Home Loans for Dentists: 95% LVR with No LMI
For Dentists who are Australian citizens or residents:
- Borrow up to 95% of the purchase price
- Zero Lenders Mortgage
- Discounted interest rates
- No cost, no obligation service
Why Choose Home Loans for Dentists?
Dentists enjoy exclusive benefits with our home loans for dentists due to their stable, high-income profession. Here’s why we stand out:
- 95% LVR, No LMI: Borrow up to 95% of the property value without LMI, saving up to $15,000 on a $500,000 loan.
- Low Rates: Access discounted interest rates not available to the public.
- Higher Borrowing Power: Qualify for loans up to $4 million for your dentist home loan.
- Fast Approvals: Our brokers streamline the process for both new grads and experienced dentists.
Eligibility for Dentist Home Loans
To qualify for a Home Loans for Dentists, you need:
- AHPRA Registration: Be registered with the Australian Health Practitioner Regulation Agency (check at AHPRA).
- Employment: Full-time work as a dentist for at least 3 months (new grads considered).
- Credit History: Good credit with no defaults.
- Deposit: Minimum 5% deposit (or joint ownership to reduce LMI).
- Self-employed dentists need 2 years of tax returns.
How Much Can You Save on a Dentist Home Loan?
Lenders Mortgage Insurance (LMI) is a one-time fee for loans over 80% LVR, protecting the lender if you default. For a $500,000 home, LMI can cost $8,600. Our LMI waiver for Dentists eliminates this up to 95% LVR, saving you thousands—equivalent to years of mortgage payments. Combine this with our low rates, and you could own your home sooner.
Why Dentists Get Special Treatment for their Home Loans
Australian lenders view dentists as low-risk borrowers with substantial incomes. This leads to special discounts on home loans for you. This favourable perception often drives lenders to compete for the business of dentists.
The specific interest rate discount that may be available to you will depend on various factors:
- Industry Association Membership: Affiliation with certain industry bodies may offer exclusive benefits.
- Income Level: Your annual income can influence the lender’s willingness to offer competitive rates.
- Loan Size: The amount you wish to borrow can also affect the discount rate.
Understanding these factors can provide valuable insights into the unique opportunities available to medical professionals seeking home loans. Leveraging this knowledge of home loans for medical practitioners can help in securing financial products tailored to the specific needs and qualifications of doctors and other healthcare providers.
Membership Associations
You must be a member and/or registered with one of the following associations to qualify for the LMI waiver:
Australian Dental Association (ADA)
Who Qualifies For This Loan?
Dentists who demonstrate that they meet the following eligibility criteria:
- You’ll need to be an Australian Citizen or Permanent Resident;
- Your property purchase must be either owner occupied or for investment purposes;
- The maximum loan amount is $2 million;
What if I do not meet this criteria?
Don’t despair, because it’s likely we’ll still be able to help you. We may still be able to arrange a home loan up to 90% with no LMI premium payable.
Examples of dentists using this policy
You could top up your existing home loan to 90% and pay no LMI. This would release surplus funds which you can then use to fund the 10% deposit plus costs on a new investment (or owner occupied) property. Providing the total transaction amount is below $2 million, you’ll have no LMI to pay. Not only that, we can source loan products specifically designed for dentists. These include standard variable mortgages with package discounts, and fixed rate offers with features such as offset accounts and redraw.
Why are some banks waiving LMI for dentists?
LMI is designed to protect the lender against the possibility of default by its mortgage customers. However, some lenders have realised the chance of you, as a professionally qualified and respected practicing dentist, defaulting is very low. Because of this, these banks are prepared to consider waiving the LMI premiums.
How to Apply for Your Denist Home Loan
- Check your Eligibility: Make sure your occupation is on the list and you have the relevant qualifications and membership
- Gather Documentation: You’ll need to provide documentation, including proof of visa status, income verification, tax returns, and any additional evidence of assets or savings. If you’re earning foreign income, you may also need proof of exchange rate stability.
Find the Right Lender: Not all lenders offer loans to temporary visa holders. Working with a mortgage broker who specializes in non-resident loans can help you find the best lender for your situation.
Submit Pre-Approval Application: Apply for pre-approval to determine how much you can borrow. This will give you a better idea of your budget before you start house hunting.
Formal Loan Application: Once you’ve found a property, submit your formal loan application, including all necessary documentation. The lender will assess your eligibility and risk before granting final approval.
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Getting a home loan was really simple with Professional Home Loans.
“We went overseas during settlement and it was not a problem for them, everything went smoothly and I’m writing this from my new home! “
Jack Clancy
– Physio
Well done you made it easy with no BS.
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– 90% no LMI Brisbane, QLD.
No LMI for building home in Sydney as well as 90% LVR no lmi for investment proerpty off the plan in Newcastle.
“Professional Home Loans has provided us with a very professional service, communicating all the available options to us and in the process he has literally saved us $75k that we would have otherwise paid. They certainly go beyond the call of duty. “
Hamilton (Accountant) & Nyari (Doctor) Sydney
– NSW
Working for QLD Health achieved 90% LVR no LMI at normal rates - From UK. Sunshine Coast, QLD
“We were able to get a loan at a good rate and avoid paying LMI which saved us several thousand dollars that we can now put towards other things. Very helpful and informative about all aspects of the process, not just the loan, which we really appreciated as it made the whole thing a lot easier for us.”
Craig and Louise (Medical Registrars)
– Sunshine Coast QLD