Australian banks offer favourable terms for doctors relative to other professions as they are seen by the banks to be low risk borrowers, have high incomes and often approach the bank later for a business or investment loan.
Doctors or medical practitioners are eligible for no Lenders Mortgage Insurance and often goos interest rate discounts.
Even though ANZ no longer offers their Medical Practitioners Package which allowed doctors to borrow up to 90% of the property value with no LMI, there are still other banks willing to offer these discounts for doctors in a strong financial position.
If you are borrowing over 80% of the property value then it is best to apply with a lender that can waive LMI.
If you are borrowing less than 80% of the property value then you will not pay LMI anyway, so it is better to look for the best interest rate discount.
If you intend to borrow more than 80% of the value of a residential property the bank will require you to pay Lenders Mortgage Insurance.This is a once off fee which pays for the bank to be insured in case you do not repay your loan.
As a Doctor or Medical Professional the bank will let you borrow up to 90% of the property value with no LMI and home loans may be in excess of $3 million depending on the lender.
If you are borrowing less than 80% of the property value then banks do not normally require you to pay LMI anyway so you should look for the most competitive interest rates.
Banks have different rates and rules regarding Doctors or Medical Professionals and it pays to speak your mortgage broker What If We Finance to ensure you get the best possible deal and also avoid LMI.