Home Loans for Doctors are specialised home loans for doctors & medical professionals that offer a range of attractive discounts, including waived fees, lower interest rates, higher loan-to-value ratios (LVRs) and the ability to avoid lenders’ mortgage insurance (LMI) payments.
Some of the advantages of Home Loans for Doctors
- No LMI on mortgages up to 90% of the property value and more in some cases, lenders will usually charge Lenders Mortgage Insurance (LMI) if you don’t have a 20% deposit. As a medical professional you can have this waived for loans up to 90% of the total property value.
- Discounted interest rates. if you are borrowing less than 90% of the property value, you can get a loan with discounted interest rates that are not available to the average home buyer.
- Higher borrowing amounts, subject to affordability, medical professionals can obtain higher loan amounts on a single security, in some cases up to $4.5 Million.
- No genuine savings required, there is no requirement for you to evidence that your funds to complete have been held in a bank account for 3 or more months.
- Under certain circumstances you may be eligible to borrow the full 100% of the purchase price of the property, this is subject to very special conditions and is not available for all doctors.
- If purchasing medical equipment for your practice, this can normally be done at the full cost of the equipment, with no further security required.
- Newly arrived in Australia and on a temporary visa, such as a class 457 visa, not a problem, you can also take advantage of the home loans for doctors benefits, however you are still subject to the rules set down by the Foreign Investment Review Board, so you still need to seek FIRB approval and you will also be liable for any Additional Foreign Acquirer Duty that may apply, this varies from state to state.
How do you qualify?
Very simply, to qualify, you must be working in one of the eligible professions and be a member of one of the eligible associations to take advantage of the home loans for doctors benefits.
The following is a list of acceptable Medical Professionals:
- Academic Pharmacist
- Anaesthetist
- Anesthesiologist
- Animal chiropractor
- Cardio Thoracic Surgeon
- Cardiologist
- Cardiothoracic Surgeon
- Chiropractor
- Clinical Pharmacologist
- Clinical Pharmacy Specialist
- Community Pharmacist
- Compounding Pharmacist
- Consultant Pharmacist
- Cosmetic Surgeon
- Dental Specialist
- Dentist
- Dermatologist
- Doctor
- Drug Information Pharmacist
- Ear and Throat Surgeon
- Emergency Doctor
- Emergency Medicine Specialist
- Emergency Surgeon
- Endocrinologist
- Epidemiologist
- Gastro Intestinal Surgeon
- Gastroenterologist
- General Practitioner (GP)
- General Surgeon
- GP Registrar
- Gynaecologist
- Haematologist
- Heart Doctor
- Heart Surgeon
- Hepatologist
- Herpetologist
- Home Health Pharmacist
- Hospital Pharmacist
- Hospital-employed doctors
- House Medical Officer
- Immunologist
- Industrial Pharmacist
- Informatics Pharmacist
- Intern doctor (internship)
- Junior Medical Officer
- Kinesiologist
- Locum Pharmacist
- Managed Care Pharmacist
- Maxillofacial Surgeon
- Medical Administrator
- Medical Practitioner
- Medical Registrar
- Military Pharmacist
- Nephrologist
- Neurologist
- Neurophysiologist
- Neurosurgeon
- Nuclear Pharmacist
- Obstetrician
- Oncologist
- Oncology Pharmacist
- Ophthalmologist
- Optometrist
- Oral and Maxillofacial Surgeon
- Oral Surgeon
- Orthodontists
- Orthopaedic Registrar
- Orthopaedic Surgeon
- Otolaryngologist
- Paediatric Surgeon
- Paediatrician
- Pathologist
- Pharmacist
- Pharmacist Clinical Pathologist
- Pharmacist Clinical Toxicologist
- Pharmacist prescriber
- Physician
- Physiotherapist
- Plastic Surgeon
- Psychiatrist
- Radiation Oncologist
- Radiologist
- Reconstructive Surgeon
- Regulatory-Affairs Pharmacist
- Resident doctor (residency)
- Resident Medical Officer
- Respiratory Surgeon
- Respiratory/Thoracic Surgeon
- Rheumatologist
- Specialist Physician
- Sports chiropractor
- Surgeon
- Surgical Registrar
- Thoracic Surgeon
- Urologist
- Vascular Surgeon
- Veterinarian
- Veterinary Pharmacist
The following is a list of acceptable associations of which you must be a member:
- Australasian College for Emergency Medicine (ACEM)
- Australasian College of Cosmetic Surgery (ACCS)
- Australasian College of Dermatologists (ACD)
- Australian Association of Practice Managers
- Australian College of Rural and Remote Medicine (ACRRM)
- Australian Dental Association (ADA)
- Australian Dental Council (ADC)
- Australian Medical Association (AMA)
- Australian Medical Council (AMC)
- Australian Veterinary Association
- Australian Veterinary Business Association
- College of Intensive Care Medicine of Australia and New Zealand (CICM)
- Medical Practitioners Board of Australia
- Optometrists Association Australia
- Royal Australasian College of Dental Surgeons (RACDS)
- Royal Australasian College of Medical Administrators (RACMA)
- Royal Australasian College of Physicians (RACP)
- Royal Australasian College of Surgeons (RACS)
- Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
- Royal Australian and New Zealand College of Ophthalmologists (RANZCO)
- Royal Australian and New Zealand College of Psychiatrists (RANZCP)
- Royal College of Pathologists of Australasia (RCPA)
- The Australia and New Zealand College of Anaesthetists (ANZCA)
- The Royal Australian and New Zealand College of Radiologists (RANZCR)
- The Royal Australian College of General Practitioners (RACGP)
- Urological Society of Australia and New Zealand (USANZ)
Apply for a Medical Professional Home Loan
Please contact us on 07 5593 1420 to talk with an Ocean Home Loans mortgage broker who can give you expert advice on Medical Professional home loans for doctors, or enquire online and we will contact you as soon as possible to discuss your options.
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