us for more information on what you may qualify for.
You will only qualify for a doctor’s home loan if you are applying for the mortgage together. If you are applying on your own, you will need to also be a medical professional in order to qualify.
Yes, if a doctor is a first home buyer and meets the required eligibility criteria, they can also access the First Home Owner Grant (FHOG) when applying for a home loan.
We are committed to working with efficiency and saving our clients time and money. We’re also happy to schedule meetings at times that are convenient for you.
For those who are approved, we may be able to get you a loan worth the full price of your purchase (subject to conditions).
Over our 12 years as mortgage brokers in Sydney, we have helped many doctors and medical professionals reach their financial goals.
Whilst home loans are usually used to purchase somewhere to live, we understand that situations can quickly change when dealing with the medical profession. A doctor may be living in a capital city, for example, but decide to work in a rural location for a period of time. The property they bought as an owner-occupier could suddenly become an investment property six months down the line.
The team at Unconditional Finance can help doctors and other medical professionals to find a home loan that suits their particular situation.
While it might seem simple for medical professionals to secure a home loan, the additional benefits offered make this process more complex. The team at Unconditional Finance has many years of experience in home loans for doctors; we take the time to understand your unique situation and needs and then find a loan to suit you. Whether you need to meet with us after hours, at your workplace or even at your home, we are committed to making the application process as convenient as possible.
Use one of our many calculators to help you better manage your finances.
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