Home loans for doctors
Are you a doctor looking to become a homeowner? One of our expert mortgage brokers can help you today!
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Types of home loans available to doctors
If you want to take out a home loan as a doctor, it’s important to understand which type of home loan may be best suited to your financial wants and needs:
Top 3 things to know about getting a home loan as a doctor
1
LMI may not be an issue
As a high-income professional, you may be able to get a home loan with as little as a 5% deposit, or even no saved deposit without paying lenders mortgage insurance (LMI). That being said, the larger your deposit, the smaller your home loan repayments will be – which could save you a significant amount of money over your loan term, and lower your total home loan costs.
2
Understand income shading
Some financial institutions may do something called ‘income shading’, where a lender will only factor in a set percentage of certain types of income (such as overtime or on-call hours) when assessing your regular earning potential and borrowing capacity. Not all lenders will shade your income in this way, however; you may want to look around and find one that will assess more of your total income, if not all of it.
3
Compare your home loan options!
If you’re in the medical profession and looking to take out a home loan, we can help you with that! One of our expert mortgage brokers can work with you to find the ideal lender and product for you as a doctor, as well as help you apply if, after comparing home loans, you find a home loan you think is the one for you.
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A guide to home loans for doctors
Updated 5 August 2025
How do home loans for doctors work?
How to apply for a home loan as a doctor
Applying for a home loan as a doctor won’t differ too much from the process of applying for a home loan in any other profession. However, before you begin the home loan application process, you may want to look for a lender that specialises in lending solutions for highly-paid professionals.
One of our expert mortgage brokers may be able to assist you in choosing a lender who’ll be able to positively leverage your profession and financial situation when finding home loan products for you. Doctors, GPs, dentists, pharmacists, anaesthetists, radiologists – no matter your medical profession, we can help you start your home loan search today!
What kinds of home loans are available to doctors?
Doctors can apply for all the same types of home loans as anyone else, including:
- Fixed rate home loans
- Variable rate home loans
- Split rate home loans
- Investment home loans
- Construction home loans.
However, as a doctor, you may receive certain considerations from lenders because of your higher income. Keep in mind that home loan eligibility criteria for final loan approval will vary from lender to lender.
What kinds of home loan deals can doctors receive?
Doctors, along with other high-earning professionals like lawyers and accountants, may be eligible for certain home loan offers including LMI waivers and more competitive interest rates. Some lenders may be happy to waive the LMI on a doctor’s home loan amount even with a saved deposit as small as 5%.
Additionally, some lenders may offer lower interest rates or interest rate discounts to high-income professionals, or even 100% LVR home loans with no LMI (for owner-occupied properties).
Do I need to prove I’m a doctor?
When applying for a home loan as a doctor, you’ll be required to show that you’re a member of the relevant Australian professional association, board, college, council or society. If you can’t do this, you may not be eligible for the possible home loan perks offered to medical professionals.
You may also be able to prove that you’re a licensed medical practitioner by providing either past payslips and/or past tax returns.
Find out more about home loans
Lenders mortgage insurance for doctors
Do I have to pay LMI if I’m a doctor?
If you’re a doctor applying for a home loan, lenders may offer to waive your LMI for loans with a loan-to-value ratio (LVR) as high as 95%. Some lenders may even offer 100% LVR loans with no LMI for high-earning professionals like doctors and lawyers.
What size home loan deposit do doctors need to avoid LMI?
If you’re a doctor applying for a home loan, lenders may offer you an LMI-free home loan with a deposit as small as 5%, making for a LVR of 95%. Depending on the lender, you may even be eligible for a 100% LVR loan with no LMI.
How much could I save in waived LMI as a doctor?
If you’re a qualified and practicing doctor, lenders may decide not to charge you LMI as a relatively low-risk borrower. That being said, here’s a brief overview of the amounts of LMI you could expect to pay as a first home buyer based on different property values and deposit amounts:
| Deposit amount | |||
| Property value | 5% | 10% | 15% |
| $500,000 | $14,871.82 | $8,679.89 | $4,712.67 |
| $700,000 | $27,946.62 | $15,498.00 | $7,540.27 |
| $1,000,000 | $39,923.75 | $22,140.00 | $10,771.82 |
| Assumptions: Calculated via Helia’s LMI fee estimator. Assumes buyer is a first home buyer with a 30-year owner-occupied home loan. Fees subject to change, guide only. LMI costs can also vary by state. Assumes an upfront LMI premium. Excludes stamp duty. | |||
Meet our home loans expert, Stephen Zeller
Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).
Stephen leads our team of Mortgage Brokers, and reviews and contributes to Compare the Market’s banking-related content to ensure it’s as helpful and empowering as possible for our readers.