Yes, if you go to the right lender. Lenders Mortgage Insurance applies when you borrow more than 80% of the property's value, and it protects the bank, not you. It can cost tens of thousands. Many lenders waive it for eligible medical professionals, which means you can buy with a deposit of around 5% to 10% and skip the premium altogether. Depending on the price of the home, that can save somewhere between $10,000 and $30,000, and often more on higher-priced Sydney properties. Doctors' packages also tend to come with sharper rates. Policies differ between lenders, so we check yours against each one before you apply.

Most medico policies cover GPs, specialists, surgeons, dentists and medical registrars. Full-time, part-time and contract work can all qualify, although each lender sets its own rules. The waiver generally applies to an owner-occupied home. If you're buying an investment property, expect a different set of rules, and in many cases the LMI waiver won't apply. That doesn't mean you're out of options, though. Some lenders still offer doctors better terms on investment loans, just not the same deal. We'll tell you at the start which category your purchase falls into, so you don't build plans around a waiver you can't use.

Often, yes. Lenders with medico policies understand that junior doctors rotate between hospitals, move for placements and work on fixed-term contracts. Many are comfortable with that if your employment letter and pay history are solid. They look closely at where your income is heading, not only at today's pay. HELP debt does count against your borrowing power, and so do credit card limits, so it's worth tidying those up first. Timing matters too. Starting a new rotation can sit awkwardly with an application, so we usually line the paperwork up around your contract dates. Some junior doctors are told to wait until they're fully qualified, and that isn't always true.

Differently from a hospital salary. If you work as a locum, run your own practice or bill through a company, lenders usually treat you like a self-employed borrower. They'll want your ABN, tax returns (often two years) and notices of assessment. That can undersell you if your income has jumped recently, for example after finishing a fellowship. Some lenders assess a recent contract rate instead, and a few offer low doc options when your paperwork doesn't tell the full story. For doctors who are self-employed, it's a different path from a PAYG salary, but the principle is the same. The right lender reads your income fairly, and we tell you early which route fits.

Maybe, and it's worth doing the maths instead of guessing. Medico packages can come with sharper rates, waived annual fees and higher borrowing limits. If you bought a few years ago, or your income has grown since you first borrowed, you could qualify for better terms than you have now. Mortgage refinancing can also release equity for a renovation or another purchase, if that's part of your plan. On the other side, there are discharge and application fees, and a fixed rate might carry break costs. We compare what you'd save with what it costs to move, and if staying put is the smarter call, we'll say so.

Someone who already understands medico policies, rather than learning them on your application. Ask which lenders waive LMI for your specialty, and at what deposit. A broker who can't answer quickly probably hasn't done many. You also want flexibility, because doctors work nights, weekends and on-call, so phone, email and out-of-hours availability matter. It also helps if your broker knows the area you're buying in. We work as a mortgage broker for the Eastern Suburbs and Northern Beaches, and for professionals in the Sydney Hills district, where bigger loans make lender choice matter even more. If you're a dentist, lawyer or accountant rather than a doctor, home loans for professionals can offer similar perks, though the details differ.