We help doctors save thousands on their home loans
Doctors are the single most favoured profession in Australian mortgage lending. Select lenders waive Lenders Mortgage Insurance entirely on loans up to 95% LVR for eligible medical professionals, removing $15,000 to $45,000 in upfront costs that almost every other borrower pays. The waiver is available with no minimum income threshold at several major lenders, which means the benefit is accessible from intern through to consultant without waiting for your income to scale up.
At Stanford Financial, we work with the lenders that specialise in medical professional lending. We know which lenders will include 100 per cent of your overtime, on-call, and penalty rates, which treat HECS HELP debt most favourably for borrowing capacity, which accept registrars and residents for the full waiver, and which will approve a private practice partner on two years of business financials without adjustment. If you are a doctor in Queensland working at PAH, RBWH, the Mater, Greenslopes, QCH, the Gold Coast or Sunshine Coast Health services, or a GP in private practice, this page covers exactly what is available and how to access it.
Stanford Financial arranges home loans for doctors across Queensland and Australia wide. Book a free assessment
LMI Waiver for Doctors: What It Means in Dollars
Lenders Mortgage Insurance is charged when you borrow more than 80 per cent of a property’s value. On a standard $800,000 purchase with a 10 per cent deposit, LMI typically costs $18,000 to $25,000. On a 5 per cent deposit the premium can exceed $40,000. Most lenders capitalise the premium into the loan balance, where it accrues interest for the life of the loan.
Eligible doctors bypass this cost entirely. A select panel of lenders classifies AHPRA-registered medical professionals as low-risk borrowers and waives the LMI requirement on loans up to 95 per cent LVR. You purchase with a 5 per cent deposit and pay no LMI. On a typical first home purchase the saving is material.
What the saving looks like in practice:
Purchase price | 5% deposit | Standard LMI cost | With doctor waiver |
$600,000 | $30,000 | ~$22,800 | $0 |
$750,000 | $37,500 | ~$29,600 | $0 |
$900,000 | $45,000 | ~$36,000 | $0 |
$1,200,000 | $60,000 | ~$48,000 | $0 |
$1,500,000 | $75,000 | ~$55,000 | $0 |
These are indicative figures. Actual LMI varies by lender, LVR, and loan size. Use our LMI Calculator to estimate the saving for your specific purchase price, or book a free assessment and we will confirm which lenders offer the waiver for your situation.
The doctor LMI waiver is broader than most profession-based waivers. Unlike waivers for paramedics or nurses which typically top out at 90 per cent LVR, the doctor waiver reaches 95 per cent at multiple lenders and in a small number of cases extends to 100 per cent LVR for specialists with strong income profiles. This is the most favourable LVR treatment available to any professional group in Australia.
Which Medical Professionals Qualify
The doctor LMI waiver is available to AHPRA-registered medical practitioners at various career stages and across specialties. Professional body membership (AMA, RACGP, RACS, RACP, ANZCA, RANZCP, RANZCR, and equivalent colleges) is accepted as supporting evidence at several lenders. Active registration on the Australian Health Practitioner Regulation Agency register is the primary requirement.
The lender panel differs between broad medical categories. The 95 per cent LVR waiver is available to the following:
- General Practitioners with RACGP or ACRRM fellowship or working towards it
- Medical Specialists including surgeons, physicians, anaesthetists, obstetricians and gynaecologists, paediatricians, psychiatrists, oncologists, cardiologists, dermatologists, and all other consultant specialties
- Dentists, oral and maxillofacial surgeons, orthodontists, and periodontists
- Veterinary surgeons registered with the relevant state board
- Optometrists and ophthalmologists
- Radiographers, sonographers, and medical imaging specialists (often at 90 per cent LVR)
Medical professionals who qualify for the 90 per cent LVR waiver but not the 95 per cent tier include pharmacists, physiotherapists, chiropractors, podiatrists, audiologists, and occupational therapists. Nurses, paramedics, and most allied health professionals are covered on separate pages.
See also: Home Loans for Nurses | Home Loans for Paramedics | Home Loans for Pharmacists | Home Loans for Dentists
Interns, Residents, Registrars, and Consultants: Career Stage Matters
A doctor’s lending profile changes substantially as you move from internship through to consultant. The lender panel that will accept you, the LVR you can access, and the income components lenders will recognise all differ by career stage. Most brokers treat a first-year intern the same as they would any PAYG employee at $85,000, which misses the specialist lenders who will approve you at 95 per cent LVR from day one of your intern year.
Intern Doctors (PGY1)
Doctors in their first postgraduate year are often assumed to be ineligible for the LMI waiver because of the short employment history. In fact, two lenders on the panel accept interns for the full 95 per cent LVR waiver from commencement of the intern year, treating the intern contract as stable ongoing employment regardless of the short duration. Evidence of the signed intern offer letter plus the first payslip is usually sufficient.
Residents and Registrars (PGY2 and beyond)
Residents, registrars, and fellows in hospital training programs are accepted at every lender offering the doctor LMI waiver. The key issues at this stage are income assessment of rotating contracts, treatment of overtime, on-call allowances, and penalty rates, and how HECS HELP debt is being applied against serviceability. Registrars moving between hospitals or rotating through training positions do not lose eligibility as long as the overall employment is continuous within the Queensland or interstate health service.
Consultant Specialists (Hospital)
Consultants employed directly by Queensland Health or interstate public hospitals receive the strongest treatment. Full base salary, all allowances, and any private practice income are typically included at 100 per cent. 95 per cent LVR waiver is available universally, and 100 per cent LVR is available at a small number of lenders for specialists with sufficient additional security or guarantor support.
Private Practice Owners and Practice Partners
Specialists running their own practice or holding a partnership in a multi-doctor practice are assessed as self-employed borrowers. Two years of personal tax returns and business financials are typically required, with income based on the net profit plus add-backs. The LMI waiver remains available on the same terms as PAYG applicants, with no reduction in eligibility, although the income verification process takes slightly longer.
Locum Doctors
GP and specialist locums work on an ABN, often with variable monthly income. Traditional two-year-returns lending can be restrictive where recent earnings are materially higher than historic. Select lenders offer limited-documentation loan products specifically for medical locums, where an accountant’s letter confirming current-year income plus six months of business banking conduct substitutes for the full two-year return package. These products preserve access to the LMI waiver.
How Doctor Income Is Assessed and Why It Matters
Income assessment is where many doctors unknowingly lose $100,000 to $200,000 in borrowing capacity they are legitimately entitled to. A hospital registrar on an $85,000 base salary often earns $125,000 to $145,000 once overtime, on-call, penalty rates, and shift loadings are included. Private practice GPs can have gross billings that do not match the net income figure a lender pulls from a tax return. A mismatched lender can reduce your assessed income by 20 to 40 per cent.
Income components lenders assess differently
Base salary is universally accepted at 100 per cent across every lender.
Overtime is one of the most variable assessment items. Some lenders include 100 per cent of overtime evidenced on two consecutive payslips or a 12-month history. Others apply an 80 per cent loading. A smaller number exclude overtime entirely if it is not guaranteed in your employment contract. Registrars routinely working 60 to 70 hour weeks across their rotation have overtime that materially moves borrowing capacity.
On-call allowances are treated similarly inconsistently. Lenders who accept on-call as reliable income typically want to see 12 months of history or explicit contractual inclusion. Lenders who exclude on-call can cost you $30,000 to $60,000 of assessed income for a specialist with a significant on-call roster.
Penalty rates and shift loadings (weekends, night shifts, public holidays) are included by most lenders if consistent across recent payslips. Private billing income for visiting medical officers (VMOs) and rights of private practice arrangements is accepted at lenders familiar with medical practice structures.
Dual employment is common for doctors who hold a hospital position alongside private consulting rooms or locum work. Income from both sources can be included where the history supports it. Hospital income is typically recognised from month one of continuous employment. Private or locum income typically requires 12 months of ABN trading history before it is fully included.
HECS HELP Debt: The Silent Borrowing Capacity Killer
Most doctors finish medical school with $40,000 to $90,000 of HECS HELP debt, and specialist training can push the balance higher for those who have undertaken additional postgraduate qualifications. How your lender treats that debt in the serviceability assessment makes a meaningful difference to borrowing capacity.
Three approaches exist across the lender panel:
- Full HECS repayment treated as ongoing debt: the lender uses your current year HECS repayment (a percentage of gross income) as an expense in serviceability. For a specialist earning $200,000, this is an $18,000 annual expense deducted from assessable income. This is the most conservative treatment.
- HECS balance amortised over remaining years: the lender calculates the monthly HECS payment required to clear the balance over an estimated repayment period and uses that as the expense. Borrowers close to paying off their HECS benefit under this method. Borrowers with a long runway to repayment may be worse off.
- HECS excluded from serviceability for medical professionals: a small number of lenders exclude HECS entirely from the serviceability calculation for AHPRA-registered medical professionals, recognising that the debt is effectively a tax and will be repaid out of rising income over a career. This is the most generous treatment and can add $100,000 to $200,000 in borrowing capacity.
The $10,000 HECS rule is also relevant. If your HECS balance is below $10,000 and you can clear it within 12 months, many lenders will exclude it from the serviceability assessment on the basis that the debt is about to disappear. For doctors close to paying off their HECS, accelerating the final repayment before a home loan application can unlock more borrowing capacity than the cost of the HECS repayment itself.
What You Will Need to Apply
- Current AHPRA registration certificate (general or specialist registration)
- Last two most recent payslips plus an employment letter or contract for PAYG applicants
- Last two years of tax returns (all applicants)
- Last two years of business financial statements for self-employed doctors and practice partners
- Partnership deed or service trust deed where relevant
- Year-to-date payroll summary if applying mid-financial year with irregular income
- Proof of identification and current HECS HELP balance
Start with our Borrowing Power Calculator to get an indicative capacity estimate, then book a free assessment so we can run your specific profile across our doctor-accredited lender panel and identify your actual maximum.
What Doctors Can Access Beyond the LMI Waiver
Professional package interest rate discounts
Major banks offer professional package products to medical practitioners with interest rate discounts of 0.2 to 0.4 per cent below standard variable rates, plus waived package and establishment fees. On a $800,000 loan, a 0.3 per cent reduction saves $2,400 per year in interest. Over a 30-year term the compound saving exceeds $55,000. Stanford Financial runs a pricing request across multiple lenders on every application, which often secures rates below the advertised professional package price.
95 per cent LVR investment lending
The LMI waiver for doctors extends to investment property loans at several lenders, not just owner-occupied purchases. Doctors can buy investment property with a 5 per cent deposit and no LMI, which is exceptional in the Australian lending market. For doctors starting to build a property portfolio, this is one of the most powerful single benefits available.
See our guide: How to Build a Property Portfolio in Australia for the full strategic framework.
Higher borrowing capacity
By selecting lenders who include all income components and treat HECS favourably, we typically identify $100,000 to $250,000 more borrowing capacity than a direct bank application at the same income level. This is not about borrowing beyond what you can afford. It is about ensuring your actual earnings and career trajectory are reflected in the lender’s calculation.
Commercial property for medical practices
Doctors purchasing the building that houses their practice, or buying a commercial premises to lease to their own GP or specialist practice, can access commercial property loans at LVRs up to 80 per cent through a specialist commercial lender panel. SMSF arrangements for practice ownership are supported at several lenders, which can produce meaningful long-term tax and asset protection benefits. Stanford Financial coordinates the residential home loan and the commercial practice loan so the structure works together.
Refinancing and equity release
Doctors who took out their original home loan directly through a bank, or before completing their CA or specialist training, often find they are paying a higher rate than their current professional status warrants. Refinancing unlocks the professional package discount, allows the LVR pricing tier to update based on equity built, and can fund an equity release for investment property deposits. We run full rate reviews at no cost, and we recommend refinancing only where the rate saving meaningfully exceeds the switching cost.
Doctors in Queensland: The Local Context
Stanford Financial is based in Springfield Central and works closely with doctors across Queensland Health and private practice. The Queensland medical workforce has grown substantially through 2024 to 2026 as Metro South Health, Metro North Health, West Moreton Health, and the Gold Coast and Sunshine Coast Health services expand to meet population growth. The rural generalist workforce continues to receive specific state and federal support. GP practices are growing rapidly across the Springfield, Ipswich, and Logan corridors as the population base expands.
We regularly arrange lending for doctors employed at the Princess Alexandra Hospital, the Royal Brisbane and Women’s Hospital, the Mater Hospitals, Greenslopes Private, Queensland Children’s Hospital, the Logan and Ipswich hospitals, the Gold Coast University Hospital, and the Sunshine Coast University Hospital. We also work with GPs across the Springfield, Ipswich, South Brisbane, and Gold Coast corridors, and with specialist consultants running their own rooms in the Mater, Wesley, and Greenslopes precincts.
For doctors relocating from interstate to take up a Queensland position, we can typically provide a conditional pre-approval before your commencement date based on your signed employment contract alone, so you can begin property searches ahead of your start date.
Book a Free Doctor Home Loan Assessment
Stanford Financial is a multi-award-winning mortgage brokerage based in Springfield Central, Queensland. We work with over 50 lenders and we know which of those lenders offer genuine doctor-specific benefits, which accept interns and registrars for the full LMI waiver, which are most generous on HECS treatment, and which are set up to handle private practice income structures.
Our team will assess your full income including base salary, overtime, on-call, penalty rates, private billing, and any secondary employment against the lender panel to identify the lender who will give you the best combination of rate, LMI outcome, and borrowing capacity for your situation. Our service costs you nothing. We are paid by the lender at settlement and we operate under MFAA accreditation and Australian Credit Licence 541480.
Call 0483 980 002 or book your free consultation below. We typically respond within one business day.
Doctor Home Loan FAQs
Do doctors qualify for an LMI waiver in Australia?
Yes. Eligible AHPRA-registered medical professionals can access LMI waivers up to 95 per cent LVR through a select group of major and non-major lenders. This means you can purchase with a 5 per cent deposit and pay no LMI, saving $15,000 to $55,000 depending on the property value and deposit size. The waiver is available for both owner-occupied and investment property purchases at several lenders. There is no minimum income requirement for doctors at most participating lenders.
Can intern doctors and residents access the doctor home loan LMI waiver?
Yes. A small number of lenders accept intern doctors from day one of their PGY1 year, requiring only the signed employment offer letter and the first payslip as evidence. Residents, registrars, and all doctors beyond the intern year are accepted at every lender offering the waiver. The lender panel is narrower for interns than for specialists, which is why broker selection matters at this stage.
Do I need to be AMA, RACGP, or RACS to qualify for a doctor home loan?
AHPRA registration (general or specialist registration type) is the primary requirement at almost all lenders. Professional body membership such as the AMA, RACGP, RACS, RACP, ANZCA, RANZCP, or RANZCR is accepted as supporting evidence but is rarely required on its own. Provisional or limited registration may still qualify at select lenders depending on your specific circumstances. Trainee or medical student status generally does not qualify for the LMI waiver, although graduate plan products are available at some lenders.
How does HECS HELP debt affect a doctor's borrowing capacity?
How is overtime and on-call income assessed for doctor home loans?
Base salary is universally included at 100 per cent. Overtime is where policy diverges: some lenders include 100 per cent with two payslips of evidence, others apply an 80 per cent loading, and a smaller number exclude overtime unless guaranteed in your contract. On-call allowances and penalty rates are treated similarly inconsistently. For a registrar routinely working 60 to 70 hours per week, choosing the right lender on this single point can mean $80,000 to $150,000 of additional assessed borrowing capacity.
Can self-employed doctors and practice partners access the LMI waiver?
Yes. Self-employed doctors and practice partners access the LMI waiver on the same terms as PAYG doctors, provided they hold current AHPRA registration. The income assessment process differs: two years of personal tax returns plus business financial statements are typically required, with income assessed on net profit plus legitimate add-backs such as depreciation and interest. Select lenders also offer limited-documentation products for recently self-employed doctors and medical locums where the full two-year history would understate current income.
Can doctors borrow 100 per cent LVR with no LMI?
Very select circumstances allow 100 per cent LVR for doctors, generally limited to established specialists with high income, strong savings history, and either additional security or a guarantor. The standard maximum for the doctor LMI waiver is 95 per cent LVR, which is already the most generous professional waiver available in Australia. 100 per cent LVR products exist but are not the right fit for most applicants and carry higher interest rates to compensate for the increased lender risk.
Can I use the doctor LMI waiver for an investment property?
Yes. Several lenders on the doctor waiver panel extend the 95 per cent LVR no-LMI treatment to investment properties as well as owner-occupied purchases. This is a powerful benefit for doctors building a property portfolio, since most other borrowers cannot access investment lending above 90 per cent without paying LMI. The interest rate treatment between owner-occupied and investment is still separate, with investment rates typically 0.2 to 0.4 per cent above owner-occupied rates.
What documentation do I need to apply for a doctor home loan?
You will need current AHPRA registration evidence, two most recent payslips plus an employment letter for PAYG applicants, the last two years of tax returns, business financials if self-employed or in a practice partnership, identification documents, and your current HECS HELP balance. A year-to-date payroll summary is useful if you are applying mid-financial year with significant variable income. Stanford Financial will provide a tailored checklist before your application is lodged.
How long does a doctor home loan application take to approve?
PAYG hospital doctors with straightforward documentation typically receive conditional approval within 24 to 48 hours of a complete application. Self-employed doctors and practice partners take longer (typically three to seven business days) because the income assessment is more involved. Interstate doctors relocating to a Queensland position can often secure conditional pre-approval based on the signed employment offer before their start date, so property searches can begin ahead of commencement.
