ANZ Medico Policy – LMI Waiver for Doctors and Medical Professionals

While you can apply directly through ANZ, partnering with a knowledgeable mortgage broker can help streamline the entire process. At Eden Emerald Mortgages, we handle everything from confirming your eligibility to lodging your application, making sure all the details are accurate and deadlines are met. Plus, we compare ANZ’s offer with over 40 other lenders to help you secure the most competitive deal. Best of all, our services are completely free for you—our fees are paid by the lender, not the borrower.

By using a mortgage broker from Eden Emerald Mortgages, you’ll benefit from:

• Time Savings: Let us handle the paperwork and liaise with ANZ on your behalf.
• Tailored Advice: Our experienced team understand the ANZ Medico Policy criteria and can help you determine eligibility.
• Access to Multiple Options: If you are ineligible for ANZ Medico Policy, or the interest rates are too high, we can find you the best alternatives from other lenders.
• Advocacy: We actively negotiate with ANZ and other lenders to secure the best terms and rates for you.

ANZ Medico Policy: Eligible Professions

Here is a list of professions that qualify for the ANZ Medico Policy:

• Anaesthetists
• Cardiologists
• Chiropractors
• Cosmetic surgeons
• Dentists
• Dental surgeons
• Dermatologists
• Doctors
• Epidemiologists
• Endocrinologists
• Gastroenterologists
• General Practitioners
• Gynaecologists
• Immunologists
• Medical interns
• Medical residents
• Medical registrars
• Neurologists
• Obstetricians
• Oncologists
• Ophthalmologists
• Optometrists
• Orthodontists
• Paediatricians
• Pathologists
  
• Physiotherapists
• Plastic Surgeons
• Radiologists
• Rheumatologists
• Surgeons
• Urologists
• Veterinarians

Key Information about ANZ Medico Policy

• Borrow up to 95% LVR with No LMI for doctors, specialists and dentists
• Maximum loan amount of $4.75 million
• Maximum property value of $5 million for houses and townhouses
• Maximum property value of $4 million for units and other residential properties
• Must be currently employed in Australia and registered with AHPRA
• Have at least an equal or majority share in the property
• Require documents to prove registration and profession

• Borrow up to 90% LVR with No LMI for optometrists, physiotherapists, chiropractors and veterinarians
• Maximum loan amount of $4.5 million 
• Maximum property value of $5 million for houses and townhouses
• Maximum property value of $4 million for units and other residential properties
• Must be currently employed in Australia and registered with AHPRA or relevant veterinary board
• Have at least an equal or majority share in the property
• Require documents to prove registration and profession
• Nurses, pharmacists and psychologists do not qualify for ANZ Medico Policy. Contact us to find which lenders offer LMI waivers for these and other healthcare professions.

Application Process for ANZ Medico Policy

Applying for the ANZ Medico Policy involves several steps, and here is a quick outline of the process:

1. Check Eligibility: Determine if your profession qualifies for a ANZ Medico Policy LMI waiver, and check you meet the other eligibility criteria.
2. Consult a Mortgage Broker: A mortgage broker will guide you through the necessary documents required, and complete the application for you. Speak to a free mortgage broker now (free to you as a client, as the broker is paid a commission by the lender) to begin the process.
3. Gather Documentation: Collect necessary documents as advised by the broker, such as proof of professional registration, employment history, income statements, and any other required paperwork.
4. Submit Application: Apply for the mortgage, including a request for an LMI waiver. Provide all necessary documentation and information.
5. Lender Assessment: ANZ will assess your application, including your eligibility for the Medico Policy. This may involve verifying your employment and registration, spending habits, and employment history.
6. Approval and Settlement: If approved, ANZ will proceed with the mortgage process without requiring you to pay LMI. This will significantly reduce your upfront costs and overall mortgage amount.

Contact a Mortgage Broker to Waive Your LMI

Speak to an expert at Eden Emerald Mortgages to begin the process, or even to ask any questions you have about eligibility. Leave your details below and we will call you back as soon as possible. Alternatively, you can call us directly on (02) 9188 9398.

Alternatives to ANZ Medico Policy

If your profession isn't covered by ANZ Medico Policy, you can check if your profession is able to access LMI waivers elsewhere, or see this list of banks and lenders that offer No LMI home loans. If you are a medical professional, have a look at this article to see where you can waive LMI.

If you don't qualify for an LMI waiver at any lenders, here are some other ways to avoid or reduce LMI costs:

• Saving a Larger Deposit: Increasing your deposit to at least 20% of the property’s purchase price eliminates the need for LMI.
• Guarantor Loans: Having a family member act as a guarantor can help you secure a loan without paying LMI.
• First Home Guarantee (FHBG): For first-time homebuyers, the Australian government’s First Home Guarantee allows eligible buyers to purchase a home with a 5% deposit without paying LMI.

Conclusion

ANZ’s Medico Policy gives eligible medical professionals the chance to purchase a home with as little as a 5–10% deposit, while avoiding the high cost of Lenders Mortgage Insurance (LMI). If you’d like to check your eligibility or get started on your ANZ home loan application, simply fill out the form below. One of our experienced brokers at Eden Emerald Mortgages will be in touch soon to guide you through the process and help you secure the right loan for your needs.