Benefits of home loans for chiropractors

Applying for a specialist medical profession mortgage could allow you to enjoy one or more

No Lender’s Mortgage Insurance (LMI)

Other special offers may be available to chiropractors applying for home loans.

A lower deposit/ higher Loan to Value Ratio (LVR)

Special offers may be available to chiropractors applying for home loans.

Lower interest rates & discounted fees

Other special offers may be available to chiropractors applying for home loans.

Specialist home loans for chiropractors

If you’re a chiropractor looking for a competitive home loan deal to finance your dream home, you’ve got a range of options available. Many lenders offer high loan-to-value ratio (LVR) loans with waived LMI to low risk professionals like doctors, chiropractors and other healthcare professionals.

Besides an LMI waiver, you can also get interest rate discounts on your home loan as a chiropractor. All these benefits will help you save thousands over the life of the loan.

A mortgage broker can tell you more about what’s on offer by different lenders and help you pick the right loan for your circumstances. 

Connect with a mortgage broker online and find out which discounts and offers you’re eligible for.

What is LVR?

Loan-to-Value Ratio or LVR refers to the percentage of the money you may borrow for a home loan compared to the value of the property you intend to buy. Lenders are most comfortable offering home loans with an LVR lower than 80 per cent. Otherwise, you may have to pay LMI or have someone go guarantor unless you’re a medical professional who is eligible for a specialist home loan.

What home loan benefits are chiropractors eligible for?

Lenders consider chiropractors low risk because their incomes are typically quite stable and generally higher than average. As such they offer them exclusive discounts, including LMI waivers on high LVR loans and interest rate discounts. If you’re applying for a home loan as a chiropractor, you may be eligible for some of the following benefits:

  • Waived LMI – The possibility of having LMI waived is perhaps the most significant advantage of chiropractor home loans. Most lenders let chiropractors borrow up to 95 per cent of the property value without any LMI premium. A few may also lend 100 per cent of the property value to chiropractors with a strong financial background.
  • Additional interest rate discounts – As a chiropractor, you may have access to extra discounts on interest rates that aren’t available to the general public.
  • Higher exposure limit – Lenders allow higher exposure limits for chiropractors with a substantial property portfolio, clear credit history and solid income. A higher exposure limit means that you might be eligible for a higher amount of debt across numerous credit products, including home loans, investment loans, personal loans and credit cards. This helps build your property portfolio faster when applying for a home loan as a chiropractor.

To check whether you’re eligible for these benefits, complete our short form, and we will have a mortgage broker call you within 24 hours to assist you.

What is LMI, and how can you avoid it?

Lenders Mortgage Insurance or LMI is an insurance premium paid by you, the borrower, to protect the lender if you default on your home loan. Most lenders will expect you to pay for LMI if you’re borrowing more than 80 per cent of the property value. The exception to this is if you’re considered a low-risk borrower due to your profession.

It’s worth remembering that LMI only protects the lender in the event of default. As a borrower, it is prudent to take out your own insurances as protection against adverse changes in your circumstances.

A lot of lenders see borrowers of certain professions as low risk of defaulting on a home loan, so offer waivers on LMI. Chiropractors are one such profession, and this means you can save thousands on your home loan with an LMI waiver. To give you an idea of the cost of the LMI premium, a property valued at $1 million and where you borrow 95 per cent, your LMI could be up to $43,605.

You can use our online LMI calculator to crunch the numbers and calculate how much you may be saving with an LMI waiver on your home loan.

There are many lenders in Australia, including the big four, that provide specialist home loans for chiropractors. You can start your search by comparing home loans online or contacting individual lenders or a mortgage broker for assistance.

Home loans for chiropractors – who is eligible?

To be eligible for a home loan for chiropractors, you must be:

  • A fully qualified chiropractor that has the legal right to work in Australia.
  • An Australian citizen, a permanent resident, or hold a valid temporary work visa to work in Australia.  
  • Registered with the Australian Health Practitioner Regulation Agency (AHPRA).

There is no minimum income requirement for chiropractors applying for a home loan. Lenders assess your application according to your ability to pay back the loan. This means a good credit score and strong financial history are important factors for getting your home loan application over the line.

You can check your credit score online to find out where you might stand before applying for a mortgage. You can also get in touch with a mortgage broker to learn about what benefits you may be eligible for and the home loan deals from various lenders.

Chiropractor home loans: Frequently asked questions

1. Are there any discounts available on investment loans for chiropractors?

Home loans for chiropractors can be for both residential and investment properties. If you’re building an investment property portfolio, you’re likely to benefit from the ability to borrow more in total than regular borrowers.

You can compare investment loans online to see what’s available from multiple lenders. You can connect with a mortgage broker online for obligation-free advice and support. A broker will help you understand your options better and suggest home loan deals from various lenders. They’ll also help you fill out your application and take you through the whole home loan process.

2. What is the maximum loan size I can borrow when applying for a home loan as a chiropractor?

Some lenders allow chiropractors to borrow up to 100 per cent of the property value without paying an LMI premium. The actual amount you can borrow will depend on multiple factors that lenders will look at individually. This includes your credit history, financial status and projected ability to repay the loan. Some lenders may limit the total loan amount they offer due to these factors or they may set limits in general for all loans.

Lenders might place a limit on the total amount you can borrow. If you’re an Australian citizen or a permanent resident of Australia, you’ll be able to borrow a maximum amount of $4.5 million for a single property. For borrowers who are non-permanent residents or work visa holders, this amount is limited to $2 million.

3. Are self-employed chiropractors eligible for an LMI waiver?

To access benefits such as an LMI waiver you just need to be a registered chiropractor working full time in Australia. You’re eligible for these benefits whether you’re a PAYG employee or a self-employed professional, provided you have the proper documentation to prove regular income and your ability to repay the loan. If you’re confused whether you’re eligible for an LMI waiver as a chiropractor, you can connect with a mortgage broker online to check your options.

4. What is the process of applying for a chiropractor home loan?

The process of applying for a home loan as a chiropractor is the same as applying for a standard home loan. The only difference would be that you are required to present details that prove you’re a chiropractor. You can choose to contact individual lenders to see what’s available, compare mortgage deals online to pick a loan that meets your requirements or consult a mortgage broker.

Whichever path you take, make sure to do research so that you can confirm it’s the best possible rate with all the features you need in your home loan. For example, a no-frills home loan will perhaps cost you less than a home loan with several bells and whistles. However, some of these bells and whistles can help you manage your home loan better. For example, a 100 per cent offset account can help reduce the amount of interest you pay on your mortgage across its full term. Therefore, it’s essential to understand what home loan features you might want and those you can do without. 

Once you compare home loan deals and choose a loan that works for you. Your options to apply for the mortgage include applying online or requesting for a call back from a mortgage broker to help you through the process. If you’re working with an individual lender, they’ll possibly assign a staff member to guide you through the application process. If you choose to connect with a broker online, you’ll receive expert assistance across your whole home loan journey.

5. Do I need to work with a mortgage broker to apply for a home loan as a chiropractor?

There’s no requirement of working with a mortgage broker to apply for a chiropractor home loan. You can also research on your own and compare home loans online or apply directly with individual lenders. However, lenders often don’t advertise all of their deals, and can often have special offers that mortgage brokers know how to access. A broker can do the legwork for you and give you the most suitable options from lenders that are most likely to approve your home loan application.

Working with a mortgage broker is especially beneficial when you’re taking out a high LVR loan. A broker can also be helpful if you’re self-employed and don’t receive regular salary slips to prove your income. Besides assessing your eligibility for an LMI waiver as a chiropractor, a broker will give you expert financial advice to help you choose the right loan with features that suit your current financial state and future goals. Connect with a mortgage broker online for an obligation-free assessment and kickstart your home loan journey with confidence.