Fran Jerome at Oliey Finance is a CPA-qualified mortgage broker who works with doctors at every career stage, from interns and registrars at Monash Health and Peninsula Health to GPs and specialists in private practice. Doctors often qualify for some of the best lending terms available, but the way your income is earned can make a straightforward application surprisingly complicated.
LMI waivers for doctors
Many lenders waive Lenders Mortgage Insurance for eligible medical practitioners, often at up to 90% of the property value and with some lenders higher. Criteria differ: AHPRA registration, specialty, career stage, and sometimes a minimum income. On a typical Melbourne purchase, avoiding LMI can save a substantial amount, so comparing waiver policies is worth the time.
Your income by career stage
| Career stage | What lenders look at |
|---|---|
| Intern or resident | Contract length, base salary, regular overtime history |
| Registrar on rotating contracts | Whether contracts are back to back; some lenders accept a training program letter |
| GP or specialist as employee | Payslips plus any private billing income |
| GP or specialist under an ABN or service entity | Tax returns and financials, assessed like a self-employed borrower |
| Locum work | Consistency over time, often 12 to 24 months of history |
The last two rows are where Fran's CPA background matters most. Reading a practice structure, service trust or ABN income correctly can be the difference between a lender seeing your true income and a lender seeing a fraction of it.
Structure for what comes next
Many doctors buy a home now and expect an investment property, practice purchase or upgrade within a few years. Setting up offset accounts and loan splits correctly from the start keeps those options open and keeps home and investment debt separate. Fran works alongside your accountant so the lending supports your tax strategy rather than complicating it.
For established specialists, see also the Specialist Doctors Plan.
Frequently asked questions
Can doctors buy a home with a 10% deposit and no LMI? Often, yes. Many lenders offer LMI waivers to eligible doctors at up to 90% LVR, and some go higher. Criteria vary by lender and specialty.
I'm a registrar on a 12-month contract. Can I get a home loan? Usually. Some lenders accept rotating contracts within an accredited training program. Others want a longer contract or employment history.
How are doctors with ABN income assessed? Usually like self-employed borrowers, using tax returns and financial statements. How your income flows through your structure matters, and that's where a CPA-qualified broker helps.
Do interns qualify for LMI waivers? Some lenders include junior doctors with AHPRA registration; others require a minimum income or career stage. Check current policy.
Talk to Fran
Book a free 30-minute strategy call between shifts: calendly.com/fran-oliey1/30min or call 0409 961 703.
Related: Home loans for nurses and midwives · Mortgage broker Narre Warren · Mortgage broker Cranbourne
Fran Jerome | Credit Representative 442427 | Authorised under Finsure Finance & Insurance Pty Ltd | ACL 384704 | MFAA Member. General information only, not credit or tax advice. Credit eligibility is subject to individual assessment. LMI waiver eligibility varies by lender and is subject to change.