What are the peculariticies of home loans for doctors and other medical staff?
Home loans for doctors and other medical professionals in Australia often come with special benefits and terms due to the perceived lower risk associated with their profession. Here are some peculiarities and advantages of such lending offers:
- Higher Loan-to-Value Ratio (LVR) - sometimes up to 90-95%, without the need for Lenders Mortgage Insurance (LMI).
- Discounted Interest Rates. The discounts can apply to both fixed and variable rate home loans.
- Waived or Reduced Fees. Application commissions, annual fees, and valuation fees, as an incentive for medical professionals.
- Flexible Loan Features. Offset accounts, redraw facilities, and the ability to make extra repayments without penalty.
- Tailored Loan Products. Loans that take into account the irregular income of junior doctors or those in private practice.
Who can apply for medical staff mortgage loans?
- General practitioners (GPs)
- Specialists
- Dentists
- Surgeons
- Veterinarians
- Pharmacists
- Medical researchers
- Nurses and allied health professionals (some lenders may offer benefits to these groups as well)
- Other staff
Home loan calculations for 20 years (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 100,000 | 5.10% | 51,425 |
| 100,000 | 5.20% | 52,433 |
| 100,000 | 5.30% | 53,442 |
| 150,000 | 5.40% | 81,675 |
| 150,000 | 5.50% | 83,188 |
| 150,000 | 5.60% | 84,700 |
| 200,000 | 5.70% | 114,950 |
| 200,000 | 5.80% | 116,967 |
| 200,000 | 5.90% | 118,983 |
| 250,000 | 6.00% | 151,250 |
| 250,000 | 6.10% | 153,771 |
| 250,000 | 6.20% | 156,292 |
You can also get more detailed calculations by using our financial calculators.
Do nurses have to pay LMI in Australia?
Nurses and other medical professionals may have options to avoid paying Lenders Mortgage Insurance (LMI), although the benefits are typically more readily available to doctors and certain other high-income medical professionals. However, some lenders are extending favorable terms to a broader range of healthcare workers, including nurses.
Eligibility for LMI waivers can depend on factors such as income level, employment status, and the specific policies of the lender. Registered nurses, particularly those with stable employment in public health systems, may have better chances.
See the similar FAQs about Australian banks:
- Commbank home loan repayments ways
- Commbank house value experience
- Commbank property search
- Commbank property valuations time
- Commonwealth Bank authority forms: how to get?
Details of companies offering the financial services:
ANZ Bank
Head office’s address: 833 Collins Street
Contact center: 13-13-14
Phone: 61-3-9683-9999
Mail address: 833 Collins Street Docklands, Melbourne
Web-site: http://www.anz.com
Swift code: ANZBAU3M
Financial institution code: ANZ
Stock code: ANZ
ABN: 11 005 357 522
BSB: 015-891
Bank of Queensland
Head office’s address: 100 Skyring Ter
Contact center: 61-1300-557-272
Mail address: 100 Skyring Ter L 6, Newstead, Queensland, 4006
Web-site: http://www.boq.com.au/
Stock code: BOQ
ABN: 32 009 656 740
BSB: 124-001
Bank of Sydney
Head office’s address: 62 Pitt Street
Contact center: 61-13-95-00
Phone: 61-2-8262-9191
Mail address: 62 Pitt Street, Sydney, NSW
Web-site: http://www.banksyd.com.au
Swift code: LIKIAU2S
ABN: 44 093 488 629
BSB: 942-202
Bankwest
Head office’s address: 300 Murray St
Contact center: 61-131719
Phone: 61-8-9449-2840
Mail address: Bankwest PO Box E237 Perth WA 6841
Web-site: http://www.bankwest.com.au/
Swift code: BKWAAU6P
ABN: 48 123 123 124
BSB: 325-185
Beyond Bank Australia
Head office’s address: 100 Waymouth St
Contact center: 13-25-85
Phone: 61-8-8205-8888
Mail address: GPO Box 1430 Adelaide SA 5001
Web-site: http://www.beyondbank.com.au
Swift code: CUSCAU2S
ABN: 15 087 651 143
BSB: 805022
CommBank
Head office’s address: 201 Sussex Street
Contact center: 13-22-21
Phone: 61-2-8055-4001
Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street
Web-site: https://www.commbank.com.au/
Swift code: CTBAAU2S
Stock code: CBA
ABN: 48 123 123 124
ING Bank
Head office’s address: 60 Margaret St
Contact center: 61-2-9028-4077
Mail address: 60 Margaret St, Sydney NSW 2000
Web-site: http://www.ingdirect.com.au/
Swift code: INGBAU2S
Financial institution code: ING
ABN: 24 000 893 292
BSB: 923-100
NAB
Head office’s address: 800 Bourke Street
Contact center: 13-22-65
Phone: 61-3-8566-7023
Mail address: Level 4, 800 Bourke Street, Docklands, VIC
Web-site: http://www.nab.com.au/
Swift code: NATAAU3303M
Financial institution code: NAB
Stock code: NAB
BSB: 086-027
St. George Bank
Head office’s address: 275 Kent Street
Contact center: 13-33-30
Phone: 61-2-9553-5333
Mail address: St.George Bank Locked Bag 1 Kogarah NSW 1485
Web-site: http://www.stgeorge.com.au/
Swift code: SGBLAU2S
Financial institution code: STG
Stock code: SGB
ABN: 33 007 457 141
BSB: 112-908
Suncorp Bank
Head office’s address: 80 Ann Street
Contact center: 13-11-55
Phone: 61-7-3362-2222
Mail address: PO Box A50 Sydney South NSW 1235
Web-site: http://www.suncorpbank.com.au/
Swift code: METWAU4B
ABN: 66 010 831 722
BSB: 484-799
Westpac Bank
Head office’s address: 275 Kent Street
Contact center: 13-20-32
Phone: 61-2-9155-7700
Mail address: 275 Kent Street, Sydney, NSW
Web-site: https://www.westpac.com.au/
Swift code: WPACAU2S
Financial institution code: WBC
Stock code: WBC
ABN: 33 007 457 141
BSB: 032-063