Medico Loans
A doctor's home loan application can involve hospital salary, rotating contracts, locum work or private practice earnings. Some lenders offer professional LMI waivers, but your registration, employment and property still matter. Start by separating three questions: whether your profession qualifies, which income the lender will recognise, and what repayments fit your life through training or a change in practice.
LMI means lenders mortgage insurance. It protects the lender; a waiver removes the borrower’s premium under the applicable policy.
The key points
- Eligible doctors may qualify for a lender-specific LMI waiver.
- Registration type and training stage can change eligibility.
- Hospital earnings and private practice income need different evidence.
Check the professional policy before the deposit
Westpac publishes a waiver up to 95% loan-to-value ratio for dentists, GPs, hospital-employed interns, residents, registrars and staff specialists, and medical specialists. Its published limits are $5 million per loan and $7.5 million total lending with the waiver, with qualifications verified and no minimum income threshold. Normal affordability and credit assessment still apply.
Registration rules differ. ANZ's medical waiver document accepts current general or specialist Ahpra registration, excludes provisional and limited registration, and generally excludes non-practising registration, with possible temporary-absence exceptions. An intern cannot assume that one lender's eligibility carries across to another.
Sources: Westpac: professional waiver and income policy; ANZ: medical practitioner waiver eligibility; Ahpra: registration types and terminology.
Show the income behind the roster
Westpac says eligible frontline hospital-employed doctors, surgeons and specialists could have overtime and allowances assessed at 100%, subject to conditions. That is a possible assessment treatment, not permission to count every payment.
Prepare a clear breakdown of base salary, overtime, on-call payments and allowances. Add your employment contract and explain rotations, gaps or an upcoming fellowship. Ask which components and history the proposed lender accepts before setting a purchase budget.
Make private practice income understandable
If you invoice through your own practice or combine hospital work with consulting, organise personal and business income separately. Gross billings are different from money available after practice costs and commitments.
Westpac's published self-employed pathways illustrate the documents a lender may request: tax returns, ATO notices of assessment, business liabilities and financial statements. Its one-year income assessment is conditional and does not mean a newly established business automatically qualifies. Explain ownership, distributions and recent structural changes.
Sources: Westpac: self-employed income assessment.
Choose repayments that survive a career transition
A waiver removes an insurance cost; it does not reduce the loan principal or fund stamp duty and conveyancing. LMI protects the lender. Allow for exams, relocation and periods with fewer extra shifts in your own budget.
Compare interest, fees and useful features alongside the waiver. Test repayments at a higher rate and with a quieter income period. These policy examples were checked on 5 October 2026 and require confirmation for your application.
Sources: ASIC Moneysmart: choosing a home loan; ASIC Moneysmart: deposits and LMI.
Frequently asked questions
Does being a doctor guarantee a loan?
No. A professional waiver still requires the lender to accept your income, commitments, credit history, property and overall application.
Can a registrar apply?
Some published policies include registrars. Check employment and registration requirements for the specific lender before relying on a waiver.
Is a medico loan automatically a low-doc loan?
No. A professional benefit and an income verification method are separate matters. Private practice borrowers may need business financial records.
Sources & further reading
Official guidance and lender information used in preparing this guide. Policies can change; confirm the current rules before making a decision.
- Westpac: professional waiver and income policy
- ANZ: medical practitioner waiver eligibility
- Ahpra: registration types and terminology
- Westpac: self-employed income assessment
- ASIC Moneysmart: choosing a home loan
- ASIC Moneysmart: deposits and LMI
General information only, not personal credit, legal or tax advice. Loan availability, fees and terms depend on your circumstances and the lender’s assessment. Approval is not guaranteed.