Eligible medical professionals may be able to save $10,000–$30,000+ in Lenders Mortgage Insurance. Here's how it works.
Lenders Mortgage Insurance can cost doctors $10,000 to $30,000 or more when borrowing with less than a 20% deposit. But eligible medical professionals may not have to pay it at all.
Depending on your circumstances and lender, you may be able to borrow up to 95% of the property value without paying LMI — even with a deposit as low as 5–10%.
What most doctors don't realise is that small differences in how lenders assess things like HECS-HELP debt, overtime, and employment structure can determine whether LMI applies or not.
This may apply to a range of medical professionals, including:
Treated differently between lenders — which can significantly impact borrowing capacity.
May be fully accepted by some lenders, but reduced by others.
Recently self-employed doctors may be assessed under standard business rules despite strong income.
Certain lenders offer policies specifically designed for medical professionals. This may include:
"Eligibility depends on your profession, income structure, and overall financial position. We help you navigate these lender-specific policies to ensure you don't pay more than you have to."
| Property Price | Deposit (10%) | Estimated LMI Cost | With LMI Waiver |
|---|---|---|---|
| $750,000 | $75,000 | ~$12,000+ | $0 |
| $1,000,000 | $100,000 | ~$20,000+ | $0 |
| $1,500,000 | $150,000 | ~$35,000+ | $0 |
Estimates based on typical LMI premiums for owner-occupied purchases in 2026.
I started my career at St. George Bank in 2006 and spent years working across customer service, post-settlements, and credit assessment — reviewing and approving applications.
That experience means I understand how lending decisions are actually made. For doctors, where small policy differences impact outcomes, this makes a real difference.
— Mike, MortgageMD
If you're a doctor considering a purchase or refinance, it's worth understanding what options are available before proceeding.
Yes, a number of Australian lenders offer LMI waivers specifically for medical professionals such as doctors, specialists, and GPs. Eligibility depends on factors including your income and registration status.
In some cases, eligible doctors may be able to borrow up to 90–95% of the property value without paying LMI.
Yes, however the impact varies significantly between lenders. Some lenders treat HECS-HELP more favourably than others.