Hi everyone,
I’m a doctor based in Australia and currently looking to buy my first property. I keep hearing about Home Loans For Doctors Australia and the special benefits that come with them, like waived LMI and lower deposit requirements. I didn’t even know these programs existed until recently.
I’ve spoken to a couple of banks directly, but they all seemed confused about my income structure. I work full-time, do extra shifts, and occasionally take locum work, so my payslips aren’t as straightforward as a standard salaried employee. Two lenders actually assessed my borrowing power incorrectly because they didn’t understand how medical income works.
I reached out to Borg Financial, and they explained that many lenders have dedicated policies for medical professionals. According to them, doctors can access things like:
Waived LMI with deposits under 20%
More flexible income assessment
Priority application processing
Competitive interest rates for medical borrowers
Before I move ahead with anything, I wanted to check with people here:
Has anyone actually used these Home Loans For Doctors Australia programs?
Did you receive genuine benefits?
Were your approvals quicker?
Was LMI waived for you?
Did going through a broker make the process easier?
I’m trying to avoid making a rushed decision, especially since this will be my first property. Real experiences from this forum would help a lot.
Any recommendations, lender suggestions, or things to watch out for would be greatly appreciated.
Thanks in advance!
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