If you’re a doctor looking to buy your first home or investment property in Western Australia, you’ve probably heard that banks offer special deals for medical professionals.
The good news? These specialised loans for medical professionals are real, and they can save you tens of thousands of dollars.
The confusing part? Most doctors don’t fully understand how these loans work, what they’re actually entitled to, or the mistakes that can cost them those benefits.
After years helping medical professionals across the South West secure home loans from our Busselton office, we’ve seen brilliant doctors make easily avoidable mistakes, and we’ve helped countless others unlock benefits they didn’t even know existed.
This guide cuts through the jargon and gives you the insider knowledge you actually need before you borrow.
Why Banks Love Lending to Doctors (And What That Means for You)
Here’s the reality: when it comes to home loans for medical professionals, banks roll out the red carpet.
Why? Because statistically, doctors are their dream borrowers:
- Stable, above-average income (even as a registrar)
- Strong job security (healthcare demand isn’t going anywhere)
- Extremely low default rates (doctors rarely miss mortgage payments)
- High earning potential (your income typically grows significantly throughout your career)
Because of this, lenders offer loans for medical professionals with benefits that other borrowers simply can’t access:
The Three Major Benefits:
1. No Lenders Mortgage Insurance (LMI) with as little as 5-10% deposit
Normally, if you borrow more than 80% of a property’s value, you pay LMI, which can be $15,000-$30,000+ on a typical property. For doctors and medical professionals, many lenders waive this entirely.
Example: A GP buying a $750,000 home with a 10% deposit ($75,000) would normally pay around $18,000 in LMI. With a loan for medical professionals, that’s waived. That’s $18,000 saved immediately.
2. Higher borrowing capacity
Lenders will often lend you more than they would other borrowers with the same income because they factor in:
- Your future earning potential as you progress from registrar to consultant
- Shift allowances and overtime
- On-call payments and additional income streams
3. Better interest rates and reduced fees
Many lenders offer discounted rates (often 0.1-0.3% lower) and waived fees for medical professionals.
Over a 30-year loan, even 0.2% can save you $20,000+.
Who Qualifies for Loans for Medical Professionals?
Most doctors assume these specialised home loans are only for consultants or specialists. Not true.
Typically eligible medical professionals include:
- Medical students (final year, with job offer)
- Junior doctors and interns
- Registrars (all specialties)
- General practitioners (GPs)
- Medical specialists (surgeons, cardiologists, psychiatrists, anaesthetists, etc.)
- Medical researchers with clinical qualifications
Also often eligible:
- Dentists and orthodontists
- Veterinarians
- Pharmacists
- Optometrists
The key requirement:
You must be registered with AHPRA (Australian Health Practitioner Regulation Agency).
Each lender has a different list of approved professions and career stages. Some lenders offer full benefits to registrars, others require you to be a consultant. Some include dentists and vets, others are doctors-only. This is where a broker’s knowledge is invaluable, Intrepid Finance can help you find out which lenders will approve your specific situation.
The 5 Biggest Mistakes Doctors Make with Home Loans
Mistake #1: Applying to the Wrong Lender (And Missing Out on $20,000+ in Benefits)
Not all banks offer loans for medical professionals, and those that do have vastly different criteria. Some waive LMI up to 90% LVR, others up to 95%. Some include registrars, others require you to be fully qualified. Some extend benefits to dentists and vets, others are strictly for medical doctors.
You walk into your regular bank or apply online, get treated like a standard borrower, and miss out on $20,000+ in LMI savings plus higher interest rates.
Understand that the “big four” banks all offer different programs:
- Commonwealth Bank: LMI waiver up to 90% LVR for doctors
- Westpac: LMI waiver up to 90% LVR, includes registrars
- ANZ: Competitive rates, fast-track approvals for medical professionals
- NAB: Professional package with fee waivers
Plus dozens of other lenders with their own criteria.
Example:
A registrar applied directly to their regular bank for a home loan. The bank said they needed a 20% deposit to avoid LMI. We moved them to a different lender that offered loans for medical professionals at their career stage, 10% deposit, LMI waived, rate 0.25% lower. Total savings: $24,000 in LMI + $18,000 in interest over 5 years.
Intrepid Finance
knows exactly which lenders offer the best loans for medical professionals at your specific career stage and income level.
Mistake #2: Not Understanding How Your Doctor Income Is Assessed
Doctors often have complex income structures that standard loan assessments don’t handle well:
- Base salary + shift allowances
- Overtime and on-call payments
- Weekend and public holiday loadings
- Private billing income (if you have VMO or private practice work)
- Locum work between training positions
- Multiple income sources (public hospital + private rooms)
Most doctors don’t realise that loans for medical professionals assess this income differently and more favorably. You either underestimate your borrowing capacity and look at properties below what you can actually afford, or you don’t present your income correctly and get approved for less than you should.
Understand how lenders assess medical professional income:
- Shift allowances: Often counted at 100% (vs. 50-80% for other professions)
- Overtime: Can be included if consistent over 6-12 months
- On-call payments: Usually included at 80-100%
- Private billing: Assessed based on tax returns and practice structure
- Locum income: May require longer history but can be included
Insider tip:
Provide 2 years of tax returns, recent payslips showing all income components, and a letter from your employer confirming ongoing shift/overtime arrangements. For registrars, include your training contract showing your progression pathway, lenders understand your income will increase.
Example:
A registrar earning $110,000 base salary plus $35,000 in shift allowances thought they could borrow around $550,000. We showed them how loans for medical professionals assess their full income, they were approved for $720,000, allowing them to buy in their preferred suburb.
Mistake #3: Timing Your Application Wrong (Career Transitions Matter)
The Problem:
Medical careers have unique timing considerations that can dramatically affect your loan application:
- Moving from registrar to consultant (significant income jump)
- Relocating interstate or overseas for training
- Transitioning from public hospital to private practice
- Taking parental leave or reducing hours
- Moving between training positions
- Starting fellowship training
What Happens:
You apply during a transition period when your income looks unstable or lower than it will be, resulting in lower borrowing capacity or even rejection.
Strategic timing matters for loans for medical professionals:
Best times to apply:
- After you’ve started a new position (at least 3 months in, ideally 6)
- Before you transition to private practice (employed income is easier to assess)
- Before taking parental leave (if planning to reduce hours)
- After your contract is renewed (shows ongoing employment)
Worst times to apply:
- During your notice period at a hospital
- In your first month of a new rotation or position
- When you’re between training contracts
- Right after starting private practice (wait 12-18 months for financials)
- Just before heading overseas for fellowship training
Example:
A specialist was finishing their fellowship and about to start a consultant position with a $120,000 salary increase. They wanted to buy immediately before starting the new role. We advised waiting 3 months until they had payslips from the consultant position, their borrowing capacity increased by $280,000, allowing them to buy a much better property.
Insider tip:
If you’re about to get a significant pay rise, wait until it shows on your payslips. If you’re in a stable position now but planning changes, apply before the transition.
Mistake #4: Not Maximising the LMI Waiver (And Tying Up Cash Unnecessarily)
Many doctors save a 20% deposit because they think that’s what they need, not realising that loans for medical professionals allow them to borrow up to 90-95% with no LMI.
If you tie up $100,000+ in your deposit that could be used for:
- Furniture and renovations
- Keeping an emergency fund (important for doctors with variable income)
- Paying down HECS debt faster
- Investing elsewhere
- Having financial flexibility as you establish your career
Consider using a smaller deposit strategically:
If you have $150,000 saved and are buying a $750,000 property:
- Option A: Use all $150,000 as a 20% deposit, borrow $600,000
- Option B: Use $75,000 as a 10% deposit, borrow $675,000, keep $75,000 for other purposes
With loans for medical professionals, both options avoid LMI. Option B gives you more financial flexibility.
Important consideration:
Higher borrowing means higher repayments. Make sure you’re comfortable with the ongoing costs, especially if you’re a registrar with income that varies by rotation.
Insider tip:
Some lenders allow doctors to borrow up to 95% LVR with no LMI, but the interest rate may be slightly higher (usually 0.1-0.2%). Run the numbers to see if the extra borrowing cost is worth keeping more cash available.
Example:
A GP had saved $180,000 for a 20% deposit on a $900,000 home. We showed them they could use just $90,000 (10% deposit) and keep $90,000 in an offset account. This reduced their interest costs (offset account savings) while maintaining liquidity for practice opportunities and emergencies.
Mistake #5: Forgetting About HECS Debt (It Affects You More Than You Think)
Most doctors have substantial HECS/HELP debt, often $50,000-$100,000+. Many don’t realise this significantly reduces their borrowing capacity for home loans.
Lenders treat your HECS repayment obligation as a debt when calculating how much you can borrow. If you’re earning $150,000 with $80,000 in HECS debt, that could reduce your borrowing capacity by $60,000-$100,000.
If you get approved for less than you expected, or you miss out on your ideal property because your borrowing capacity is lower than it should be.
Strategy 1: Pay down HECS before applying
If you have savings and are planning to buy within 6-12 months, consider paying down your HECS debt to increase your borrowing capacity.
Example: Paying off $50,000 in HECS could increase your borrowing capacity by $70,000-$90,000.
Strategy 2: Structure your deposit strategically
Use some of your deposit savings to pay down HECS, then use a smaller deposit (taking advantage of the LMI waiver for medical professionals).
Insider tip:
Run the numbers with a broker before making this decision. Sometimes it makes sense to keep the HECS debt and use a smaller deposit. It depends on your income, savings, and property goals.
Example:
A registrar had $100,000 saved and $70,000 in HECS debt. They were approved to borrow $520,000. We showed them that if they paid off the HECS debt ($70,000), they’d be approved to borrow $610,000, a $90,000 increase. They used $70,000 to clear HECS, $30,000 as a 5% deposit (LMI waived), and bought a property worth $610,000 instead of $520,000.
Tips Most Brokers Won’t Tell You About Loans for Medical Professionals
Tip #1: You Can Get Pre-Approved Before You Even Start Working
Final-year medical students with a signed employment contract can often get pre-approved for loans for medical professionals before they start their internship.
As a student, you could start looking at properties and be ready to buy as soon as you start earning.
Requirements:
- Signed employment contract showing start date and salary
- AHPRA registration (or evidence of pending registration)
- Proof of savings for deposit
Not all lenders offer this, but several do. This is perfect for doctors who want to buy before rental history makes it harder, or who want to establish themselves in their new city before starting work.
Tip #2: Loans for Medical Professionals Work for Investment Properties Too
Most doctors assume these specialised loans are only for owner-occupied homes. Several lenders extend the benefits (including LMI waivers) to investment properties as well.
If you’re relocating for training and want to buy an investment property in your home region (like Perth or the South West), or if you’re buying an investment property while renting closer to your hospital, you might still qualify for medical professional benefits.
Investment property loans for medical professionals typically require a slightly larger deposit (15% instead of 10%), but you still avoid LMI and get better rates than standard investment loans.
Tip #3: Your Partner’s Income Counts Too (Even If They’re Not a Doctor)
If you’re buying with a partner who isn’t a medical professional, you can still access loans for medical professionals as long as one borrower qualifies.
How it works:
- Both incomes are assessed for borrowing capacity
- You still get the LMI waiver and rate discounts
- Both names go on the title
This can significantly increase your borrowing capacity while still getting the medical professional benefits.
Tip #4: Regional and Rural Doctors May Have Additional Benefits
If you’re working in regional or rural WA (including the South West), you may be eligible for additional incentives:
Federal incentives:
- Rural Health Workforce incentives (tax benefits up to $18,000/year)
- Relocation support for rural placements
WA State incentives:
- Rural Health West programs (accommodation support, relocation assistance)
- First Home Owner Grant (if applicable – $10,000 for new builds)
Property market advantages:
- Lower entry prices in regional areas (Busselton, Bunbury, Albany)
- Strong rental yields if buying investment property
- Growing regional markets (South West population growth)
Busselton and Margaret River offer excellent lifestyle, growing healthcare infrastructure, and property prices 30-40% lower than Perth metro, making it easier for early-career doctors to enter the market.
Tip #5: You Can Refinance to Access These Benefits Later
If you bought a property before you knew about loans for medical professionals, or if you bought before you qualified (e.g., as a student), you can refinance to access the benefits.
When it makes sense:
- You paid LMI on your original loan (you might be able to remove it)
- Your income has increased significantly (registrar to consultant)
- Interest rates have changed
- You want to access equity for renovations or investment
Example:
A doctor bought a property as a medical student with a standard loan, paying $16,000 in LMI. Three years later as a registrar, we refinanced them to a loan for medical professionals, better rate (saving $3,200/year) and increased borrowing capacity to renovate.
What About Private Practice Doctors?
If you’re self-employed or have your own practice, you can still access loans for medical professionals, but the assessment is different:
What you’ll need:
- 2 years of tax returns (sometimes 1 year for established practitioners)
- Practice financials (profit & loss, balance sheet)
- ABN and business registration
- AHPRA registration
- Accountant’s letter confirming income
How it’s assessed:
- Lenders look at your net profit after expenses
- They may add back certain deductions (depreciation, super contributions)
- Your borrowing capacity is based on sustainable income, not one-off spikes
Some lenders are much more favorable to self-employed medical professionals than others. The big banks can be quite conservative, while some non-bank lenders understand medical practice finances better and offer more competitive loans for medical professionals.
Example:
A GP with their own practice had been declined by two major banks because their net profit looked low after legitimate business deductions. We placed them with a specialist lender who understood medical practice structures, they were approved for $850,000 at a competitive rate.
Should You Use a Broker for Loans for Medical Professionals?
When you DON’T need a broker:
- You have a very simple situation (employed, single income, 20%+ deposit, perfect credit)
- You’ve already researched and know exactly which lender offers the best deal
- You have time to manage applications and compare multiple lenders yourself
When you SHOULD use a broker:
- You want to ensure you’re getting the absolute best deal (we compare 40+ lenders)
- You have complex income (multiple sources, private billing, locum work)
- You’re time-poor (most doctors are, brokers like us handle everything)
- You’re not sure which lender will offer the best terms for your career stage
- You want to maximise your borrowing capacity
- You have HECS debt and want to optimise your strategy
- You’re buying in a competitive market and need fast pre-approval
- You’re self-employed or in private practice
And remember, brokers don’t cost you anything. We’re paid by lenders when your loan settles.
Why Choose Intrepid Finance for Your Home Loan?
1. We Specialise in Loans for Medical Professionals
We’ve helped doctors, specialists, registrars, and other medical professionals across the South West secure home loans. We understand:
- Complex medical income structures
- Career progression from intern to consultant
- Training rotations and relocations
- The unique demands of medical careers
- HECS debt strategies
2. We Know Which Lenders Offer the Best Deals for Doctors
Not all loans for medical professionals are equal. We know:
- Which lenders include your specific career stage (student, intern, registrar, consultant)
- Which offer the highest LVR with LMI waiver (90% vs 95%)
- Which have the best rates and lowest fees
- Which assess medical income most favorably
- Which process applications fastest
3. We’re Local to the South West
Based in Busselton, we understand:
- Regional WA property markets
- Local healthcare employment (Busselton Hospital, private practices, regional health services)
- South West lifestyle and property options
- Regional incentives for rural doctors
Whether you’re working at Busselton Hospital, considering a GP position in Margaret River, or looking at regional opportunities, we understand your local context.
4. We Save You Time
As a doctor, your time is incredibly valuable. We:
- Handle all lender communication and paperwork
- Compare all available loans for medical professionals
- Provide clear updates throughout the process
- Can meet at times that suit your schedule (evenings, weekends, between shifts)
- Get you pre-approved quickly so you can act fast in competitive markets
5. No Fees to You
- No upfront costs
- No application fees
- Free initial consultation
- We’re only paid by lenders when your loan settles
Final Thoughts
Loans for medical professionals offer genuine, substantial benefits that can save you $20,000-$50,000+ in LMI alone, plus thousands more in better interest rates over the life of your loan.
But these benefits only work if you:
- Apply to the right lender for your career stage
- Present your income correctly
- Time your application strategically
- Understand how HECS debt affects your borrowing
- Don’t just accept the first offer you receive
You’ve worked incredibly hard to become a doctor. Make sure your home loan works just as hard for you.
About Intrepid Finance
Intrepid Finance is a locally-owned finance brokerage based in Busselton, Western Australia. We specialise in helping medical professionals, business owners, and families across the South West secure the right loan solutions. As authorised credit representatives, we operate in full compliance with ASIC regulations and responsible lending obligations. We’re proud members of the local community and committed to providing honest, expert advice.
Frequently Asked Questions About Loans for Medical Professionals
1. Can I get a loan as a registrar or junior doctor?
Absolutely! Most lenders offer loans for medical professionals to registrars and junior doctors, not just consultants. You’ll need:
- AHPRA registration
- Employment contract or recent payslips
- Proof of income (including shift allowances)
Your borrowing capacity is based on your current income, but lenders recognise your future earning potential. Some lenders even offer pre-approval to final-year medical students with signed employment contracts.
2. How much can I borrow as a doctor?
It depends on your income, debts (especially HECS), and expenses, but here’s a rough guide:
- Intern ($70,000-$80,000): Borrow $350,000-$450,000
- Registrar ($100,000-$130,000): Borrow $500,000-$700,000
- Consultant/GP ($180,000-$250,000+): Borrow $900,000-$1,400,000+
These are approximate ranges. Your actual borrowing capacity depends on your specific situation, including HECS debt, other commitments, and living expenses.
Loans for medical professionals often allow higher borrowing than standard loans because lenders assess your income more favorably.
3. What deposit do I need?
With loans for medical professionals:
- Minimum: 5% deposit (some lenders)
- Common: 10% deposit (most lenders)
- Ideal: 15-20% deposit (maximum flexibility and best rates)
All of these options can avoid LMI with the right lender, that’s the key benefit of loans for medical professionals.
4. Does my HECS debt matter?
Yes, significantly. HECS debt reduces your borrowing capacity because lenders factor in your repayment obligation.
Example: $60,000 in HECS debt could reduce your borrowing capacity by $70,000-$90,000.
5. Can I buy an investment property with these loans?
Yes! Several lenders extend loans for medical professionals benefits to investment properties, including:
- LMI waivers (usually at 85% LVR for investment, vs 90% for owner-occupied)
- Better interest rates than standard investment loans
- Higher borrowing capacity
This is perfect for doctors who are relocating for training and want to buy an investment property in their home city, or who want to build a property portfolio.
6. How long does approval take?
Pre-approval: 2-5 business days (often faster for doctors)
Full approval: 1-3 weeks depending on complexity
Settlement: 4-6 weeks from full approval
Many lenders fast-track loans for medical professionals. If you’re in a competitive market (like Busselton or Dunsborough), we can target these lenders for quicker turnaround, sometimes pre-approval in 24-48 hours.
