Doctors & Medical Professionals

How Lenders Assess Medical Professional Applications

Medical professionals are assessed under the same five-pillar credit framework as other borrowers. The specific provision that differs for medical practitioners at some lenders is the availability of an LMI waiver — allowing eligible borrowers to purchase at a higher LVR (typically up to 90%, sometimes 95%) without paying the LMI premium.

What the LMI waiver actually covers

The LMI waiver removes the requirement to pay the Lenders Mortgage Insurance premium when borrowing above 80% LVR. LMI at 90% LVR on a significant loan can be a meaningful cost.

What the waiver does not change:

• Income still needs to meet serviceability requirements at the stressed rate
• Credit conduct, employment stability, and savings history still apply
• The security still needs to satisfy the lender's property risk requirements
• The borrower still needs to demonstrate sufficient genuine savings

The LMI waiver is not a relaxation of the full credit assessment — it is specifically a removal of the insurance premium cost.

Which medical professions typically qualify

Eligibility for LMI waivers is lender-specific and changes over time. Professions that are commonly included at lenders with medical professional programs:

• Medical practitioners registered with AHPRA (general practitioners, specialists)
• Dentists and dental specialists
• Veterinarians
• Some allied health professionals — at select lenders with broader programs

The specific categories, LVR limits, and loan amounts permitted under waiver programs are set by each individual lender. A profession that qualifies at one lender may not qualify at another, or may qualify at a lower maximum LVR.

LVR levels where waivers typically apply

LMI waivers for medical professionals typically apply at:

• Up to 90% LVR: available at most lenders with medical professional programs
• Up to 95% LVR: available at some lenders for specific profession categories and loan sizes

Above 90% LVR, the waiver programs are less common and the lender's standard credit assessment still applies — including the requirement for genuine savings at the higher LVR level.

Early-career medical professionals

Registrars, residents, and interns in their early career are assessed in the same way as any other employee — using their actual employed income (which may be at the lower end of the medical income spectrum), standard employment history requirements, and standard serviceability. The LMI waiver, where it applies, is the only specific provision — income is not projected or adjusted upward based on future earning potential.

AHPRA registration and proof of registration

Lenders requiring AHPRA registration as a condition of eligibility will typically ask for evidence of current AHPRA registration at time of application. Registration must be current — previously registered practitioners, or those in a lapsed registration status, typically do not qualify.

Related assessment framework

• LMI and Risk Transfer
• Deposit and Equity Cluster
• Policy Sensitivity — for lender selection considerations