Home Loans for Optometrists
For optometrists in Australia, accessing a home loan comes with several exclusive benefits, including the opportunity to avoid paying Lenders Mortgage Insurance (LMI). Typically, LMI is required for borrowers with less than a 20% deposit, but many lenders offer waivers to medical professionals like optometrists, allowing them to borrow up to 95% of the property’s value without the extra cost. This can save optometrists tens of thousands of dollars in upfront expenses, making homeownership far more accessible.
Optometrists are seen as low-risk borrowers due to their stable, high-income careers and strong employment prospects, which makes them attractive clients for lenders. As a result, lenders are more likely to offer these LMI waivers and other financial perks, allowing optometrists to enter the property market sooner. This article will explore the various home loan options and benefits available for optometrists.
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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.
How Much Can Optometrists Borrow?
Borrow up to 95% of the property value with NO LMI
Optometrists in Australia can borrow up to 95% of a property’s value while avoiding Lenders Mortgage Insurance (LMI). This is particularly beneficial for First Home Buyers who haven't saved a deposit of 20%, allowing them to enter the property market sooner without the burden of LMI costs.
In addition to home purchases, this option is advantageous for optometrists looking to expand their investment property portfolio by using equity from their existing home. Since they can borrow up to 95% without needing a large upfront deposit, it provides greater flexibility in building wealth through property investments, potentially using equity in their existing home. Most lenders offering this benefit do not impose a minimum income requirement, meaning even optometrists early in their career can take advantage of these home loan options and start building their financial future.
Are Temporary Residents Eligible for LMI Waiver?
Australia has a lot of migrants from optometry backgrounds who haven't gained permanent residency yet. While optometrists who are permanent residents and Australian citizens can access up to 95% LVR with no LMI, temporary visa holders may be eligible for slightly different terms. For example, if you're an optometrist on a 457 visa, some lenders may offer a 90% LVR with no LMI.
Eligibility for these discounts depends on individual circumstances, and some lenders offer special concessions on a case-by-case basis. It’s a good idea to consult with an experienced mortgage broker like EE Mortgages who can guide you through the options available and help secure the best possible deal based on your visa status.
Which Professions are Eligible?
All types of medical professionals are eligible for home loans with waived LMI, including:
- Optometrists
- Ophthalmologists
- Doctors
- General Practitioners
- Specialists
- Surgeons
- Anaesthetists
- Radiologists
- Oncologists
- Interns
- Residents
- Dentists
- Registered Nurses
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 home loan with waived LMI, we can help you find the best mortgage for your needs.
Important Info about
Home Loans for Optometrists
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 optometrists 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 Optometrists 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 optometrists 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 optometrists 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 optometrists. We offer our friendly, personalised services and advice at no cost at all, with no obligation to continue with us.
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- 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 optometrist home loans better than anyone else
- 100% free service with no hidden fees
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. 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.
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.