16 Jan 2025 Home Loans for Doctors in Melbourne: Unlock Exclusive Rates and Higher Borrowing Power

Melbourne, known for its thriving healthcare sector and strong property market, continues to attract professionals from all industries. For doctors and medical professionals, home loans come with significant benefits such as competitive interest rates and generous lending policies. These benefits reflect the high-income stability and low-risk profile that medical professionals represent to lenders.

That’s where EverLend comes in. Our experienced mortgage brokers for doctors in Melbourne find tailored home loan solutions with access to exclusive offers not always available directly through banks. Working with EverLend means smarter choices, faster approvals, and expert support every step of the way.

Let’s explore how home loans for doctors in Melbourne work and why partnering with the right mortgage broker makes all the difference.

Key Takeaways

• Doctors in Melbourne can access exclusive home loan benefits, including lower rates and higher borrowing capacity.

• Many lenders waive Lenders Mortgage Insurance (LMI) for doctors borrowing up to 90%.

• A wide range of medical professionals may qualify, including GPs, specialists, dentists, and veterinarians.

• EverLend’s mortgage brokers offer personalised guidance and access to over 40 lenders.

• Eligible doctors may also benefit from government grants such as the First Home Owner Grant and stamp duty concessions in Victoria.

Why Doctors Get Special Home Loan Benefits

Medical professionals often qualify for benefits not typically available to other borrowers. Lenders see them as financially stable and low-risk, which opens doors to a wide range of perks:

• Discounted Interest Rates: Doctors may access professional package rates with lower interest, even without negotiating.
• LMI Waivers: Many lenders waive Lenders Mortgage Insurance (LMI) for doctors borrowing up to 90% of the property value, saving thousands.
• Higher Borrowing Capacity: Due to consistent income and career stability, doctors are often eligible for increased borrowing limits.
• Flexible Loan Options: Tailored packages are available for general practitioners, specialists, surgeons, and even dentists.

These benefits can make a big impact in competitive markets like Melbourne, where median house prices sit above $900,000 (REIV).

Who Qualifies for Doctor Home Loans?

Home loans for doctors aren’t just for hospital specialists. A wide range of medical professionals may be eligible, including:

• General Practitioners (GPs)
• Surgeons and Medical Specialists
• Dentists and Orthodontists
• Anaesthetists
• Psychiatrists
• Veterinarians
• Radiologists and Pathologists

Eligibility criteria may differ slightly between lenders. Some banks also accept medical students and interns with a confirmed job offer. At EverLend, our brokers assess your professional standing and guide you to lenders that recognise your qualifications and offer the most favourable terms for mortgages for doctors.

If you’re unsure about eligibility, check with EverLend’s expert team of Melbourne mortgage brokers. We’ll point you in the right direction based on your qualifications and career stage.

How Much Can Doctors Borrow for a Mortgage in Melbourne?

Doctors can often borrow up to 90–95% of a property’s value, sometimes without needing to pay LMI. The borrowing capacity depends on several factors:

• Gross annual income
• Existing liabilities or debts
• Family commitments and dependents
• Credit score and history
• Type of medical employment (e.g. salaried vs. self-employed)

For example, a full-time doctor earning $180,000 annually with minimal debt could potentially borrow well above $1 million, depending on the lender.

To get an accurate picture of your borrowing power, speak with our brokers at EverLend, who can crunch the numbers for you.

What Types of Loans and Government Grants Are Available for Doctors in Melbourne?

In addition to exclusive lender offers, doctors in Melbourne may qualify for a range of loan types and government-backed incentives designed to ease the path to homeownership.

Home Loan Types for Doctors

• Owner-Occupier Loans: Perfect for doctors planning to live in the property. These often come with lower rates and flexible repayment options.
• Investment Loans: Ideal for medical professionals looking to build wealth through property. These loans typically include features like interest-only repayments or offset accounts.
• Fixed vs. Variable Rate Loans: Doctors can choose between the security of fixed rates or the flexibility of variable rates, depending on their financial goals.
• Split Loans: A hybrid option combining fixed and variable rates — offering both stability and flexibility.

At EverLend, we help doctors assess the pros and cons of each type based on lifestyle, income stability, and long-term plans. For personalised consultations on doctor home loans, call us today at 03 7036 3356.

Melbourne Government Grants and Schemes for Doctors

Doctors, especially first home buyers, can benefit from a variety of federal and state incentives, including:

• First Home Owner Grant (FHOG): Eligible buyers in Victoria may receive up to $10,000 for purchasing a new home. Check eligibility via the State Revenue Office of Victoria.
• First Home Guarantee (FHBG): Allows eligible buyers to purchase with as little as 5% deposit without LMI. Details available on the Housing Australia website.
• Stamp Duty Concessions: Doctors purchasing their first home may be eligible for exemptions or concessions based on property value in Victoria.
• Family Home Guarantee: Single-parent doctors may qualify for a 2% deposit loan with no LMI. See eligibility on the Family Home Guarantee page.

Navigating these grants can be complex. EverLend’s Melbourne brokers take the guesswork out of mortgages for doctors and ensure you don’t miss a cent you’re entitled to.

Tips for Doctors Buying Property in Melbourne

Here are some helpful tips to maximise your success as a medical professional looking to buy property in Melbourne:

1. Use Your LMI Waiver: Don’t overlook this — it’s a major cost saver.
2. Secure Pre-Approval First: Understand your borrowing limit before house hunting.
3. Plan for Growth Areas: Consider emerging suburbs with strong capital growth potential.
4. Review Tax Benefits: Some expenses may be deductible depending on your role.
5. Work with a Specialist Broker: A broker who understands medical lending policies can find deals banks won’t advertise.

These insights, combined with EverLend’s expertise, help you avoid common pitfalls and get the most from your home loan.

How EverLend Helps Doctors Get the Best Home Loan

Unlike going directly to a bank, working with a mortgage broker gives you access to a wide range of lenders and products. Here’s what sets EverLend apart when helping doctors in Melbourne:

• Access to Exclusive Doctor Loan Products: We partner with banks that offer medical loan products with better rates and benefits.
• No-Nonsense Comparisons: Our brokers compare more than 40 lenders to find the most suitable option for your needs.
• Fast Pre-Approvals: We speed up the application process by preparing accurate documents and liaising directly with banks.
• Tailored Support: From first home buyers to property investors, we guide you based on your career and financial goals.

This personalised service saves time, money, and stress, and ensures you’re making confident decisions in Melbourne’s fast-paced property market. Book a free consultation today with our Melbourne mortgage brokers and call us at 03 7036 3356.

FAQs

Can doctors get home loans without paying LMI?

Yes, many lenders waive Lenders Mortgage Insurance (LMI) for doctors borrowing up to 90% of the property value, saving thousands.

What types of medical professionals qualify for doctor home loans?

Doctors, dentists, veterinarians, specialists, surgeons, and even medical interns may qualify, depending on the lender. If you’re a nurse, find out how you can qualify for a home loan in our guide here on nurse’s home loan. 

Are interest rates lower for doctors?

Often, yes. Banks offer special professional packages with discounted rates for doctors due to their income stability.

Can self-employed doctors qualify for special loans?

Yes. Lenders may require extra documentation, but self-employed doctors are often eligible for the same benefits.

How much can a doctor borrow in Melbourne?

A doctor’s borrowing capacity depends on income, expenses, and liabilities, but it’s typically higher than the average borrower.

Is it better for doctors to use a mortgage broker or go directly to a bank?

A mortgage broker for medical professionals, like EverLend, offers access to multiple lenders and negotiates on your behalf to find the best loan.

How do I apply for a doctor home loan with EverLend?

Simply contact EverLend via www.everlend.com.au or call 03 7036 3356 to get started.

Final Thoughts: Partner with Melbourne’s Doctor Home Loan Experts

If you’re a doctor looking to purchase property in Melbourne, don’t settle for standard loan offers. Home loans for doctors come with unique advantages, but they’re often hidden behind complicated lending policies and paperwork. That’s why partnering with a specialist broker like EverLend can make all the difference.

Our team of Melbourne mortgage brokers understands the needs of medical professionals and is committed to helping you unlock exclusive loan features, better interest rates, and smarter borrowing solutions.

Ready to take the next step? Visit www.everlend.com.au or call 03 7036 3356 to speak with a mortgage expert who specialises in doctor home loans. You’ve worked hard for your career — now, let us help you build your future in Melbourne.