The healthcare professionals that could be eligible for waived LMI or discounts include doctors, specialists, nurses, allied healthcare professionals, dentist, GPs, midwives, pathologists, radiographers, veterinarians and more. Generally you will be required to be a member of a registered medical association in Australia or New Zealand. If you work in the healthcare industry, reach out to see if you are eligible.

Why would lenders waive LMI for healthcare professionals?

LMI is often charged on loans with a deposit of under 20%. It is an insurance policy that protects the lender should the borrower default on the loan. This can cost the borrower tens of thousands of dollars.

Healthcare professionals can be considered low risk to lenders, which means they may accept lower deposit sizes such as 10% or 5%, without charging LMI. The decision to waive LMI is based on the lender’s determination that they reasonably believe you will be able to repay the loan.

What documentation do I need to provide?

Lenders will generally ask for you to submit two or three recent payslips and employment summary. If you work for yourself, you will need to provide your latest personal tax return, ATO notice of assessment and either a 12-month BAS or a second year’s tax return.

Final Considerations

Lenders vary wildly when it comes to their offering to medical professionals. The amount one lender is willing to offer can be hundreds of thousands of dollars different to another. You will also find differences in interest rates, fees, processing times and features. That is why it is a good idea to shop around to find one that is right for you - or have your broker do it for you.