Doctor Home Loans | 5% Deposit, No LMI | Victor Kwong 0451 821 319

Home Loans for Doctors.
5% Deposit. No LMI.

  • 5% deposit with no LMI
  • No minimum income, and you can still be in training
  • Exclusive doctor rate, negotiated with the bank for you
Book a Free 15-Min Call
What the waiver is worth

Same $1.5m home. Three ways to buy it.

Most buyers pay Lenders Mortgage Insurance (LMI) when they borrow more than 80%. As a doctor, you don't.

Save 20% first
$300k
Deposit needed
LMI premium None
Interest rate Standard
The usual way to avoid LMI
Doctors
5% deposit, LMI waived
$75k
Deposit needed
LMI premium Waived
Interest rate Exclusive doctor rate
With most lenders that waive LMI for doctors
Low deposit, paying LMI
$135k
Deposit needed, about 9%
Loan About 91% + LMI = 95%
LMI premium Close to $60,000
Interest rate Around 1% higher
What most buyers face without a waiver
For doctors, 5% is the 20% for other people. On a $1.5m home you need $75,000, not $135,000 or $300,000, and you don't pay an LMI premium of close to $60,000. You'll need stamp duty and buying costs on top of the deposit in all three cases. I'll work out the exact figure for you.
Is the waiver right for you?

When to use the waiver, and when not to.

I don't put every doctor on the waiver. Sometimes another option is better, and I'll tell you when it is.

The waiver suits you when
  • You're buying your first place and don't want to spend years saving a 20% deposit
  • You're buying above the government's first home buyer price cap, so the 5% Deposit Scheme isn't open to you
  • You want to build a property portfolio quickly with the minimum cash outlay
  • You already own a property, but it doesn't have enough equity yet to fund the next one
Another option may suit you better when
  • You already have a 20% deposit, or enough equity in a property you own. You can then choose from every lender, and one outside the waiver group may lend you more or have a better offer
  • You're buying a specialised property. Some banks limit those loans to 80% of the value, waiver or not
  • You're a first home buyer buying under the government's price cap. The 5% Deposit Scheme also avoids LMI, so it's worth comparing the two
What about paying the LMI to get a cheaper rate? I hear this a lot. Doctors compare advertised rates and decide they may as well pay the LMI. Advertised rates aren't what you end up with. I negotiate your rate with the bank directly, and doctors get exclusive rates that aren't advertised. With that in place, paying close to $60,000 in LMI on a $1.5m purchase rarely adds up. If it does for you, I'll tell you.
Before you go further

Three things doctors ask me first.

These come up on almost every first call, so here are the answers up front.

Will I pay a higher rate?
No. I negotiate your rate with the bank directly, and as a doctor you get an exclusive rate that isn't advertised.
Is this a real bank loan?
Yes. It's a normal home loan from a bank, with the LMI waived because you're a doctor. Banks want you as a customer because your income is strong and steady.
Why not go straight to my bank?
You can, but your bank has one policy for doctors. It might be a good one, or it might not suit you. I compare across the lenders that offer the LMI waiver to help you find the best one.
Who qualifies

Who lenders count as a doctor.

The list is wider than most doctors expect. Here's who one major lender accepts:

GPs and medical practitioners
Specialists, including anaesthetists and psychiatrists
Surgeons of every kind
Dentists and orthodontists
Optometrists and podiatrists
Vets
You don't need to finish training first. In most cases, if your name comes up as registered on the AHPRA register, you qualify. Some lenders also accept provisional and limited registration, so interns and doctors still in training are included.
Borrowing power

How much can a doctor borrow?

I see this all the time: two lenders look at the same doctor and come back with very different amounts. These are the three things that move the number most.

Overtime and Allowances
Some lenders cut overtime and on-call back, or ignore it. Others count it properly. On a junior doctor's pay, the gap can be tens of thousands of dollars a year.
Contracts, Locum and ABN
Yearly hospital contracts are normal in medicine, and some lenders treat them that way. If you're on an ABN, many lenders want two years of income. The banks that waive LMI for doctors can accept one.
Salary Packaging and HECS
Some lenders can count your packaged amount as tax-free income, which lifts your borrowing power. Your HECS repayment works the other way and reduces it.

I won't guess a number on the first call. I'll guide you through working out exactly how much you can borrow, so you can buy with confidence.

What you get

Here's what I offer, from first call to settlement.

I know how busy a doctor can be, so my goal is to make signing the contract the only thing you need to do.

I find the lenders that will waive LMI for you
I negotiate your rate with the bank directly
I work out exactly how much you can borrow
I get your pre-approval in place before you inspect
I handle the paperwork and the back and forth with the lender
I help you plan around a new contract or a move to an ABN
I'll tell you honestly if the waiver isn't your best option
I manage everything through to settlement
I'm available 7 days a week, including evenings

Tell me where you're at, and I'll tell you what's possible.

Book a Free 15-Min Call
Victor Kwong, Principal Mortgage Broker at Loan Market
Victor Kwong
Principal Mortgage Broker · Loan Market
I'm Victor. I help doctors Australia-wide get into the property market and build a steady, strong portfolio over time. I have relationships with the banks that offer these deals, so I can unlock doctor offers that you won't see advertised. I compare across the lenders that offer the LMI waiver and help you find the best one for you. Tell me where you're at and what you want to do, and I'll give you a straight answer on your options, including when the answer is to wait.

How we'll work together.

From the first call to the day you get the keys, here's what the process looks like.

  • A Quick Chat

    A 15-minute call. We look at how you're paid, your deposit and what you're trying to buy, and I work out which lenders fit you best.

  • Pre-Approval

    I lodge it with the lender that suits your situation, so you know your number before you start inspecting.

  • Finding the Place

    Once you're pre-approved, you can make offers knowing what you can spend.

  • Formal Approval and Settlement

    I handle the back and forth with the lender and manage it through to the day you get the keys.

Google Reviews

What clients say.

5.0 · Rated on Google
★★★★★
"My wife and I found Victor to be the only broker to actually provide a result where other brokers were quite useless. Really needs six stars!!!!"
C L
Google
★★★★★
"My situation wasn't easy due to my credit history, but Victor was patient, honest, and really knew what he was doing. He was able to help me refinance when I didn't think it was possible."
Eva Lozina
Google
★★★★★
"Victor made buying my first investment property so stress free. He genuinely cared about my goals and helped me plan for the future, not just get the loan done."
Lollipopz
Google
★★★★★
"Victor made the refinancing process very smooth and stress-free. He was knowledgeable, responsive, and always willing to help. Highly recommend to anyone looking for a home loan broker."
Deepshika Singh
Google
★★★★★
"I reached out to Victor as a first home buyer. He carefully guided me through the paperwork and helped me correct mistakes along the way. He also followed up after settlement."
K Ho
Google
★★★★★
"Victor managed to get me a home loan when it seemed impossible and when other brokers failed. I will definitely recommend him to my friends and family."
Tobias
Google
★★★★★
"His knowledge and expertise were second to none. I feel confident that he's my mortgage broker, looking after me."
Ramneek
Google
★★★★★
"Can't thank him enough for his relentless effort to find the best deal that suits my conditions. Highly recommended."
Hasnan Husin
Google
★★★★★
"Great work Victor — he was very professional in our refinancing."
Brett Membrey
Google
★★★★★
"Brilliant and helpful broker."
Designer
Google
Common questions

Questions doctors ask me.

There are three to know about. You're limited to the lenders that offer it, which is a smaller group than the whole market, so the cheapest lender or the one that lends you the most may not be in it. Property restrictions still apply, and for some specialised properties the bank may limit the loan to 80% of the value. And when you're borrowing 95% there's very little buffer. If the bank values the property below what you agreed to pay, you have to cover the gap from your own money.
No. Interns and doctors still in training can qualify, and plenty of registrars can already borrow enough.
Yes. As long as one of you qualifies, you'll be OK.
Plan it before you do either. Moving onto an ABN can delay your purchase, especially if you want to use the LMI waiver, because lenders want to see a track record first. Depending on your timing, it can make sense to buy before you switch.
Yes. It isn't only for the home you live in, which is why some doctors use it to build a portfolio with a small deposit each time. The rules differ between lenders, so I'll check which ones suit what you're buying.
It depends on your income, your debts including HECS, and which lender assesses you. Two lenders can come back with very different amounts for the same doctor. I won't guess a number on the first call. I'll guide you through working out exactly how much you can borrow, so you can buy with confidence.
Nothing. I'm paid a commission by the lender when your loan settles. This doesn't affect the rate or terms you receive. Lenders offer the same products whether you go directly to them or through a broker. The difference is I compare the lenders that offer the LMI waiver for you.
Book a time

Book a time and let's have a chat.

Book a time below. I'll ask how you're paid, what you've saved and what you're trying to buy, and tell you honestly which lenders are worth going to and whether it's worth going further right now.

Available 7 days a week including evenings, so you can book around your shifts.

Can't find a time that works? Leave your details below and I'll call you back the same day.

General information only.

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