Home Loans for Dentists
For dentists in Australia, securing a home loan comes with several exclusive benefits, including the opportunity to avoid paying Lenders Mortgage Insurance (LMI). Typically, borrowers who have less than a 20% deposit are required to pay LMI, but many lenders waive this requirement for dentists, allowing them to borrow up to 95% of a property’s value without the extra cost.
This is because medical professionals such as dentists are considered low-risk borrowers due to their high income, stable career paths, and excellent employment prospects, making them an attractive client base for lenders. Avoiding LMI can save dentists tens of thousands of dollars in upfront costs, making it easier for them to enter the property market. In this article, we’ll explore the home loan options and special financial perks available for dentists.
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Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.
Which Lenders Offer LMI Waivers for Dentists?
Bank / Lender with LMI Waiver | Maximum LVR | Eligibility Criteria |
|---|---|---|
95% | ||
90% |
| |
95% |
| |
95% |
| |
90% |
| |
95% |
| |
95% |
| |
95% |
| |
95% |
| |
95% |
|
How Much Can Dentists Borrow?
Borrow up to 95% of the property value with NO LMI
Dentists in Australia can borrow up to 95% Loan-to-Value Ratio (LVR) with Lenders Mortgage Insurance (LMI) waived, offering a significant advantage when purchasing a home. This is particularly appealing to First Home Buyers who don't want to wait years to save up for a 20% deposit. By borrowing 95% of the property’s value, dentists can enter the property market sooner, saving thousands of dollars in LMI costs.
Additionally, this benefit extends to dentists looking to grow their investment portfolios, as they can leverage the equity in their existing home without needing a large cash deposit. Many lenders also do not impose a minimum income requirement, meaning even new dentists can access these favourable loan terms, making homeownership or property investment more achievable at the start of their careers.
Do Lenders Consider Overtime When Calculating Income?
Lenders in Australia generally consider overtime when calculating a dentist's income for home loans, but the way this income is treated can vary between lenders. Many lenders will include up to 100% of a dentist's overtime income in their loan calculations. This is particularly beneficial for dentists who may work extra hours or shifts, as overtime can make up a significant portion of their annual earnings.
Lenders typically require proof of consistent overtime, often through payslips and employment contracts, over a 6-12 month period to verify its stability. However, some lenders may take a more cautious approach and count only a portion of the overtime income, usually between 50-80%, to safeguard against potential income fluctuations. Dentists are generally seen as low-risk borrowers due to their stable and high-income careers, which means lenders may be more flexible when assessing their overall income. Working with a knowledgeable mortgage broker, like EE Mortgages, can help you negotiate the most favourable terms regarding the inclusion of overtime in your borrowing capacity.
Which Dentists are Eligible?
All types of dental professionals are eligible for dentist home loans, including:
- Dentists
- Dental specialists
- Anaesthetists
- Oral surgeons
- Orthodontists
- Periodontist
If you are unsure whether you are eligible, contact us and we can help you with your situation. Even if you do not qualify for a dentist home loan, we can help you find the best mortgage for your needs.
Important Info about
Home Loans for Dentists
How Much Money Do I Save?
By avoiding LMI, you save tens of thousands of dollars, but the exact amount will depend on various factors including your loan amount and the LVR. We have found that most dentists secure loans with 95% LVR, so we have included a table below with the estimated LMI savings based on different property values and 95% LVR.
Property Value | Loan Amount (95% LVR) | Lenders Mortgage Insurance Saved LMI Saved |
|---|---|---|
$500,000 | $475,000 | $15,752 |
$750,000 | $712,500 | $30,394 |
$1,000,000 | $950,000 | $38,739 |
$1,250,000 | $1,187,500 | $52,985 |
$1,500,000 | $1,425,000 | $63,724 |
$1,750,000 | $1,662,500 | $81,249 |
$2,000,000 | $1,900,000 | $92,967 |
$2,250,000 | $2,137,500 | $109,976 |
$2,500,000 | $2,375,000 | $122,286 |
$2,750,000 | $2,612,500 | $134,596 |
$3,000,000 | $2,850,000 | $146,906 |
$3,500,000 | $3,325,000 | $171,483 |
$4,000,000 | $3,800,000 | $195,980 |
$4,500,000 | $4,275,000 | $220,478 |
$5,000,000 | $4,750,000 | $244,975 |
We Help Dentists with their
Home Loans
At Eden Emerald Mortgages, we deliver a superior lending experience by combining deep industry knowledge, effective communication, and genuine care, while helping dentists buy property.
With over 40 years of collective expertise, our team offers competitive rates and a broad array of No LMI loan products through a strategic network of over 40+ lending partners for residential borrowers.
What We Offer
Why Choose
EE Mortgages?
Eden Emerald Mortgages is the #1 mortgage broker in Sydney, as rated by the Canberra Times. Our team specialises in mortgages for dentists and we have particular expertise with high LVR loans with No LMI. We have been in business since 2007 and secured hundreds of loans for dentists. We offer our friendly, personalised services and advice at no cost at all, with no obligation to continue with us.
Get in touch, and an expert will call you back
- We partner with over 40+ lenders to find you the best rates on your home loan, with up to 100% LVR and No LMI
- Receive free friendly and personalised support from our experienced team, with no obligation
- We have been in business for over 17 years and we know dentist home loans better than anyone else
- 100% free service for clients with no hidden fees (we are paid a commission by the lender)
What Our Customers Say
Since Eden Emerald Mortgages began operations in 2007 we have helped thousands of Australians secure a mortgage. See what some of our satisfied customers say about us below.
Useful Calculators
Everyone's financial circumstances are different, which is why it is hard to know how much you can borrow or what price range to start house hunting. At Eden Emerald Mortgages, we offer free calculators that can assist you whether you are buying a new home or refinancing an existing property. Our most popular calculators are listed below, and you can see the full range of calculators here.
Frequently Asked Questions
Eden Emerald Mortgages does not charge any fees to you for using our services. We are paid a commission by the lender so that you don't have to pay anything. From your first call to the settlement date of your property, there are no costs involved!
If you would like to book a free appointment with us, simply call us on (02) 9188 9398 or leave us a message via the Contact Form.
Eden Emerald Mortgages has embraced technology, making it much more convenient for you to speak with us. We can communicate via phone, email and video call to eliminate the need for you to meet in person. If it is more convenient for you, we can complete the whole home loan process online.
EE Mortgages has access to more than 40+ lenders including the big 4 banks and various 2nd tier lenders. We have close relationships with our partners which enables us to negotiate the best rates for your home loan.
We pride ourselves on being efficient and quick with our services, and pre-approval can be received in 24 hours depending on the lender of choice. This is also dependant on whether you have all your documents in order. It is a good idea to allow up to 5 business days for pre-approval of your home loan.
We can help you determine your borrowing capacity after we ask you some questions and receive financial documents. In the meantime, you can estimate the amount you can borrow using our borrowing power calculator.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation.
Contact Info
Address: Level 5, 20 Bond Street, Sydney, NSW, 2000, Australia
Phone: 02 9188 9398
Email: [email protected]
Shaun Bettman is an authorised credit representative (CRN 399434) of BLSSA Pty Ltd (Australian Credit License No. 391237)
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