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Why Doctors Get Better Home Loans

Lenders categorise medical professionals as preferred borrowers. The reason is simple: doctors, dentists, specialists, and GPs have predictable high incomes, highly stable employment, strong debt servicing ability, and near-zero default rates historically.

Several major lenders have created specific “medico” loan programs with features unavailable to standard borrowers:

• LMI waiver up to 90% LVR (some lenders extend this to 95%) — saving $10,000–$40,000+ on Lenders Mortgage Insurance
• Higher maximum loan amounts — up to $5M at some lenders, compared to $2–3M standard
• Flexible income assessment — including bonuses, overtime, and locum income
• Allowances for HECS/HELP debt — assessed more favourably than standard unsecured debt
• Discounted interest rates — 0.1–0.3% better than standard variable rates at some lenders

The Finance Agency accesses these programs across multiple lenders — we select the one whose policies match your specific situation.

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Who Qualifies for Medico Home Loan Benefits

Lender policies vary, but most medico programs cover:

If your profession isn’t listed — ask us. Lender criteria change regularly and we stay current.

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Income Structures — How We Assess Medical Income

Medical professionals earn income in ways that confuse standard bank credit assessors. The Finance Agency is experienced with:

Employed medical professionals — standard PAYG income, straightforward assessment.

Locum and sessional income — many lenders treat locum income as irregular and discount it. Some medico programs treat it as normal employment income. We access the latter.

Private practice income — assessed as business income, requiring 2 years of tax returns. We work with lenders who understand that medical practice profits in year 1 may understate true earnings due to setup costs.

Hospital + private billing combination — common among specialists. Assessed as a blended income, which requires a lender who understands the split.

Pre-commencement income — junior doctors who are about to start a registrar position or specialist fellowship can often access medico programs based on their offer letter and current training status.

HECS/HELP debt — assessed as 1–2% of outstanding balance as a monthly commitment by standard lenders. Medico programs at some lenders give a larger exemption or assess HECS more favourably.

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What The Finance Agency Does for Perth Doctors

We identify the right medico program. Not every lender’s medico program is the same. We compare product features, interest rates, LVR limits, and income assessment policies across our panel and match you to the program that fits your income structure and borrowing goals.

We handle complex income documentation. If you have a mix of employed and private practice income, or if you’re moving from a hospital role into private practice, we prepare your application documentation to present your income accurately and compliantly.

We know the edge cases. Registrars applying before their specialist fellowship starts. Dentists with a new practice. GP locums who work through their own ABN. We’ve seen these situations and know which lenders handle them well.

We assess the full picture. Not just which lender will approve you — which approval sets you up best. Rate, product features, future flexibility for investment properties, and how the structure interacts with your overall financial position.

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Step-by-Step — Home Loan Process for Perth Doctors

Step 1: Income and Goals Assessment

We understand your income structure (PAYG, locum, private practice, or combination), your HECS balance, your deposit position, and what you want from the loan (rate, offset, redraw, future investment capacity).

Step 2: Lender Identification

We identify the 2–3 medico programs that match your profile and present a clear comparison including LMI waiver status, rates, maximum loan amounts, and key policy differences.

Step 3: Application Preparation

We manage the documentation (income evidence, HECS statement, employment confirmation, payslips or tax returns depending on structure), submit to one well-matched lender, and handle the valuation.

Step 4: Approval and Settlement

Most medico applications receive formal approval in 3–7 business days. We manage the process through to settlement and ensure your loan is structured correctly from day one.

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Frequently Asked Questions

Do I really save money with a medico home loan?

Yes — LMI savings alone are substantial. On a $1.2M property with a 10% deposit (90% LVR), standard LMI with a major bank would be $25,000–$35,000. A medico program waives this entirely. Over 5 years, even a 0.15% rate discount saves $9,000 on a $1.2M loan. The programs are materially better.

I’m a junior doctor / intern — can I still access these programs?

Many medico programs are available to medical graduates who have completed their degree and are employed in a hospital role, even at intern or registrar level. The lender’s assessment is based on your profession and earning trajectory, not just current income. We can assess your specific situation and tell you what’s available.

I have a large HECS debt — does that stop me from borrowing?

HECS/HELP debt affects your borrowing capacity, but medico programs typically assess it more favourably than standard bank calculators. In some cases, a $80,000 HECS balance that would reduce your borrowing capacity by $120,000 under a standard assessment might reduce it by $40,000–$60,000 under a medico program. We’ll model the actual impact for your balance.

Can I buy an investment property as well as my own home using a medico program?

Many medico programs apply to both owner-occupier and investment purchases. LMI waivers are typically only available on one property at a time, but the preferential rate and income assessment can apply to both. We can structure your loans across owner-occupier and investment if that’s your goal.

I’m setting up a private practice — can I still access medico programs?

For a new private practice, lenders typically want to see 1–2 years of practice financial statements. However, some lenders allow a hospital-employed specialist transitioning to private practice to use their employed income to qualify while the practice builds its track record. We’ll identify what’s available at your specific stage.

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Ready to Buy in Perth?

Book a free consultation and we’ll assess your income structure, identify the right medico program, and give you a clear picture of your borrowing capacity within a day.

Book a Free Consultation

The Finance Agency — Perth’s mortgage brokers for professionals, business owners, and complex deals.

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*The Finance Agency