A home loan for doctors can look very different from a standard mortgage. Buying a home is a milestone that many people aspire to, but for doctors the path can be unique. Between long training years, irregular income during rotations, and the high costs of setting up or buying into a practice, saving a full 20% deposit isn’t always straightforward. Yet the idea that you can’t secure a home loan without it is a common misconception.
For medical professionals, lenders often take a very different view. Doctors are considered low-risk borrowers thanks to their stable career pathways and strong long-term earning potential. As a result, special lending arrangements exist that are not widely available to the general public. These include the ability to access a home loan for doctors with a much smaller deposit and, in many cases, without the need to pay Lenders Mortgage Insurance (LMI).
This means that while the traditional advice is to save 20% of the property price before you buy, doctors often don’t need to wait that long. With the right guidance, you may be able to enter the property market much sooner than you expected.
Why a home loan for doctors often requires a lower deposit
Ordinarily, buyers are told they need a deposit of at least 20% to avoid LMI, a fee that protects the lender if the borrower defaults. For many people, that 20% benchmark can feel out of reach, particularly when housing prices continue to rise.
Doctors, however, are offered more flexibility. Many lenders recognise the long-term financial security that comes with a medical career, even if your current income doesn’t yet reflect your future potential. Because of this, some lenders are willing to reduce the deposit requirement substantially and still waive LMI.
In practice, this means:
- You may be able to borrow up to 95% of the property’s value while avoiding the cost of LMI. This can save tens of thousands of dollars.
- Some lenders even allow doctors to access loans with as little as a 5% deposit, which makes entering the property market far more achievable.
- In very specific situations, no-deposit options may also be available, though these are less common and tend to come with strict eligibility requirements.
The key takeaway is that the 20% deposit rule does not always apply if you are a doctor. By taking advantage of lending policies tailored to medical professionals, you could purchase a home years earlier than if you waited to save the full amount.
How we help doctors access these opportunities
While the benefits are there, navigating the lending market can be complex. Not all banks or lenders offer these arrangements, and the criteria can vary. That’s where we come in.
We work closely with medical professionals to help them understand their options and secure a loan structure that suits their situation. Because we specialise in home loans for doctors, we know which lenders provide the most favourable terms and how to present your application in a way that reflects your professional stability.
For example:
- Doctors who are self-employed or just starting in private practice can still access competitive loans, even if their tax returns don’t yet show the full picture of their income.
- Doctors in training can benefit from lenders who understand that income will rise significantly over time, meaning future potential is taken into account.
- For those with private practice income, we help ensure financial documents such as profit and loss statements and cash flow records are presented in a way that strengthens the application.
By tailoring the process to your unique circumstances, we make sure you can access the lending opportunities designed for your profession.
Additional benefits of a home loan for doctors
The advantages don’t stop with a lower deposit. Doctors often enjoy a range of other benefits that make their lending arrangements more flexible and affordable.
These can include:
- Competitive interest rates that reflect the reduced risk associated with medical borrowers.
- Faster approval times, as some lenders offer streamlined processes specifically for doctors.
- Access to offset accounts, which allow you to use your savings to reduce the interest payable on your loan while keeping funds accessible.
- More flexible lending terms, designed to adapt to the irregular income patterns that can occur during training or practice ownership.
Each of these benefits can make a meaningful difference over the life of a loan, ensuring that the structure you choose works for you both now and in the future.
What the process looks like
Securing a home loan can feel overwhelming, but breaking it down into steps makes it easier to navigate. When working with doctors, we generally follow a clear pathway:
- Initial conversation – We start by understanding your role, income structure, and financial goals. This helps us identify the lending options that will suit you best.
- Loan structure design – From there, we recommend a tailored approach, whether that’s a 95% loan without LMI, an offset account, or a strategy that takes your training income into account.
- Pre-approval – We guide you through preparing the necessary documentation and seek pre-approval from lenders. This step provides clarity about your borrowing power before you begin your property search.
- Settlement and beyond – Once you’ve found a property, we support you through to settlement. Importantly, we also continue working with you after the loan is in place, helping with refinancing or adjustments as your career and financial needs evolve.
This structured approach ensures you feel supported at every stage and confident that your loan is working in your best interests.
So, can you get a home loan for doctors without a 20% deposit?
The short answer is yes. Doctors have access to unique lending opportunities that allow them to buy property with much smaller deposits, and often without the cost of LMI. For many medical professionals, this means entering the property market earlier and keeping more savings available for other goals.
The key is understanding how these opportunities work and making sure your application is structured to take full advantage of them. With the right guidance, a home loan for doctors can be an important step towards building long-term financial security.
Taking the next step
If you’re considering purchasing a home and wondering how much deposit you really need, it’s worth exploring the lending pathways available specifically to doctors. The process doesn’t have to be complicated, and with the right advice, you may find that the dream of home ownership is closer than you think. And when the time is right, choosing the right home loan for doctors could be the step that makes it possible.
Have a chat with our lending team about your options. Your home ownership dream may be closer than you think!
