Home Loans for Doctors

Locum income is generally assessed differently from PAYG salary. Some lenders may require a minimum history of locum earnings before considering the income, while others may have more flexible policies depending on your profession and employment arrangements. The length of your locum history, consistency of earnings and supporting documentation can all influence how the income is assessed.
If a significant portion of your income comes from locum work, we can review how different lenders may assess your earnings and identify options that may suit your circumstances.

Yes, however the assessment process is usually more detailed than for PAYG income. Lenders may review tax returns, financial statements, business performance and income trends to determine the amount of income they are willing to use for servicing purposes. Requirements vary significantly between lenders.

Some lenders offer LMI waivers to eligible medical professionals. Depending on the lender, profession and borrowing amount, this may allow a doctor to purchase a property with less than a 20% deposit without paying LMI. Eligibility criteria differ between lenders and are subject to change.
Because policies vary between lenders, it's worth confirming eligibility before making assumptions about your deposit requirements.

Eligibility varies between lenders. Some lenders extend professional lending benefits to specialists, consultants, GPs, dentists, veterinarians, pharmacists and other healthcare professionals. The professions accepted, borrowing limits and available benefits differ from lender to lender.

Potentially. Many doctors use available equity from an existing property to assist with deposits and acquisition costs for an investment property. The amount available depends on the property's value, existing loan balance, borrowing capacity and lender policy.

Each ownership structure has advantages and disadvantages relating to taxation, asset protection, estate planning and lending. The appropriate structure depends on your circumstances, investment objectives and professional advice from your accountant and legal advisers.

Trust income can often be included in a home loan application, provided sufficient evidence is available. Lenders typically review trust tax returns, distribution statements and financial records. Assessment policies vary significantly, particularly where distributions fluctuate from year to year.

Some lenders may consider retained profits within a company structure when assessing borrowing capacity, while others may not. The way retained earnings are treated depends on lender policy, company financials and the overall application.

Debt recycling is a strategy commonly discussed by investors seeking to improve the tax efficiency of their overall debt structure. Whether it is appropriate depends on your financial circumstances, investment objectives and professional tax advice. Before implementing any strategy, it is important to understand both the potential benefits and risks.

The appropriate repayment type depends on your investment strategy, cash flow requirements and long-term objectives. Interest-only repayments may improve short-term cash flow, while principal and interest repayments gradually reduce debt. Understanding how each option aligns with your strategy is important before making a decision.

Most lenders do not use 100% of rental income when calculating borrowing capacity. They typically apply a reduction to account for vacancies, maintenance and other property-related expenses. The percentage used varies between lenders.

Some lenders offer specialised policies for eligible medical professionals, including higher loan-to-value ratios, LMI waivers or enhanced servicing policies. The availability of these benefits depends on the lender, profession and individual circumstances.

HECS or HELP obligations can affect borrowing capacity because lenders generally take ongoing repayment obligations into account when assessing serviceability. The impact depends on income levels, existing commitments and lender assessment methods.

Yes. Many borrowers refinance and release equity simultaneously, subject to valuation, borrowing capacity and lender criteria. Equity release may be used for approved purposes such as property investment, renovations or debt restructuring.

Potentially. Lenders may review business financials, ownership structures, tax returns and profit distributions when assessing income from a medical practice. Some lenders have policies that are more accommodating of business owners than others.

Every lender uses different servicing models and income assessment policies. The way overtime, locum income, private practice earnings, trust distributions and existing liabilities are assessed can vary significantly. As a result, two lenders may produce very different borrowing outcomes for the same applicant.
If you're comparing borrowing capacity across multiple lenders, a personalised assessment can help identify which lenders may be more suitable for your circumstances.

Common issues include:
# Focusing solely on interest rates instead of loan structure
# Cross-collateralising multiple properties
# Failing to maintain adequate cash reserves
# Not reviewing lending structures as income grows
# Purchasing investment properties without considering future borrowing capacity
# Overlooking lender policies that may be favourable to medical professionals

Interest rate is only one component of a lending strategy. Features such as offset accounts, loan flexibility, future borrowing capacity, investment plans and access to equity can be equally important when evaluating whether refinancing is worthwhile.

Potential strategies may include:
# Reducing unnecessary credit card limits
# Reviewing personal and investment debt structures
# Ensuring income documentation is up to date
# Demonstrating consistent earnings from locum or private practice work
# Maintaining strong cash reserves
# Reviewing ownership structures with professional advisers
The most effective strategy depends on your individual circumstances.