Essential Guide to Home Loans for Doctors

Home loans for doctors are designed to make the buying process easier for medical professionals who often face unique challenges, including time constraints, irregular income structures, and student debt. 

Between long shifts, ongoing training, and financial commitments, applying for a mortgage can be a complex process. Hence, these loans are tailored to fit your specific situation.

This guide breaks down how doctor-specific home loan products work and what to expect during the home loan process. Read on.

Stress-Free Home Loans for Doctors. Chat with Logan Mortgage Brokers! From flexible serviceability to high LVRs, our expert brokers guide you to the best rates and terms. Contact 1800 774 756 or visit www.cubeloans.com.au to start your application.

What are Home Loans for Doctors?

Home loans for doctors are specialised mortgage products designed around the career and financial realities of medical professionals practising in Queensland and across Australia. 

These loans recognise that doctors, whether GPs, surgeons, etc., often carry HECS-HELP debts and may have only just begun earning their full salaries, yet they also offer strong long-term income prospects.

Who they’re for

• Early-career doctors: interns and registrars with limited borrowing history
  
  
• Practising GPs and specialists: including cardiologists, surgeons and psychiatrists
  
  
• Dental and veterinary professionals practising in QLD regions, from Brisbane to the Gold Coast
  
  
• Hospital-employed and private practitioners at all career stages

What Makes Doctors’ Home Loans Different from Standard Home Loans

Doctors’ home loans in Queensland recognise your unique career path and financial profile, offering:

• LMI Waivers & Higher LVR: Borrow up to 95–100% of the property value without LMI (standard loans usually need a 20% deposit or LMI over 80%).
  
  
• Interest-Rate Discounts: Rates often sit 0.2–0.5 points below comparable mortgages.
  
  
• Flexible Serviceability: HECS-HELP debts and early-career stipends may be excluded or assessed more leniently.
  
  
• Interest-Only Options: Enjoy up to five years of interest-only repayments during training or early practice.
  
  
• Fast-Track Approvals: “Doctor desks” at banks and brokers deliver pre-approval in just 3–5 business days.
  
  
• Fee Waivers: No application or ongoing package fees on doctor-specific loans.
  
  
• Doctor-Only Packages: Options like NAB Medico let you borrow up to 95% LVR with no LMI and loan caps up to AUD 4.5 million.

Doctor, Secure Your Ideal Mortgage Today! Our Logan mortgage brokers streamline the loan process every step so you can focus on your patients, not on paperwork. Call us at 1800 774 756 or visit www.cubeloans.com.au to chat with our brokers for free.

Eligibility Criteria for Doctor’s Home Loan

Before you apply, ensure you tick these boxes. Lenders want to see your professional standing, income, and deposit details clearly laid out. They also cap loan sizes and property values for their doctor-specific products.

• AHPRA Registration: Active registration with the Australian Health Practitioner Regulation Agency in your field (GP, specialist, dentist, vet, etc.).
  
  
• Professional Association Membership: Current membership of a recognised body such as the Australian Medical Association (AMA), Royal Australasian College of Physicians (RACP) or Royal Australasian College of Surgeons (RACS).
  
  
• Employment Status & Income
  – For salaried doctors: a full-time contract with a public hospital or private practice.
  – For private specialists or locums: two years of tax returns or BAS statements.
  – Lenders usually include 100% of overtime, on-call and other regular allowances when calculating your serviceability.
  
  
• Minimum Deposit & LMI Waiver
  – A deposit of at least 5% of the purchase price to access up to 95% LVR without Lenders’ Mortgage Insurance.
  – Some lenders extend that to 100% LVR for loans under a specific cap (e.g., NAB Medico allows no-LMI borrowing up to AUD 4.5 million per security).
  
  
• Maximum Loan Size: Most doctor-only packages set a ceiling, commonly between AUD 2 million and AUD 5 million per property, so check your chosen lender’s limit before you apply.

Meeting these criteria will position you for a smoother approval process and ensure you can access the maximum benefits of a doctor-tailored home loan in Queensland.

How to Apply for a Doctor’s Home Loan?

Getting your specialised mortgage is straightforward when you follow a clear roadmap. These steps guide you from preparation right through to settlement.

1. Gather Required Documentation

Gather your AHPRA registration, association membership (AMA, RACP, RACS, etc.), income proof (employment contract or last two years’ tax returns), plus bank statements, HECS-HELP/other debt details and ID.

Tip: Use a lender’s or broker’s checklist to tick off each document, reducing the chance of delays.

2. Seek Pre-Approval

Submit your credentials, deposit evidence and income details to a specialist broker or bank for a conditional pre-approval. This typically takes 3–5 business days and confirms your borrowing capacity and estimated loan terms.

Tip: Obtain multiple pre-approvals to compare interest rates, offset account features and maximum LVR offers before committing.

3. Submit Your Formal Application

Once you’ve locked in a property and signed the purchase contract, complete the lender’s formal application form and pay any application fee. Attach the contract, valuation request and all up-to-date financial statements.

Tip: Have your broker review the full application package to ensure it’s error-free and complete.

4. Apply for LMI Waiver (If Eligible)

To secure 95–100% LVR with no LMI, show your doctor-only package (e.g., NAB Medico) and deposit. The lender will confirm your AHPRA registration, association membership and that the loan doesn’t exceed their cap (usually $4.5 million).

Tip: Double-check with the lender that your specific loan quantum qualifies for the full LMI waiver before you pay your deposit.

5. Receive Formal Approval & Review Loan Offer

The lender sends your formal approval with details on rate, fees (valuation, application, legal/settlement, government) and any conditions (e.g., insurance). You sign the documents by the due date and pay any upfront fees not covered in your package.

Tip: Scrutinise the fees schedule with your broker. Some charges may be negotiable or refundable if you bundle other banking products.

6. Exchange Contracts & Pay Deposit

Coordinate with your conveyancer to exchange contracts and pay the agreed deposit (typically 5–10% of purchase price) to the vendor’s agent. Make sure the deposit aligns with the amount needed to maintain your LMI waiver eligibility.

Tip: Keep all deposit payment receipts and confirmations handy for both your lender and conveyancer.

7. Finalise Settlement

During the 30–90 day settlement, the lender organises valuations and paperwork while your conveyancer handles title checks. On settlement day, funds are released, you get the keys, and your loan begins.

Tip: Arrange building and contents insurance to start on or before the settlement date so you’re covered the moment you take possession.

How Much Can Doctors Borrow for a Home Loan?

Doctors in Queensland can typically borrow six to eight times their verified income (including allowances/overtime, with HECS-HELP debts eased). 

So, a GP on $200,000 might access $1.2–1.6 million, and a specialist on $350,000 around $2.1–2.8 million, subject to serviceability buffers. 

Doctor-only packages usually allow 95–100% LVR with minimal deposit, and most lenders cap loans between $2 million and $5 million (NAB Medico tops out at $4.5 million). Your actual limit depends on your deposit, other liabilities, and the lender’s rate stress test.

Maximise Your Borrowing Power with Cube Loans’ Logan Mortgage Brokers! We know how to leverage your medical income. Call us at 1800 774 756 or go to www.cubeloans.com.au and let us secure the most competitive home loan for your medical practice and personal needs.

Frequently Asked Questions (FAQs)

Do doctors get cheaper home loans?

Yes. Most lenders offer better interest rates, LMI waivers, and flexible terms for doctors.

Are doctors exempt from Lenders Mortgage Insurance?

In many cases, yes. Doctors can borrow up to 90% or even 95% of the property value without paying Lenders Mortgage Insurance.

Can I apply while still in training?

Yes. Lenders regularly accept signed job offers or hospital contracts in place of current payslips.

Can doctor loans be used for an investment property?

Definitely. You can access investment loans with flexible terms. These may include interest-only home loans and features like an offset account.

What types of home loans can doctors avail in Queensland?

Doctors in Queensland can tap doctor-only packages (e.g., NAB Medico) for owner-occupied or investment loans, variable, fixed or split rate, with up to five years’ interest-only, construction or land-lot loans, and lines of credit, all featuring higher LVRs and no fees.

Final Thoughts

As a doctor or medical professional, you deserve a home loan partner who truly understands your career path and financial needs. 

At Cube Loans, our Logan-based mortgage brokers specialise in home loans for doctors across South East Queensland. We’ll handle the paperwork, optimise your borrowing power and negotiate that LMI waiver, so you can focus on patient care, not interest rates. 

Ready to find the home loan that fits your lifestyle and income? Call us on 1800 774 756 or visit www.cubeloans.com.au for your free consultation today.