Most Australian doctors can borrow up to 90% of a property's value with no LMI. This applies to GPs, specialists, registrars, and many allied health roles with AHPRA registration. You don't need years of experience or a specialist title to qualify.
Key Takeaways
- Most AHPRA-registered medical professionals can borrow up to 90% LVR with no LMI, saving $14,000 to $30,000 or more depending on property value
- You don't need to be a specialist -- GPs, registrars, dentists, pharmacists, and allied health professionals all qualify at many lenders
- LVR limits vary: 90% is standard, 95% is available at select lenders with conditions attached
- Locum and contracted income is accepted, though documentation requirements differ between lenders
- Lender policies vary significantly -- comparing products matters more than defaulting to a household bank name
Most Australian doctors can skip LMI entirely and borrow up to 90% of a property's value, sometimes 95%, without paying a cent in lenders mortgage insurance. This applies to GPs, specialists, registrars, and a range of other AHPRA-registered roles. You don't need years of experience or a specialist title to qualify.
What LMI Actually Costs (and Why Skipping It Matters)
Lenders mortgage insurance protects the bank, not you, if you default on your loan. You pay for it, but it covers the lender's risk. On a standard loan above 80% LVR, it's tacked onto your loan amount and can be substantial.
On a $700,000 property at 90% LVR, LMI runs around $14,000 to $16,000. On a $900,000 property, you're looking at $20,000 to $25,000. Push that to $1.2 million and the premium can hit $30,000 or more, depending on the lender and insurer.
That's money added to your loan balance and charged interest on for the life of the loan. Avoiding it isn't just an upfront saving -- it reduces your total repayments by tens of thousands over the loan term.
Why Banks Waive LMI for Doctors
Banks aren't being generous. They've crunched the numbers and doctors represent an exceptionally low default risk. The default rate among medical professionals is well below the general population, and high incomes mean repayment capacity holds even during career transitions.
There's also a commercial angle. Banks compete heavily for medical clients. A doctor in their 30s with a long career ahead, growing income, and complex financial needs is a valuable long-term customer. Offering LMI waivers is how lenders get a foot in the door early.
The result is that most major lenders maintain specific medical professional loan products with LMI waivers built in. Some offer discounted rates and reduced mortgage registration fees alongside the waiver.
Who Actually Qualifies
This is where most articles get vague. Here's the practical version.
Eligible roles at most lenders include:
- General practitioners (GPs)
- Medical specialists (surgeons, anaesthetists, psychiatrists, and more)
- Registrars and resident medical officers
- Dentists and dental specialists
- Optometrists
- Pharmacists
- Veterinarians
- Physiotherapists, occupational therapists, and podiatrists (varies by lender)
The baseline requirement across most lenders is current AHPRA registration. Some also want to confirm that you're actively practising, not just registered and working in a non-clinical role.
Income thresholds vary. Some lenders have no minimum income requirement if you're a registered doctor. Others set a floor around $100,000 to $150,000 base salary. If you're a registrar earning $90,000 to $110,000, most lenders will still qualify you.
For more context on how lenders assess borrowing capacity by role and income type, see how much a doctor can borrow in Australia.
LVR Limits: 90% vs 95%
Most lenders offering medical professional LMI waivers go to 90% LVR. That means a 10% deposit on any property value, no LMI, no additional premium.
A smaller number will go to 95% LVR, meaning a 5% deposit. At that level, some lenders still waive LMI entirely, while others cap the waiver at 90% and charge a reduced premium above that. It comes down to the lender and your overall borrower profile.
Going above 90% tends to come with tighter property restrictions. Some lenders won't approve 95% on apartments, regional properties, or purchases above certain price thresholds. A $2 million property at 95% LVR is a different conversation to a $750,000 home in the suburbs. A detailed overview of home loans for doctors in Australia covers which lenders go how far and under what conditions.
Common Misconceptions
"I need to be a specialist to qualify." Not true. GPs and registrars qualify at most lenders. Some of the best waiver policies extend to house officers in their first year of post-graduate training.
"I need two years in the same role or practice." Also not true. Lenders understand how medical careers work. Moving between hospitals, starting private practice, or transitioning from public to private employment doesn't disqualify you.
"I need a permanent job." Locum and contracted roles are accepted by most lenders, though how they calculate income from those arrangements varies. Six months of consistent locum income, documented through bank statements or an agency letter, is often enough for most lenders to be comfortable.
"All lenders offer the same deal." They don't. Policies differ on eligible roles, LVR limits, property types, and rate pricing. The gap between the best and worst medical professional products can easily add up to tens of thousands of dollars over a loan term.
Sarah's Story: A GP in Nedlands
Sarah finished her fellowship last year and landed a position at a GP practice in Nedlands. She earns $180,000 base and was looking at a $950,000 home in the western suburbs.
She had $95,000 saved, roughly 10% of the purchase price. Without a waiver, her deposit would barely clear the 80% LVR threshold needed to avoid an LMI premium approaching $22,000. With a medical professional loan at 90% LVR, she borrowed $855,000 with no LMI charged.
The lender asked for her AHPRA registration number and two recent payslips. Settlement ran smoothly. The only thing she paid above standard purchase costs was stamp duty.
Key Takeaways
- Most AHPRA-registered medical professionals can borrow up to 90% LVR with no LMI, saving $14,000 to $30,000 or more depending on property value
- You don't need to be a specialist -- GPs, registrars, dentists, pharmacists, and allied health professionals all qualify at many lenders
- LVR limits vary: 90% is standard, 95% is available at select lenders with conditions attached
- Locum and contracted income is accepted, though documentation requirements differ between lenders
- Lender policies vary significantly -- comparing products matters more than defaulting to a household bank name
Talk to a broker who actually understands medical income. Book a free call with Voyage Financial.
