Mortgage broker for doctors and medical professionals

The income problems medical professionals face

Medical income is strong but rarely simple. A registrar might earn a base salary plus overtime, on-call payments and penalty rates. A locum doctor might earn far more than a salaried colleague, paid through invoices rather than payslips. A GP moving into practice ownership has business financials instead of a pay summary.

Training years create a timing problem. Your income jumps significantly from intern to registrar to consultant, but a lender assessing you today only sees today's numbers. Many doctors also carry HECS debt, which reduces borrowing power at some lenders more than others.

The irony is that lenders actively want medical professionals as customers. The challenge is matching your specific role, registration and income structure to the policy that recognises it.

How lenders assess medical income

For employed doctors, lenders start with payslips and then decide how much of your overtime, on-call and allowance income to count. Policies range from counting almost all of it with evidence, to shading it heavily. Locum income is usually treated as self employed or contractor income, so lenders look at invoices, bank statements and sometimes an accountant letter.

For LMI waivers, the lender checks your occupation against its eligible list and usually requires current registration with the relevant medical board. Accepted roles, borrowing limits and maximum loan to value ratios differ by lender, and not every medical role qualifies.

We present the full picture: your contract, your roster patterns, your registration and the evidence behind each income component, matched to a lender whose policy already fits.

A worked example

These figures are illustrative only and are not a quote or an assessment of your situation.

A registrar in Melbourne earns a $118,000 base salary plus around $30,000 in overtime and on-call payments. She has saved a 10 percent deposit for an $800,000 apartment. At a standard lender she would pay roughly $18,000 in LMI. At a lender with a medical professional policy she is eligible for an LMI waiver, keeps that $18,000 as a buffer, and her overtime is counted in full because it has been consistent for two years.

The property, the income and the deposit are identical. The outcome changes because the policy fits the profession.

Which lenders are commonly relevant

Several major banks publish medical professional policies with LMI waivers for eligible roles, typically requiring current registration. Borrowing limits and accepted occupations differ. For locum and private billing income, lenders with strong self employed or contractor policies are usually more flexible. Practice purchases, premises and medical equipment are separate business lending with their own criteria.

Every application is subject to credit assessment and lender policy, which changes regularly. We compare the panel for your role and income rather than promising a specific product.

Common questions

Which medical professionals qualify for an LMI waiver?

Eligible roles usually include doctors, specialists, GPs, dentists and some other registered practitioners, depending on the lender. Current registration is normally required, and borrowing limits apply. We check your role against each lender's list before you apply.

Can locum income be used for a home loan?

Yes. Lenders usually treat locum work as contractor or self employed income and ask for invoices, bank statements and a history of the work. A consistent twelve month record is far stronger than a recent jump in billings.

Can I borrow during my training years?

Yes. Training year income counts like any other employment income, and some lenders consider your career trajectory when the application is presented well. A medical professional policy may also reduce the deposit you need.

Can you help with buying into a practice?

Yes. Practice purchases, partner buy-ins, fit-outs and premises are business lending, assessed on the practice financials and your position. We handle the home loan and the practice finance together so the structures do not clash.

Does my HECS debt affect borrowing?

Yes, because the repayment reduces your assessed surplus income. The impact differs by lender and by income level. It is factored into the comparison rather than treated as a barrier.