GP, registrar, specialist, dentist or allied health? Some lenders waive LMI for your profession and read locum, sessional and HECS-heavy income fairly, and we find the one that fits your registration.
LMI waivers where your profession and lender allow
Medico and professional home loans, updated November 2026
Why Medical Professionals Use a Specialist Broker for Their Home Loan
Doctors, dentists, and allied health professionals occupy a unique position in the home loan market. They earn strong, stable incomes, but early in their careers they often have limited savings, significant HECS debt and rosters that leave little time for lender paperwork.
The irony is that despite excellent long-term financial profiles, they're frequently assessed like any other borrower by lenders who don't understand their situation. A home loan with an LMI waiver, offered by a select group of lenders who recognise the risk profile of medical professionals, changes that.
The headline benefit is the LMI waiver: borrowing more than 80% of the property value without paying Lenders Mortgage Insurance, where your profession and lender both allow it. On a $1,000,000 property a QBE rate card puts the premium near $20,800 at 90% LVR and $42,100 at 95%. We work with doctors, registrars, GPs, specialists, dentists and allied health professionals to access these policies and structure loans that account for income type, HECS obligations and career stage.
50+
Lenders compared, including medico policies
$0
Broker fees, paid by the lender
360+
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Answers that fit a busy schedule, on Google
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Nav Phokela
3 years ago on Google
Thanks for being an incredible broker sumit. You have a calm and composed attitude with great confidence that you have it all together when timeliness are tight and delays are imminent in securing finance. You have been there in every leg of the process for us and supported our journey into becoming owners as first home buyers. You have great broker knowledge and solid practical execution of the process. You answered my questions in your busy schedule and we appreciate that being someone who asks a lot of detailed questions. Thanks a lot for all your support.
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What banks look at before they lendSumit Joshi, RyRo Loan Centre · income, debts and savings: what every lender checks
The short answer
What is a medico home loan?
Quick answer
A home loan for doctors, in one paragraph
A medico home loan is an ordinary home loan from a lender with a special policy for medical professionals. Depending on your profession and registration, the lender may waive Lenders Mortgage Insurance above 80% LVR, accept your registration in place of a long work history, and count more of your locum, sessional or overtime income. The loan itself works like any other home loan.
Standard home loan and medico home loan compared
What changes
Standard policy
Medico policy
LMI above 80% LVR
Usually charged
Waived up to a limit set for your profession
Locum and sessional income
Often discounted
Often counted more fully
New job or new registration
May need a longer work history
Registration can count in your favour
Repayments and features
Standard
The same as any home loan
General comparison only. Each lender sets its own medico policy and changes it without notice.
Same keys, same loan. The policy behind it is what changes.Photo: Jakub Żerdzicki / Unsplash
Eligibility
Which medical professionals qualify?
Three things decide it: your profession, your registration and your income. Every lender weighs them differently, so treat this as the questions to ask, then let us confirm your position against current lender policy.
You are likely to qualify if
You are a doctor, specialist or dentistThese professions appear on almost every lender medico list.
You hold current AHPRA registrationOr the equivalent registration for your profession. Some lenders need general or specialist registration.
You can show your incomePayslips, a contract, or tax returns and agency statements for locum work.
The loan is for a home you will live inWaivers are most common on owner-occupied loans.
It gets harder if
Your profession is on few lender listsNursing, midwifery and some allied health roles are accepted by only a few lenders.
You hold provisional or limited registrationSome lenders exclude it, others accept interns and supervised doctors.
The purchase is an investmentSome lenders cap the waiver lower for investments or do not offer it.
Your income is new and irregularLocum work with a short history narrows the list but rarely closes it.
Your registration type matters as much as your title.Photo: Jonathan Borba / Unsplash
The LMI waiver explained
What Is an LMI Waiver, and Who Actually Gets One?
Lenders Mortgage Insurance (LMI) is a premium charged to borrowers who borrow more than 80% of a property's value. It protects the lender (not you) if you default, and it's not cheap: on a $1,000,000 property bought with a 10% deposit, LMI can add tens of thousands to your loan balance, on top of which you pay interest for the life of the loan.
Select lenders waive LMI for medical professionals because they see doctors as lower-risk borrowers. A registrar on a training salary today will usually earn far more once fellowed. Lenders who understand the medical career path are willing to lend at a higher LVR without the premium, treating the profession itself as the risk offset. For the full explainer, read our guide to LMI waivers for professionals.
3 things to understand about the LMI waiver
1
Not all lenders offer it
Only some lenders on our panel have formal LMI waiver policies for medical professionals.
Read the detail
Only a subset of lenders have formal LMI waiver policies, and their lists of eligible professions differ. We compare every lender on our panel that offers one and find the one whose terms, rates and eligibility criteria best suit your situation.
2
LVR limits vary by lender and profession
Each lender sets the highest LVR it will waive LMI to, and it changes by profession.
Read the detail
Doctors and dentists usually sit in a lender's top tier. Allied health professionals usually have a lower limit, and some lenders add a minimum income. Limits also differ for owner-occupied and investment properties. We know each lender's current policy and match you to it.
3
You still need to demonstrate serviceability
The waiver removes the deposit barrier. It does not change the repayment test.
Read the detail
The lender still needs to confirm you can comfortably afford repayments based on your income, existing debts and living expenses. We help structure your application, including how HECS repayments, overtime, sessional and locum income are calculated, to present the strongest case.
Sumit · 0:47
Four tips for the best chance of approvalSumit Joshi, RyRo Loan Centre · income, deposit (less LMI), credit and debts
Eligibility by profession
Which professions actually get an LMI waiver?
It depends entirely on the lender. Doctors and dentists are on almost every list. Further down, several professions commonly listed as eligible are not accepted at some major banks at all.
This is the general picture from lenders' own published policies, not from comparison sites. Lender lists, limits and income rules change without notice, so use it to know which questions to ask, then let us confirm your position in writing before you rely on it.
How lender LMI waiver lists usually treat each group of health professions
General picture only, drawn from lender-published policies. No lender names or limits are quoted because they change; we check your profession against each lender's current policy.
The three things most pages get wrong
1. Nurses are not broadly eligible
Registered nurses are the most over-claimed profession in this space.
Read the detail
Only a few lenders accept registered nurses for an LMI waiver, often with a minimum income attached. If a page tells you nurses get LMI waivers without naming a lender, it is not telling you anything useful. Our guide for nurses and healthcare workers covers the options.
2. Your registration type is a gate, not a formality
The same intern can be eligible at one lender and not at another.
Read the detail
Some lenders require general or specialist AHPRA registration and exclude provisional and limited registration, which in practice excludes most first year interns. Others explicitly include interns, residents, registrars and supervised doctors. This is the single most common reason a medico application gets placed with the wrong lender.
3. Allied health and medical are not the same tier
Which tier you land in can change your deposit by tens of thousands of dollars.
Read the detail
Doctors, dentists and medical specialists usually sit in a lender's highest tier. Allied health professions generally sit lower, often with a minimum income. Physiotherapists, psychologists and pharmacists are accepted by some lenders and excluded by others.
Get expert advice, free
Not sure which lender accepts your registration?
Tell us your profession, income situation and what you're looking to buy. We'll find the right lender and structure.
No cost and no credit check to find out. Have your AHPRA registration type and latest payslip handy when we call.
I was referred to Sumit by my cousin. He went above and beyond, responding to my questions and concerns even after hours, which made the entire process as a First Home Buyer seamless and stress free. I highly recommend. Thank you Sumit and team.
Early career
Can interns, registrars and new graduates qualify?
Often, yes. Early-career doctors have the most to gain from a waiver, and the most to lose from the wrong lender.
Lenders split on registration type, how long you have been in your role and how they read rostered overtime. Get those three right and a first or second year doctor can buy with a small deposit. Get them wrong and the same file is declined.
Sumit Joshi JPChecks your registration and roster against lender policy before anything is lodged.
Interns (PGY1)
Some lenders accept provisional registration and supervised doctors. Others require general registration, which most interns do not hold yet. The lender choice decides it.
Residents and registrars
Usually on medico lists. The work is in the income: base salary, rostered overtime and allowances, and how much of each the lender will count.
New dental and allied health graduates
Registration is the first test, then income. A new graduate on a contract with a short history narrows the list, so we start with the lenders that accept it.
Changing hospitals or rotations
A new contract part way through training is normal in medicine. Some lenders accept it with a contract letter, others want time in the role first.
On an $800,000 Sydney purchase with a 5% deposit, the premium a waiver removes is roughly $33,700. With a 10% deposit it is roughly $16,600. That is the whole reason this matters.
LMI premiums are set by the insurer, not the bank, and the rate cards are usually not public. The figures here come from a QBE rate card that Bankwest publishes for brokers, a genuine lender-published document rather than a comparison site estimate.
LMI on an $800,000 purchase with a $40,000 deposit (95% LVR)
$33,668
Source: QBE LMI rate card published by Bankwest for brokers, effective 1 September 2025
LMI on an $800,000 purchase with a $80,000 deposit (90% LVR)
$16,632
Source: QBE LMI rate card published by Bankwest for brokers, effective 1 September 2025
LMI if a lender waives it for your profession at that LVR
$0
Source: Lender medico policy, confirmed for your profession before you apply
Estimate the LMI a waiver would save you
Enter the price and your deposit. If you qualify for a waiver at that LVR, this is roughly what you would not pay. It is an estimate: the real premium comes from the lender's insurer.
LMI likely applies (LVR above 80%). This is the indicative premium at the 90% LVR band.
Loan to value ratio (LVR)
90.0%
Loan amount
$720,000
As a first home buyer in NSW you may avoid LMI altogether: the 5% Deposit Scheme covers Sydney properties up to $1,500,000 for eligible buyers.
Breakdown and assumptions
Loan amount
$720,000
Loan to value ratio (LVR)
90.0%
Deposit
10.0% of the price
NSW charges no stamp duty on LMI, so this is the whole premium. Owner occupier rates only.
This is an estimate. Your actual premium is set by the LMI insurer and quoted through your lender at application. Based on the QBE LMI rate card published by Bankwest for brokers (effective 1 September 2025) and ANZ LMI waiver fact sheets (August 2024), checked 2 September 2026.
This is an estimate, not financial advice. Results are a guide only. Speak to a broker for accurate figures based on your situation.
Free, no obligation. Your numbers go with your enquiry.
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See the premium table by purchase price
Open the tableShow less
Indicative Lenders Mortgage Insurance premiums at 90 and 95 percent LVR by purchase price, from a QBE rate card
Purchase price
10% deposit
LMI at 90%
5% deposit
LMI at 95%
$700,000
$70,000 (loan $630,000)
$14,553
$35,000 (loan $665,000)
$29,460
$800,000
$80,000 (loan $720,000)
$16,632
$40,000 (loan $760,000)
$33,668
$900,000
$90,000 (loan $810,000)
$18,711
$45,000 (loan $855,000)
$37,877
$1,000,000
$100,000 (loan $900,000)
$20,790
$50,000 (loan $950,000)
$42,085
How this table was built. Premiums are the loan amount times the applicable rate from the QBE LMI rate card published by Bankwest for brokers, effective 1 September 2025, owner-occupier table, valid for loans of $600,000 to $1,000,000. That card puts 90% LVR at 2.31% of the loan and 95% LVR at 4.43%. As a cross-check, a major bank's own published waiver fact sheets put LMI on an $800,000 property at $17,699 at 90% LVR and $36,187 at 95%. The two land within about 7% of each other, which is expected because they are different insurers on different rate cards.
That spread is the point: there is no single correct LMI figure, so treat these as the order of magnitude and get a real quote before you plan around a number. Stamp duty on the premium depends on your state, so ask us to include it in your quote.
4 key advantages
What an LMI Waiver Gets You as a Medical Professional
The waiver is the headline. The quieter wins are how the right medico lender reads your HECS, your rate and your rostered income.
Into the market sooner, with your savings kept for the move.Photo: Jakub Żerdzicki / Unsplash
No LMI above 80% LVR
The flagship benefit, up to the limit your lender sets for your profession. A smaller deposit does not cost you the premium. You can enter the market sooner or keep capital for other purposes.
HECS debt assessed more fairly
Standard lenders treat HECS repayments as a fixed commitment, which cuts borrowing capacity. Medico-aware lenders take a more nuanced view for registrars and junior doctors whose income is rising. We present your real trajectory.
Competitive interest rates
Medico borrowers are low-risk borrowers, and many lenders price to win them. We negotiate on your behalf so you're not just getting the LMI waiver, you're getting the best available rate structure for your loan size and type.
Income flexibility: locum, sessional, overtime
Locum shifts, private practice earnings, after-hours loadings and sessional work are normal in medicine. Medico lenders can count more of this non-base income than standard lenders, which directly increases what you can borrow.
Who qualifies
The Full List of Professions on a Lender Waiver List
These are the professions that appear on at least one lender's waiver list. Being on this list does not mean every lender accepts you, and for several of these the answer is no at some major lenders. AHPRA registration is typically required for medical and allied health professions. We match you to the lender whose medico policy fits your specific registration.
Medical Practitioners
General Practitioners (GPs)
Registrars and Resident Medical Officers
Surgeons (all specialties)
Physicians and Specialists
Emergency Medicine specialists
Anaesthetists
Psychiatrists
Radiologists and Pathologists
Dentists & Dental Specialists
General Dentists
Orthodontists
Oral & Maxillofacial Surgeons
Periodontists
Endodontists
Dental Prosthetists
Allied Health Professionals
Pharmacists
Optometrists
Physiotherapists
Chiropractors
Veterinarians
Podiatrists and Podiatric Surgeons
Other Health Professions
Psychologists
Occupational Therapists
Speech Pathologists
Radiation Therapists
Osteopaths (AHPRA-registered)
Chinese Medicine practitioners
Not sure if your profession qualifies?Leave your details and we'll confirm eligibility and the best lender options for your specific registration.
Dentists and dental specialists sit on almost every list.Photo: Atikah Akhtar / Unsplash
By specialty
Home Loans for Doctors, Dentists, Pharmacists and Allied Health
While the LMI waiver is the headline benefit, the details differ by profession and career stage. Here is what each group should know.
General Practitioners (GPs)
Salaried, on a percentage of billings, or a practice owner: each needs different income evidence.
Read the detail
GPs are among the professions we help most often. Salaried GPs have straightforward income documentation. Billings-based GPs usually need two years of income to average. Practice owners need business financials as well as personal income. A waiver above 80% LVR is available at several lenders, depending on the lender.
Specialists
Usually the highest tier and the most favourable serviceability, with more complex income.
Read the detail
Specialists, including surgeons, physicians, anaesthetists, psychiatrists, radiologists and emergency medicine specialists, typically qualify for the highest LVR and most favourable assessments. Private practice income, hospital sessional fees and VMO arrangements each have their own documentation requirements. We know which lenders handle complex income structures best.
Registrars and Junior Doctors
The most to gain from a waiver, and the most scrutiny from lenders new to the medical path.
Read the detail
Registrars, RMOs and PGY1 to PGY3 doctors enter the market with a limited deposit while HECS debt is still high. We understand registrar rosters, overtime loading and HECS balances, and submit to the lenders whose policy suits early-career doctors. Use our borrowing power calculator to get an early estimate.
Dentists and Dental Specialists
On almost every list. Associates, owners and locums are assessed differently.
Read the detail
General dentists and dental specialists (orthodontists, oral surgeons, periodontists) qualify for LMI waivers at most medico lenders. AHPRA registration is required. Associate dentists are assessed on salary or percentage of billings. Practice owners need business financials. We also help with practice purchases through our specialist lending and business finance teams.
Pharmacists
Accepted by some lenders and not others, usually at a lower limit than doctors.
Read the detail
Pharmacists, whether employed, locum or pharmacy owners, can get an LMI waiver at select lenders, usually at a lower limit than doctors and sometimes with a minimum income. Locum pharmacists with variable income need an income history the lender can assess. Pharmacy owners need business financials. We know which lenders treat pharmacists best.
Vets and other allied health
Vets are on most lists. Other allied health roles depend heavily on the lender.
Read the detail
Veterinarians appear on most lender lists. Optometrists, physiotherapists, chiropractors and psychologists are accepted by some lenders and excluded by others, so the lender choice matters more than anything else. Tell us your role and we will show you which lenders accept it.
Chairs, imaging and fit-outs are equipment finance
Your home loan stays with Sumit. Dental chairs, imaging, practice fit-outs and other clinical equipment are financed by our sister company, RyRo Asset Finance, with Rohan Joshi. See medical and dental equipment finance.
RyRo Asset Finance Pty. Ltd., (ABN 69 682 063 896) an Authorised Credit Representative (ACR #565295) of Fintelligence Pty Ltd (ABN 80 625 017 174), Australian Credit Licence # 511803.
Income verification
How Lenders Verify Income for Doctors and Allied Health
Income verification for medical professionals is more complex than for standard PAYG employees. Multiple income streams, variable work arrangements and HECS obligations all need to be documented and presented correctly.
Salaried employment
2 most recent payslips
Employment contract if less than 12 months in the role
Will your income be accepted on parental leave?Sumit Joshi, RyRo Loan Centre · how lenders read income that is not a plain salary
Get an indicative borrowing figure
Enter your base income and any regular overtime or locum income. It is a starting point: medico lenders count income types differently, which we check against your payslips and contract.
Lower figure: stricter assumptions. Higher: more generous ones.
Rate the loan is tested at
9.00% a year
Repayment at your 6% rate
$2,933 to $3,246 a month
How we worked it out
Income after tax
$6,457 a month
Living expenses used
$2,100 to $2,520 a month
Debts and card limits
$0 a month
A range, not a single figure, because every lender assesses this differently. The lower number uses stricter assumptions and the higher one more generous ones. No lender has approved it.
Assumptions and sources
Assumption
Stricter
More generous
Bonus and overtime counted
50%
80%
Rental income counted
70%
80%
Card limit as a monthly repayment
3.8%
3%
Living cost benchmark
$2,520/mth
$2,100/mth
Debt-to-income cap
6x income
None
Rate buffer
+3 points
+3 points
Tax uses the ATO 2026-27 resident rates, the low income tax offset, the 2% Medicare levy and HECS or HELP repayments. Each applicant is taxed as a single person.
Living costs are the greater of what you enter and the benchmark. Lenders use the Household Expenditure Measure, which is not public, so the benchmark is our conservative stand-in.
The loan is 30 years, principal and interest, tested at your rate plus the APRA buffer of 3 percentage points. Rental income has no deductions taken off. Fees, stamp duty and your deposit are not included.
Estimate only, not a loan offer or financial advice. Each lender uses its own servicing calculator and policy, so your real figure can sit outside this range.
This is an estimate, not financial advice. Results are a guide only. Speak to a broker for accurate figures based on your situation.
Free, no obligation. Your numbers go with your enquiry.
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5 steps to approval
How to Apply for an LMI Waiver, Step by Step
Accessing a home loan with an LMI waiver isn't complicated. It just requires knowing which lenders to approach and how to position your application correctly. Here's the process.
Step 1
Confirm eligibility and assess your position
We confirm your profession, AHPRA registration, income type (salary, contract, locum, private), HECS balance and existing commitments. This tells us which medico lenders suit you and gives an early read on borrowing capacity.
Step 2
Match you to the right lender
Not every medico lender is right for every doctor. We compare waiver limits, interest rates, serviceability policies for your income type and turnaround times, and recommend the best combination for your goals, not just the waiver.
Step 3
Prepare and submit your application
Registration evidence, payslips or locum and sessional records, HECS statements and any practice income, packaged with a cover note explaining your income structure to the credit assessor.
Step 4
Pre-approval and property search
Once pre-approved, you know your budget and can make an offer with confidence. Pre-approval is typically valid for around 90 days and can often be extended. We stay on hand to answer lender questions quickly.
Step 5
Formal approval and settlement
Once you have a contract, we manage valuation, lender conditions and settlement through Kathryn, our loan processor. You focus on your patients; we manage the paperwork.
We guide you every step until settlementSumit Joshi, RyRo Loan Centre · every step until settlement
5 reasons to work with us
Why Medical Professionals Choose RyRo Loan Centre
Sumit Joshi JPPrincipal broker, Credit Rep 446824Kathryn ThomasLoan processor, from approval to settlement
13+ years of specialist lending experience
We know which lenders accept which professions, who offers the best waiver, which lenders handle locum income well, and how to position applications that standard brokers present poorly.
We compare 50+ lenders, not just one or two
Bank branches can only offer their own products. We access the full market, including lenders with strong medico policies, so you get a genuine comparison, not a single lender's pitch.
We understand HECS, locum and sessional income
We know how to document locum, after-hours and sessional earnings, which lenders count them generously, and how to present complex income to credit assessors to maximise your approved borrowing capacity.
$0 broker fees
Our service is free to you. We are paid by the lender on settlement. There are no upfront fees, no application charges and no hidden costs at any stage.
Rated 5.0 from 360+ Google reviews
Our clients speak for themselves, many about answers after hours and around busy schedules.
Cheaper rate or the right strategy?Sumit Joshi, RyRo Loan Centre · cheaper rate or the right strategy
Your process
What Happens From Enquiry to Settlement
Step 1
Free strategy call
Your profession, income, goals, property type and timeline. No credit check, no obligation. You leave knowing your borrowing range and which lenders suit you.
Step 2
Lender selection and application
We gather income evidence, HECS statements and registration, and write a cover note to the credit assessor explaining your income.
Step 3
Pre-approval
A conditional approval, so you can search and make offers within your limit with confidence.
Step 4
Formal approval and settlement
Once you're under contract, Kathryn manages valuation, lender conditions and settlement with your solicitor, and keeps you updated.
Rated 5.0 out of 5 from 360+ Google reviews. Busy people buying their first or next home, on answers after hours and a broker who explains it plainly. Quoted word for word. See every Google review.
5.0
From 360+ Google reviews
Sumit · 2:56
Approved in days after her broker went quietSumit Joshi, RyRo Loan Centre
It has been an amazing experience to deal with Sumit. Very informative and easy to get on with and best of all he describes things in layman’s terms. I’ve had to call Sumit after hours a few times for advise and he always picks up and helps as much as possible. There is nothing that I can think of to improve the quality of service that the RyRo team provides. I have used them a few times and the whole mortgage process was painless. Thank you Sumit and RyRo team for being there.
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Praveen Kumar
4 years ago on Google
It has been awesome experience with Sumit for my house loan process. He was helping and guiding me from the last 6-8 months and advising on how much worth I can go for based on the financials. Everything was taken care and discussed over the phone and the loan process and approval was pretty seamless. Highly recommend Sumit and thank you so much in helping for securing our first home.
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Aditya Raizada
3 years ago on Google
I highly recommend Sumit for his subject matter expertise in lending.
In my scenario, he pulled me out of the weeds and gave me the best advice on achieving my first home. He worked closely with me for understanding my requirements, proactively provided solutions and went above and beyond in providing great service and support.
He is an excellent communicator with a great blend of tenacity, knowledge and skill. It is a pleasure to work with him and I look forward to future endeavours with him.
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FERIAL KHAN
4 years ago on Google
The RyRo team was an absolute pleasure to work with. Special mention for Sumit who was extremely supportive and approachable when I had a million and one questions to ask- he was always very prompt with his replies and took the time to explain things in detail. Buying my first home was a much less stressful process with the RyRo team helping me navigate the financial side of things!
From the blog
LMI waiver guides from the RyRo blog
Check whether your profession makes the waiver list, what nurses and healthcare workers can access in 2026, and the other ways Sydney buyers get out of paying LMI.
Sumit answers medico loan questions from the Norwest office.
Home loans for doctors
What is a home loan for doctors?
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A home loan for doctors is a standard home loan from a lender that gives medical professionals better terms than other borrowers. The main extra is an LMI waiver: you can borrow more than 80% of the property value without paying Lenders Mortgage Insurance, up to a limit the lender sets for your profession. Some lenders also treat locum, sessional and overtime income more generously. Nothing about the loan itself is exotic. The value is in picking the lender whose policy suits your registration, income and deposit.
How is a medico loan different from a standard loan?
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The repayments, rates and features work the same way as any home loan. The difference is in how the lender assesses you. A medico policy can waive LMI above 80% LVR, accept your registration in place of a long employment history, and count more of your locum, sessional or overtime income. A standard policy treats you like any other borrower: LMI applies above 80% and variable income is often discounted. Same loan, different rulebook.
Which professions count as medical professionals?
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Each lender keeps its own list, so there is no single answer. Doctors, medical specialists and dentists appear on almost every list. Vets usually do. Allied health roles such as pharmacists, optometrists, physiotherapists and psychologists are accepted by some lenders and not others. Registered nurses and midwives appear on very few lists. Tell us your role and registration and we will check it against current lender policy before you rely on it.
Can doctors get a home loan with no deposit?
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Rarely on your own. An LMI waiver lets you buy with a much smaller deposit, but most lenders still want part of the price plus your purchase costs, such as stamp duty, from your own funds. A family guarantee can close the rest of the gap, where a parent offers equity in their home as extra security. Whether that is the right move depends on your income, debts and how fast you can pay the loan down. We model both options with you first.
Can part-time or locum doctors qualify?
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Yes, in many cases. Part-time doctors are assessed on the income they actually earn, so the waiver can still apply but the borrowing figure is smaller. Locums are assessed on their ABN or agency income over a period of history the lender sets, and some lenders count more of it than others. The key is matching your work pattern to a lender whose policy reads it fairly, then documenting it properly.
Can I use a medico loan for an investment property?
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Often, yes, but the terms can differ. Some lenders offer the LMI waiver on investment purchases at a lower maximum LVR than for a home you live in, and some only offer it for owner-occupied loans. Investment loans can also be priced differently. If you are buying an investment, we compare the waiver terms across lenders before you commit, alongside our investment property loan options.
Can I use it to buy into a practice?
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Not the home loan itself. Buying into a practice or a partnership is business lending, which RyRo Loan Centre arranges through business finance. Fitting out or equipping a practice, such as dental chairs or imaging, is equipment finance, which RyRo Asset Finance (a separate company) handles with Rohan Joshi. Some doctors also use equity in their home towards a practice purchase. We can map out the options together.
LMI waivers for medical professionals
What is a home loan with an LMI waiver?
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A home loan with an LMI waiver (also called a doctor home loan or professional home loan) is a home loan from a lender that waives Lenders Mortgage Insurance for eligible professions. Eligible doctors, dentists and some allied health professionals can borrow more than 80% of the property value without paying LMI, up to a limit the lender sets for each profession. See the eligibility and premium sections above for what that is worth. Lenders offer it because medical professionals tend to have strong, stable career incomes even when savings are limited after years of study or a HECS debt.
Can doctors get home loans without LMI?
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Yes. Several lenders waive LMI for eligible medical professionals above 80% LVR. Normally, any borrower with less than a 20% deposit pays LMI, a one-off premium that is usually added to the loan. On an $800,000 purchase a QBE rate card puts it near $16,600 at 90% LVR and $33,700 at 95%. Lenders waive it for doctors because they see them as lower-risk borrowers with strong long-term incomes. Eligibility varies by lender: profession, AHPRA registration, LVR and loan purpose all matter.
Which lenders offer doctor home loans in Australia?
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Not all lenders offer LMI waiver policies, and those that do set different lists of professions, limits and income rules. Some major banks and some smaller lenders publish policies for medical professionals, and the terms change without notice. We compare the lenders on our panel that offer a medico policy and match you to the one whose limit, rate and serviceability rules best suit your profession, income type and goals. We do not recommend lenders based on commission rates, we recommend based on what is right for your situation.
Do registrars qualify for home loans with an LMI waiver?
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Often, but it depends on the lender and on your AHPRA registration type. Some lenders accept interns, residents, registrars and supervised doctors. Others require general or specialist registration and exclude provisional and limited registration. Lenders who understand the medical career path know a registrar early in training will usually earn substantially more once fellowed. The challenge for registrars is often income documentation (contract versus salary, overtime) and HECS debt, rather than eligibility itself. We present the full income picture correctly, which is the difference between a good outcome and a declined application.
How is HECS debt treated for doctor home loans?
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Under standard serviceability rules, your compulsory HECS-HELP repayment is treated as a commitment, which reduces your borrowing capacity. The ATO sets the repayment from your income, so on a doctor's income it can be a large yearly figure that standard lenders take straight off what you can borrow. Some lenders take a more nuanced view, particularly for registrars and early-career doctors whose income is rising fast. We know which lenders treat this most fairly and how to present HECS in your application to limit its effect on borrowing capacity.
Can dentists get home loans with an LMI waiver?
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Yes. Dentists and dental specialists are on almost every lender's waiver list, often in the top tier alongside doctors. AHPRA registration is required. Whether you are an associate, a practice owner or a locum dentist, the income structure (salary versus practice drawings) affects how the application is presented. We have experience structuring applications for dentists across employment types, and can point you to finance for the practice itself.
What LVR can doctors borrow at with no LMI?
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It depends on your profession and the lender. Each lender sets a maximum LVR for its waiver, and doctors, medical specialists and dentists usually sit in the highest tier. Allied health professions usually have a lower limit, and some lenders add a minimum income. Investment properties may carry a lower limit than owner-occupied purchases. The exact LVR available depends on your profession, the lender's current policy and the loan purpose, which is why matching you to the right lender from the start matters.
Do I need to be a specialist to qualify for a doctor home loan?
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No. You do not need to be a specialist. GPs are on every medico list we see. Registrars, residents and interns qualify at some lenders, while others require general or specialist AHPRA registration, which excludes most first year interns. Allied health professions sit on separate, narrower lists. The main difference between GPs and specialists is borrowing capacity (specialists usually earn more) and sometimes the maximum LVR. Tell us your profession and registration and we will confirm which lenders accept you.
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Four tips for the best chance of approvalSumit Joshi, RyRo Loan Centre
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Sumit Joshi JP, Credit Rep 446824. AFG Award Winner 2013 to 2019 and AFG Excellence Awards finalist 2022 to 2026. General information only. LMI waiver lists, limits, pricing and fees are set by each lender, change without notice and depend on your circumstances.
