Medical Professions that can borrow 90- 95% without LMI (FULL LIST)
Saving up a 20% deposit in today’s age can be difficult for many potential home buyers, especially with the cost of housing steadily rising during the pandemic due to many financial incentives. Because of that, new home buyers are faced with the decision of taking the new few years to save up their 20% deposit or buy a home with up to 95% lending while having to pay a hefty Lenders Mortgage Insurance (LMI).
However, a select group of professionals may be eligible to borrow between 90 to 95% of the value of the property without incurring any LMI.
In this article, we will focus on medical professionals that are eligible for this product. However, do take note that different lenders will have different requirements and medical profession lists. There are other professions outside of the medical list, which we will talk about in another blog post.
Medico policy, which is a term we use to describe loans that are available for medical professionals, is available in both fixed and variable loan types.
Requirements:
PAYG: Most lenders will only lend to individuals that are employed, and for low-doc loans or self-employed individuals, there are very few lenders that will accept this.
Min Income: There would normally be a minimum income requirement for such professions. Commonwealth Bank, for example, has reduced the minimum income requirement from $150,000 to $100,000 per annum at the time of writing. Different lenders will have varied income requirements, so make sure to check with your brokers.
Registration: For most medical professions, the borrower must have a valid registration with the Australian Health Practitioner Regulation Agency (AHPRA) website. Veterinarians, on the other hand, will need to be registered with the local Veterinarian board in their particular state.
Medical Professions list
Please note the list below is a complete list put together from different lenders who have a medico policy, so some lenders may not specifically have a certain profession on this list for medico eligibility.
- Anaesthetist
- Cardiothoracic Surgeon
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dentist
- Dermatologist
- Ear and Throat Surgeon
- Emergency Surgeon
- Endocrinologist
- Gastrointestinal Surgeon
- Gastroenterologist
- General Practitioner (also known as medical Practioner)
- Gynaecologist
- Haematologist
- Hepatologist
- Immunologist
- Nephrologist
- Neurosurgeon
- Neurologist
- Registered Nurse
- Obstetrician
- Oncologist
- Ophthalmologist
- Optometrist
- Oral and Maxillofacial Surgeon
- Orthopaedic Consultant
- Otolaryngologist
- Paediatric Surgeon (neonatal and perinatal)
- Pathologist
- Pharmacist
- Plastic Surgeon
- Podiatrist
- Psychiatrist
- Radiologist (Note: This doesn’t include radiographers)
- Reconstructive Surgeon
- Respiratory or Thoracic Surgeon
- Urologist
- Vascular Surgeon
- Veterinarian
Interest Rate
The interest rate on these policies will vary like a standard home loan, and it will depend on the same variables such as the Loan-to-Value Ratio (LVR), the amount being borrowed and the tenure of the loan. There is generally a limit to the amount that you can borrow for a home, however, do check with your broker, as this amount differs from lender to lender.
If you are interested to find out if you qualify, give us a call or fill up the form below, and we will get back to you. Our consultation is at no charge.
