Finance May 11, 2022

Do I qualify for a doctor home loan or medical professional package?

5 min read

Doctors 1
Doctors 1

There are certain professions within the medical industry who qualify for a doctor or medico home loan package. These special home loan products offer lower rates, can be taken out with a lower deposit and without having to pay LMI.

There are many benefits to working in the medical profession, and one is that you are a preferred and valuable client for lenders and banks in Australia. With a great income, less chance of default and a great network of other medical professionals you are a desirable client to have!

What are the benefits of a medical package home loan?

The benefit for you, is that you are able to access medical professional packages which include home loans with:

  • No or a low deposit needed
  • No lenders mortgage insurance
  • Special low interest rates

Am I eligible for a LMI waiver?

The eligibility criteria is given below:

  • Average maximum loan size of $4.5 million but could be more depending on the Lender
  • Maximum loan of 95% of the property value (borrowing more is sometimes possible)
  • You must be a member of a relevant industry organisation (e.g. AMA)
  • You must be a preferred medical professional such as a dentist, optometrist, veterinarian, chiropractor, pharmacist etc.

What professions are included?

There are a range of different professions who can access doctor and medical profession home loans (subject to lender approval):

  • Anaesthesiologist/anaesthetist
  • Audiologist
  • Cardiologist
  • Cardiothoracic Surgeon
  • Chiropractor
  • Sports chiropractor
  • Animal chiropractor
  • Clinical Pharmacologist
  • Cosmetic Surgeon
  • Dentist
  • Dermatologist
  • Doctor
  • Ear and Throat Surgeon
  • Epidemiologist
  • Emergency Doctor
  • Emergency Medicine Specialist
  • Emergency Surgeon
  • Endocrinologist
  • GI Surgeon
  • Gastroenterologist
  • General Practitioner (GP)
  • GP Registrar
  • General Surgeon
  • Gynaecologist
  • Haematologist
  • Heart Surgeon
  • Hepatologist
  • Herpetologist
  • Intern doctor(internship)
  • Immunologist
  • Kinesiologist
  • Maxillofacial Surgeon
  • Medical Administrator
  • Medical Practitioner
  • Medical Registrar
  • Nephrologist
  • Neurosurgeon
  • Neurologist
  • Neurophysiologist
  • Obstetrician
  • Occupational Therapist
  • Oncologist
  • Ophthalmologist
  • Optometrist
  • Oral and Maxillofacial Surgeon
  • Oral Surgeon
  • Orthodontists
  • Orthopaedic Surgeon
  • Orthopaedic Registrar
  • Osteopath
  • Paediatric Surgeon (Neonatal/Perinatal)
  • Paediatrician
  • Pathologist
  • Physiotherapist
  • Pharmacist
  • Physician
  • Plastic Surgeon
  • Podiatrist
  • Psychiatrist
  • Psychologist
  • Radiographer
  • Radiologist
  • Radiation Oncologist
  • Resident doctor(residency)
  • Reconstructive Surgeon
  • Respiratory Surgeon
  • Respiratory/Thoracic Surgeon
  • Rheumatologist
  • Sonographer
  • Speech Pathologist
  • Specialist Physician
  • Surgeon
  • Surgical Registrar
  • Thoracic Surgeon
  • Urologist
  • Vascular Surgeon
  • Veterinarian

Certain association memberships are required to qualify

To qualify for a medical professional home loan you need to be a member of one of these associations:

  • 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 Business Association
  • Australian Veterinary Association
  • Australasian College for Emergency Medicine (ACEM)
  • Australasian College of Cosmetic Surgery (ACCS)
  • Australasian College of Dermatologists (ACD)
  • College of Intensive Care Medicine of Australia and New Zealand (CICM)
  • Medical Practitioners Board of Australia
  • Royal Australasian College of Dental Surgeons (RACDS)
  • Royal Australasian College of Medical Administrators (RACMA)
  • Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
  • Royal Australian and New Zealand College of Ophthalmologists (RANZCO)
  • Royal Australasian College of Surgeons (RACS)
  • Royal Australasian College of Physicians (RACP)
  • Royal College of Pathologists of Australasia (RCPA)
  • Royal Australian and New Zealand College of Psychiatrists (RANZCP)
  • Optometrists Association Australia
  • The Australia and New Zealand College of Anaesthetists (ANZCA)
  • The Royal Australian College of General Practitioners (RACGP)
  • The Royal Australian and New Zealand College of Radiologists (RANZCR)
  • Urological Society of Australia and New Zealand (USANZ)
  • Other associations may be accepted on a case-by-case basis