Mel Finance
Home Loans for Doctors Melbourne


The Cost of Success

Doctors are known for being high-income earners. In fact, five of the top ten highest-paying jobs in Australia are medical professions – surgeons, anaesthetists, internal medicine specialists, psychiatrists and ‘other’ medical practitioners (such as dermatologists and gynaecologists). You would think that banks and lenders typically consider doctors as desirable clients – and they do.

However, it’s very common for doctors to consider applying for home loans early on in their careers. It’s important to keep in mind that most banks won’t even consider approving a home loan until full earnings are in place with one to two years of financial records to back them. Couple this with the fact that getting a medical degree is an expensive process, so you may also have educational debts to contend with.

Mortgage Broker For Doctors Melbourne
Doctor Home Loan Melbourne

Specialist Home Loans Exclusively for Medical Professionals

While there’s no such thing as a specific medical professional home loan, lenders tend to consider doctors to be low-risk borrowers and often offer them additional features and exemptions (providing they meet eligibility criteria). This includes the potential to avoid Lenders Mortgage Insurance (LMI) when you have less than a 20% deposit, discounted or reduced interest rates, potential fee waivers, and a more streamlined approval process.

Save Time and Money with Mel Finance

We understand how high-pressure the medical field is and how time-poor doctors tend to be, which is why the mortgage brokers at Mel Finance seek to offer specialised guidance and provide all the information you need as quickly as possible. It’s our goal to make the home loan application process as safe, quick and straightforward as possible, allowing you to focus on more important things.

We understand that your priorities are focused on delivering the best treatment for your patients. Whether you’re a surgeon, specialist, general practitioner, dentist, or even a veterinarian, all we need is proof of your registration with the APHRA, and we’ll do the rest.

Mel Finance has worked with many medical professionals in the past – rest assured we understand your business and commitments. Let us handle the details so that you can enjoy a negotiated interest rate discount and LMI waiver, saving you thousands of dollars.

Melbourne Home Loans For Doctors

Are you a doctor looking to take out a home loan? Mel Finance makes it easy.

Exploring the Benefits of Doctor Home Loans

There are a number of benefits to using your medical profession when applying for a home loan:

Faster Loan Approval

As doctors have more lenient eligibility requirements when it comes to applying for home loans, the approval process can often be faster than that of traditional loans. This is especially beneficial if you need to buy quickly or are buying in a competitive market.

Higher Loan Amounts

Most lenders also typically allow doctors to borrow more than people employed in other professions. This is because medical professionals are considered to be high-income earners with the ability to repay larger loan amounts.

Lower Interest Rates

Most lenders typically offer more interest rate discounts on doctor home loans than they do for traditional loans. This is because medical professionals are considered a low-risk group with a stable income and good job security. Lower interest rates can save you thousands of dollars over the lifetime of your loan.

No Lenders Mortgage Insurance (LMI)

Clients who have a deposit of less than 20% are usually required to pay Lenders Mortgage Insurance (LMI). If you’re a doctor, however, you may not be required to pay LMI on your home loan – even if your deposit is less than 20%. This can save you thousands of dollars in fees.

No Ongoing Fees

In some cases, home loans for doctors may not have any ongoing fees (such as annual or account-keeping fees). This can save you hundreds, if not thousands, of dollars over the lifetime of the loan.

Lower Deposits

With your stable income as a doctor, many lenders may allow you to borrow with a lower deposit. This can save you significant money upfront, helping you get into your new home or investment property sooner.

Your Home Loans for Doctors Questions Answered

There is a range of medical professions that can access home loans for doctors, including surgeons, general practitioners, pharmacists, psychologists, psychiatrists, speech pathologists, osteopaths, and dentists and nurses (case by case)Please get in touch with us for the full list.

As with any home loan application, doctors need to go through the mortgage approval process. This includes providing financial details, such as PAYG payslips as proof of income. The application process can be more complex for self-employed doctors who work as contractors. They may need to provide one to two years of business tax returns, two years of personal tax returns, their most recent notice of assessment from the ATO, two years of financial statements from the business, and so on.

Doctors have a distinct advantage in the property market due to their stable employment and substantial income, which makes them low-risk borrowers. Several lenders recognise the lucrative nature of the medical industry and are willing to offer advantageous loan conditions. 

You are a specialist in your own field, which means that you likely understand the benefits of specialisation in the medical setting. The same applies to finances – when it comes time to secure doctors’ specialist home loans, it pays to work with an experienced mortgage broker.

Unfortunately, nurses do not automatically get access to special discounts on home loans for doctors. However, during 2023, there are some lenders who would assist nurses with LMI waiver off.  Please get in touch with us for more information on what you may qualify for.

You will only qualify for a doctor’s home loan if you are applying for the mortgage together. If you are applying on your own, you will need to also be a medical professional in order to qualify.

Yes, if a doctor is a first home buyer and meets the required eligibility criteria, they can also access the First Home Owner Grant (FHOG) when applying for a home loan.

Why Choose Mel Finance?

Minimal Paperwork

We are committed to working with efficiency and saving our clients time and money. We’re also happy to schedule meetings at times that are convenient for you.

Low Deposit Requirements

For those who are approved, we may be able to get you a loan worth the full price of your purchase (subject to conditions).  

Industry Experience

Over our 12 years as mortgage brokers in Melbourne, we have helped many doctors and medical professionals reach their financial goals.

Home Loans for Doctors Melbourne

Finding Home Loans for Doctors

Whilst home loans are usually used to purchase somewhere to live, we understand that situations can quickly change when dealing with the medical profession. A doctor may be living in a capital city, for example, but decide to work in a rural location for a period of time. The property they bought as an owner-occupier could suddenly become an investment property six months down the line.

The team at Mel Finance can help doctors and other medical professionals to find a home loan that suits their particular situation. 

Doctors are Securing Home Loans

While it might seem simple for medical professionals to secure a home loan, the additional benefits offered make this process more complex. 

The team at Mel Finance has many years of experience in home loans for doctors; we take the time to understand your unique situation and needs and then find a loan to suit you. 

Whether you need to meet with us after hours, at your workplace or even at your home, we are committed to making the application process as convenient as possible.

Melbourne Mortgage Broker For Doctors

Catering to All Your Borrowing and Refinancing Essentials

Located in the heart of Melbourne, our mortgage brokers bring years of expertise and a diverse array of home loan options for first-time homeowners. We deliver customised solutions for a smooth passage to home ownership. Through expert lender comparison, we assist you in securing the best deal and most competitive rates.

Begin your property investment adventure! Explore a range of investment loan options, carefully selected to match your unique needs. Get smart advice on tax-friendly loan setups, whether you’re a first-time buyer or an established investor.

Looking for a better deal? Discover your refinancing options with our expert brokers. We’ll navigate you from selection to finalisation of your revamped mortgage. Refinancing could reduce your interest rate, consolidate your debts, shorten loan time, and fast-track your debt-free dream.

Lumbini worked with my husband and I to help us achieve our dream of owning our own property in an area we thought was beyond our reach. We really didn't believe we'd be able to afford what we wanted, where we wanted but Lumbini explored all avenues to help us to achieve this! It certainly wasn't easy but his patience, thorough understanding of our needs and financial situation, and his friendly and regular communication was always much appreciated. Thank you.

Stacey Martin Avatar Stacey Martin
May 4, 2022

Lumbini was great to deal with, he always took the time to explain things to us in ways we could understand and was very patient with us. It was clear he had our best interests in mind at all times

Chris D Avatar Chris D
September 6, 2021

Lumbini was recommended to me as I was looking buy my first property and he has been excellent. He was very professional and helpful in explaining the different types of loans with the benefits and disadvantages that come with them. He was quick to respond to my enquiries and doubts I had with whole process. I felt very comfortable during the whole journey that Lumbini has taken me, and I am very happy with the services he has given.

Patrick T Avatar Patrick T
December 5, 2022

Fantastic service Highly recommend Was recommended another broker by a friend but after a Google search and reading the great reviews I decided to give Lumbini a call, so glad I did! Lumbini was upfront, honest and professional from start to finish. He explained the pros and cons of all available loan packages and always made himself available to answer questions. Can’t recommend Lumbini enough, Thanks

Darryl Smith Avatar Darryl Smith
October 1, 2021



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