We know doctors are busy and that your primary passion and purpose is health care. At SF Capital, we handle your financial life with the same care and diligence as you would handle your patient’s life. We have helped many doctors finance their dream home, build their investment portfolios, saving them time and providing valuable financial education at the same time.
What is the maximum LVR I can borrow as a doctor?
Medical Doctors and Dentists are able to borrow at a 90% LVR without incurring Lenders Mortgage Insurance (LMI).
Why do banks waive LMI for medical professionals?
Doctors and Dentists are viewed by banks as higher and more stable income earners, and therefore having less risk of default than other professions.
What is Lenders Mortgage Insurance (LMI)?
LMI is a one-off fee that you pay to an insurance provider for borrowing above a certain Loan to Value Ratio (LVR). Typically this LVR is 80%. This premium is for the Bank’s benefit where, in the worst case, they need to sell your property and they make a loss on the loan. The Mortgage Insurer then protects the bank by reimbursing them on the loss.
Which specialties are allowed to borrow at 90% LVR without LMI?
Banks who offer LMI waiver for Doctors and Dentists will usually have a list of eligible specialties. The typical medical specialisations are as follows:
- Anaesthetist
- Cardio Thoracic Surgeon
- Cardiologist
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dentist
- Dermatologist
- Ear and Throat Surgeon
- Emergency Surgeon
- Endocrinologist
- Gastro Intestinal Surgeon
- Gastroenterologist
- General Practitioner
- General Surgeon
- Gynaecologist
- Haematologist
- Hepatologist
- Immunologist
- Nephrologist
- Neuro Surgeon
- Neurologist
- Obstetrician
- Oncologist
- Ophthalmologist
- Optometrist
- Oral and Maxillofacial Surgeon
- Orthopaedic Surgeon
- Orthopaedic Registrars
- Otolaryngologist
- Paediatric Surgeon (Neonatal/Perinatal)
- Pathologist
- Plastic Surgeon
- Psychiatrist
- Radiologist (Note: this does not include Radiographers)
- Reconstructive Surgeon
- Respiratory/Thoracic Surgeon
- Rheumatologist
- Surgeons
- Urologist
- Vascular Surgeon
- Veterinarian
What if I am not on this list of specialisations?
If your profession is not on the list, you still may be eligible for an LMI waiver if you can establish that your specialisation is a well recognised field.
Can optometrists borrow at 90% LVR without LMI?
Yes, but only with some banks.
Can pharmacists borrow at 90% LVR without LMI?
Yes, but only with some banks.
Can veterinarians borrow at 90% LVR without LMI?
Yes, Vets are listed on the above list.
What paperwork do I need to show to access this policy?
Yes, you will need to prove you are a practising and qualified medical professional listed on the Australian Health Practitioner Regulation Agency (AHPRA) website.
Are there any restrictions that I need to be aware of?
Yes, some restrictions may include:
- Applying for Interest Only lending
- The postcode and property type
- Maximum loan size
We will let you know in our assessment if any of these restrictions apply.
What benefits are there to doctors if I want to start or I run my own practice?
The benefits of a higher LVR also extend to Doctors in Commercial Lending. Please contact us if you would like to make a Commercial enquiry in relation to financing a medical practice or any related equipment, including motor vehicles.