Home Loans for Veterinarians
For veterinarians in Australia, accessing a home loan often comes with exclusive benefits, including the opportunity to avoid paying Lenders Mortgage Insurance (LMI). Typically, borrowers with less than a 20% deposit are required to pay LMI, but many lenders offer waivers to veterinarians, allowing them to borrow up to 95% of the property’s value without this added cost. This makes homeownership more accessible by significantly reducing the upfront financial burden.
Veterinarians are considered low-risk borrowers due to their stable, high-income roles and strong employment prospects. Lenders view them as attractive clients, making it easier to access favourable loan terms, including the LMI waiver, which can save tens of thousands of dollars. In this article, we’ll explore the specific home loan options and financial benefits available to veterinarians.
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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.
How Much Can Veterinarians Borrow?
Borrow up to 95% of the property value with NO LMI
Veterinarians can secure home loans with a Loan-to-Value Ratio (LVR) of up to 95%, while having the Lenders Mortgage Insurance (LMI) waived. This is an excellent option for First Home Buyers who may not have saved the typical 20% deposit. By borrowing 95% of the property’s value, veterinarians can enter the property market sooner and avoid paying LMI, which can save them thousands of dollars in upfront costs.
This benefit is also advantageous for veterinarians looking to invest in additional properties. By leveraging the equity in their existing home, they can expand their property portfolio without needing a large cash deposit. Most lenders that waive LMI for veterinarians do not impose a minimum income requirement, which means even new vets who are just starting in their career can access these home loans and start building their property portfolio early.
Do Lenders Consider Overtime When Calculating Income?
Lenders in Australia typically consider overtime when calculating a veterinarian’s income for home loans, but the treatment of this income can vary. Due to the demanding nature of veterinary work, many lenders will count up to 100% of a veterinarian’s overtime income. This is especially beneficial for veterinarians who work in emergency hospitals, where overtime can form a substantial part of their total earnings.
To ensure that the overtime income is consistent and reliable, lenders may request payslips and employment contracts, typically covering a 6 to 12-month period, to verify the regularity of overtime. However, some lenders may take a more conservative approach, counting only 50-80% of overtime income, especially if they want to ensure the borrower’s financial stability without heavily relying on variable income. Since lender policies can differ, it’s wise to work with a knowledgeable mortgage broker, like EE Mortgages, who can help negotiate the highest possible percentage of overtime income that will be considered, maximising your borrowing capacity.
Which Veterinarians are Eligible?
All types of veterinarians are eligible for veterinarian home loans, including:
- General Practitioners
- Specialists
- Surgeons
- Interns
- Residents
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 veterinarian home loan, we can help you find the best mortgage for your needs.
Important Info about
Home Loans for Veterinarians
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 veterinarians 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 Veterinarians 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 veterinarians 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 veterinarians 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 vets. 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 veterinarian 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. 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]
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