FORGOT YOUR DETAILS?

MEDICAL PROFESSIONALS

Why doctors, nurses, specialists and other medical professionals use Delta Mortgage as their mortgage broker?

Doctors have an excellent reputation with banks thanks to their high earning potential and a history of low default rates. 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 95% of the total property value. As a Medical Professional some banks see you as lower risk than other borrowers, and we can negotiate a loan with discounted interest rates that are not available to the average home buyer. Your high income potential as a medical professional means that banks are willing to lend you a higher amount than other home buyers.

01

BORROWING CAPACITY

As a Doctor or Medical Professional you are able to borrow much higher amounts than the regular public. At the same time you don't need to pay LMI. Reason being, the banks see your profession as much lower risk than the general population.
  • Borrow up to 100% of the property’s value and pay no LMI (slightly harder lending criteria applies)
  • Borrow up to 90-95% of the property’s value and pay no LMI (largest range of lenders, less strict criteria)
  • Borrow up to $5 million to purchase a home to live in, or investment property.
02

ELIGIBLE MEDICAL PROFESSIONALS

Medical professionals from this list of preferred specialties are eligible for a specialist loan, including benefits like having LMI waived and being eligible for exclusive discounts.
  • Anesthesiologist
  • Anaesthetist
  • Cardiologist
  • Cardiothoracic Surgeon
  • Chiropractor
  • Clinical Pharmacologist
  • Cosmetic Surgeon
  • Dental Specialist
  • Dentist
  • Dermatologist
  • Ear and Throat Surgeon
  • Emergency Doctor
  • Emergency
  • Medicine Specialist
  • Emergency Surgeon
  • Endocrinologist
  • Gastro Intestinal
  • Gastroenterologist
  • General Practitioner
  • General Surgeon
  • GP
  • GP Registrar
  • Gynaecologist
  • Haematologist
  • Heart Doctor
  • Heart Surgeon
  • Hepatologist
  • Immunologist
  • Intern (Hospital Employed)
  • Maxillofacial Surgeon
  • Medical Administrator
  • Medical Practitioner
  • Medical Registrar
  • Nephrologist
  • Neurosurgeon
  • Neurologist
  • Obstetrician
  • Oncologist
  • Ophthalmologist
  • Optometrist
  • Oral Surgeon
  • Orthodontist
  • Orthopaedic Surgeon
  • Otolaryngologist
  • Paediatric Surgeon (Neonatal/Perinatal)
  • Paediatrician
  • Pathologist
  • Pharmacist
  • Physician
  • Physiotherapist
  • Plastic Surgeon
  • Psychiatrist
  • Radiologist
  • Radiation Oncologist
  • Reconstructive Surgeon
  • Registrar
  • Resident Medical Officer
  • Residents (Hospital Employed)
  • Respiratory Surgeon
  • Rheumatologist
  • Specialist Physician
  • Staff Specialists (Hospital Employed)
  • Surgeon
  • Surgical Registrar
  • Thoracic Surgeon
  • Urologist
  • Vascular Surgeon
  • Veterinarian
If you are a Chiropractor, Osteopath, Optometrist, Physiotherapist, Pharmacist, Dental Tech or Podiatrist you may also qualify to have your LMI waived. Speak with our team on the specific criteria around this.
03

NO LMI

The average person usually has to pay lenders mortgage insurance (LMI) if they are borrowing more than 80% of the value of the property that they’re buying. LMI is a one off fee that insures banks against losses in cases where you can’t repay your mortgage. However, medical professionals are seen as low risk borrowers, and therefore don’t usually have to pay LMI. Because of their strong income and employment prospects, doctors rarely miss mortgage repayments. Home loans for doctors and other medical professionals can also come with other perks that aren’t available to the general public.
04

DISCOUNTED INTEREST RATES

As a doctor, you’re a very attractive prospect for lenders. Most medical professionals have a high income and good job prospects, which makes them very low risk borrowers. This has resulted in numerous lenders creating special home loans for doctors. Our medical mortgage broker team can help you negotiate a reduced interest rate and no LMI.
05

WHICH LENDER TO SELECT?

The biggest difference between the lenders is their approach to mortgages for doctors, the type of properties they specialise in and how they will verify your income. Add to this that all of the lenders policies are constantly changing, and as the banks are waiving tens of thousands of dollars in lenders mortgage insurance – its hard to give a broad brushed ’this lender will be right for you’ answer here. In other words, each application and situation is unique. There are several banks and each got their areas of expertise:
  • ANZ Medico Package
  • CBA medical professional offer
  • NAB Healthcare Professional Package
  • Westpac doctor home loan
  • Bankwest Medical Practitioner Package
  • BOQ specialist home loan
06

BUYING OR STARTING A NEW PRACTICE

As a doctor or other medical professional you might want to start your own practice. Although a lot of work, your own practice can be both financially and personally rewarding. Below we’ll have a quick look at medical practice loans and how to get the best deal when you’re setting your new practice up. How do banks look at medical practice loans? Banks look at a number of factors when deciding whether or not to approve a medical practice loan.
  • Whether or not you have a medical qualification and at least a few years relevant experience.
  • Evidence of a Medicare provider number.
  • Proof of registration to the Australian Dental Association (for dentists) or the Veterinary Surgeons Board (for vets).
  • How many assets you have behind you. Generally, the more the better.
Speak to our medical mortgage brokers to find out more.
07

MORTGAGE BROKER OR BANK?

Home Loans for Doctors can be more complicated than ordinary residential lending. You may receive regular overtimes, or allowances that the majority of banks do not understand and know how to utilise. This is further complicated by banks not publishing their interest rates and constantly changing their lending policies. This is one of the many reasons high net worth investors deal with our specialist Medical mortgage brokers when purchasing a home or investment property.
TOP