Compare home loans for doctors

Find home loans from a wide range of Australian lenders that best suit your needs, whether you're investing, refinancing or looking to buy your first home. Compare interest rates, mortgage repayments, fees and more. - Data last updated on 20 Jul 2019

Compare doctor home loans

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Home loans for doctors

Being a doctor presents many challenges, one of which is the fact that due to the requirements of the job you may not have as much choice as other people over where you live. There is a positive side to this however. Even if you’re based in an area where property prices are high, you could save money by securing an especially advantageous home loan. With a lower rate of interest and with access to special features, you could find that paying off the mortgage on your home is a lot easier than you expected.

Why do doctors get special deals?

The reason why doctors are offered special deals on home loans is simple: they work in a vital profession and are likely to be high earners during their career. Because of this, lenders consider doctors to be low risk borrowers. Similar arrangements apply for some other professionals, such as lawyers. Some lenders are so confident about doctors that they will lend 100% of the value of the property – with no deposit needed at all – but insurance is always required in that case.

Who is eligible for these deals?

Although lenders assume that doctors will have high earnings, you don’t always need to be in one of the higher earning specialties in order to qualify for these loans. They’re usually available to people right across the profession, from oncologists to gynaecologists, and even to those at the start of their careers. Of course, you will still have to meet the lender’s other requirements, such as having enough money for a deposit and having a reasonably good credit record.

Features to look out for

When you apply for a loan as a doctor, there are several things you should look out for:

  • Lower interest rates;
  • No LMI (Lender’s Mortgage Insurance);
  • Discounts on fees;
  • The chance to borrow more in proportion to your deposit.

For anybody getting a home loan, it’s worth talking to the lender directly to try and get a better del. This is especially the case if you’re a doctor as you can be confident that the lender will want your custom.

Main considerations

Although home loans for doctors are usually available right across the profession, some individual lenders do limit them to particular specialties, so the first thing you will need to do is find out if you are eligible. Once you have narrowed down a group of possible lenders, use the comparison rate to work out which are offering the best basic deals – this rate takes into account both the interest rate and most fees, which can sometimes be hard to spot otherwise.  You should then look at the additional features offered, such as the option of making early repayments at no charge, and decide what’s most important to you. 

Where can you get a special deal?

The following lenders offer special deals on home loans to doctors:

  • ANZ
  • BOQ Specialist
  • Commonwealth Bank
  • Westpac.

FAQs

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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