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Benefits of home loans for Optometrists

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

No Lender’s Mortgage Insurance (LMI)

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

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

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

Lower interest rates & discounted fees

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

Specialist home loans for optometrists

As an optometrist looking to finance your home or an investment property, you may be able to borrow up to 100 per cent of the property value without paying any Lenders Mortgage Insurance (LMI). 

Some of the top benefits of optometrists home loans include:

  • Borrow up to 100 per cent of the property value without paying LMI
  • Access special interest rates for low-risk borrowers
  • Specific lenders may offer additional discounts and fee waivers
  • Get into the property market earlier without waiting to save a 20 per cent deposit or getting a guarantor

Save more money on your home loan as an optometrist

You’ve plenty of competitive options when applying for a home loan as an optometrist. Besides interest rate discounts, lenders also offer high loan-to-value ratio (LVR) loans with waived LMI to optometrists, doctors, chiropractors, veterinarians and other healthcare professionals. That’s because lenders consider medicos low risk, as their incomes are typically higher than average and also relatively stable. 

This means you might be able to save thousands by applying with the right lender. A mortgage broker can tell you more about what’s on offer from different lenders. Additionally, your broker will give you obligation-free advice on choosing the right-fit loan for you while suggesting options from lenders most likely to approve your application.

Optometrist home loan benefits

You might be eligible for the following benefits when applying for a home loan as an optometrist: 

Waived LMI – The possibility of waiving LMI on a high LVR loan is perhaps the most attractive benefit of optometrist home loans. Most lenders will let you borrow up to 95 per cent of the property value without any LMI premium. A few may also lend you the full cost of the property if you have a strong financial background. 

Interest rate discounts – As an optometrist, you might be able to enjoy discounts on interest rates that aren’t available to others.

Increased borrowing limit – Certain lenders allow optometrists to borrow a higher amount than other borrowers. This can help you build your investment portfolio rapidly without hitting a financial brick wall.

Flexible approval criteria – If you’re a fresh graduate, you might benefit from flexible approval criteria for a home loan for optometrists.

How much could you save on LMI?

Lenders Mortgage Insurance or LMI is an insurance policy that lenders use to reduce their risk. It’s generally required when you’re borrowing more than 80 per cent of the property value. LMI protects the lender, not the borrower, and most lenders pass the cost on for the borrower to pay.

LMI often gets a bad rep with borrowers, but it does have its benefits – for example, it can let you enter the property market sooner, without having to save up a larger deposit. However, LMI can add thousands to your home loan’s upfront costs, depending on the loan’s size. 

Here’s an example of how much the LMI premium might cost on a $1 million loan for 30 years with different deposit amounts:

Property Value Loan Amount LMI Premium 
 $1,000,000 $850,000 $11,305
 $1,000,000 $900,000 $22,410
 $1,000,000 $950,000 $43,605

The good news is that you can avoid paying an LMI premium on a high LVR loan if you’re an eligible optometrist. That’s because you’re considered a low-risk borrower due to your profession. You can use our LMI calculator to crunch the numbers and figure how much you may be able to save on LMI. Alternately, you can connect with a mortgage broker to learn more about the benefits you may be eligible for.

Who’s eligible for optometrist home loans?

To be eligible for a home loan for an optometrist, you must be:

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

Other than that, there’s no minimum income requirement for optometrists applying for a home loan. It’s also immaterial whether you’re working in a private clinic or a government hospital. 

Lenders assess your application according to your ability to pay back the loan. If you meet the general eligibility criteria for optometrist home loans and have a stable income, you’re likely to be eligible for waived LMI and other benefits on your home loan or investment property loan.

How to apply for an optometrist home loan?

Applying for an optometrist home loan isn’t much different from applying for a regular home loan. The only additional step is that you need to present information to prove that you’re an optometrist. The upside is that as an optometrist, you might be eligible for waived LMI payment on high LVR loans, up to the full property value. Therefore, it helps to know which lenders are offering fee waivers and interest rate discounts to borrowers of your profession, so you can enjoy considerable savings on your home loan. 

You’ve multiple options on how to proceed with your home loan journey. You may contact individual lenders, compare mortgage deals online to select a loan that meets your needs, or consult a mortgage broker. 

Once you compare the various offers and choose one that works for you, you can either apply for a mortgage online or request for a call back from a mortgage broker. If you choose the latter, you can expect expert assistance throughout your home loan journey. Your mortgage broker may also be able to negotiate an interest rate discount on your behalf, which can lead to significant savings on your mortgage. 

Are optometrist home loans available for financing investment properties?

Yes. You can benefit from waived LMI and interest rate discounts on both your home loan and investment loan as an optometrist if you meet the general eligibility criteria. 

Suppose you’re planning to buy an investment property. An investment broker can guide you to lenders that offer fee waivers and other discounts to optometrists, as well as a higher borrowing limit. Connect with a broker to plan your investment portfolio in detail.

Is it necessary to work with a mortgage broker when applying for a home loan as an optometrist?

No. It isn’t obligatory or necessary to work with a mortgage broker to apply for an optometrist home loan. You can choose to do the legwork yourself by comparing home loans online or applying directly with individual lenders. But if you’re busy or find it confusing to sort the various home loan deals in the market, you can seek help from a mortgage broker.

A broker will understand your financial situation and suggest the features you need in your home loan. Optometrist home loans come with the same features as regular home loans, such as 100% offset account, line of credits, free redraws, split rate facility, etc. However, these features are not always free. You need to decide whether you need them or not, as you don’t want to be paying for something that you’re not going to use.

Another benefit of working with brokers is they’re aware of the eligibility criteria for various lenders they work with. Lenders don’t always advertise all their rates, but brokers know how to access these special deals. Your broker can potentially get you a competitive interest rate and other discounts while increasing your chances of approval in the first application. 

Additionally, your broker will check your eligibility for any state grants, like the First Home Owner Grant, and help you in filling out the required forms to prevent any unnecessary delays due to missing documents or careless errors. You may connect with a mortgage broker online to simplify your home loan journey. Save up precious time for the things you love while your broker manages your home loan application process.


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