Mortgage Options for Medical Professionals
A home loan needs to fit the work you expect to do over the next few years. For a clinician, that might mean changing hospitals, reducing night shifts or building a private practice. Preparing a clear picture of your earnings and plans helps you compare loans without making your busiest roster the household’s permanent budget.
Start with your role and how you are paid
Some lenders offer professional policies with concessions on lenders mortgage insurance (LMI). Eligibility can depend on your occupation, registration, income, deposit and proposed loan. BOQ Specialist’s home loan options provide one example. Public offers are useful background; Bradley needs to confirm which relevant policies Axon can access and whether you meet their current criteria.
Make a one-page income summary before collecting every possible document:
- Hospital or salaried work: separate base pay, overtime and allowances. Note your employment type and available payslips and employment agreement.
- Locum or contract work: list contract dates, gaps and expected renewals. Explain whether you receive employee wages or invoice through a business.
- Practice ownership: identify the business structure, ownership share, wages and distributions. Note available tax returns and financial statements. Our self-employed loan checklist helps organise these records.
Lenders can assess variable earnings differently. BankSA’s professional lending criteria, for example, distinguish non-base employee earnings from self-employed income. Your highest payslip may not represent the income used in an assessment. Ask which earnings are included and what evidence supports them.
Build a budget around the roster you want
List planned training, parental leave, a hospital move or a change to private practice. Put expected dates beside each change. Then compare normal take-home income with a lower-income period, allowing for living costs, existing debts and the new repayment.
An illustrative roster check
Suppose a clinician regularly works extra weekend shifts but plans to reduce them after buying. Prepare one budget with those shifts and one without. If the second leaves little room for repairs or savings, compare a smaller loan, a later purchase or more cash reserves before deciding. This is a planning example, not a client outcome or a lender assessment rule.
Use the repayment calculator to explore different loan amounts and rates. It does not assess overtime, professional-policy eligibility or approval. Bring the results to the conversation with your own budget.
Compare the whole offer, including an LMI waiver
LMI protects the lender if you cannot repay; it does not replace income protection or pay your instalments if you become ill. CommBank explains what LMI covers. A waiver can remove one cost, while the deposit, purchase costs and ongoing repayments still need funding.
Ask for a comparison with a standard loan using the same amount and term. Include:
- The cash needed at settlement and the reserve left afterwards.
- The interest rate, application costs and ongoing package or account fees.
- Features you will use, such as an offset, and their added cost.
- Repayment flexibility and any restrictions relevant to your planned changes.
Our offset account guide explains when that feature may be useful. For application preparation, continue to the medical home loan checklist and FAQs.
Plan your loan around your next career step
Tell Bradley your role, how you are paid and your purchase or refinance timeframe. We can identify the policy questions and documents to work through together.
Discuss your medical home loan options