NAB Medico Policy – LMI Waiver for Doctors and Medical Professionals

Although you can apply directly with NAB, working with an experienced mortgage broker can make the process much smoother. At Eden Emerald Mortgages, we guide you through every step—from confirming your eligibility to preparing your application—so everything runs seamlessly and on time. We also compare NAB’s offer with those from over 40 lenders to make sure you’re getting the best rate and terms. And the best part? Our service is completely free to you, as we’re 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 NAB on your behalf.
• Tailored Advice: Our experienced team understand the NAB Medico Policy criteria and can help you determine eligibility.
• Access to Multiple Options: If you are ineligible for NAB Medico Policy, or the interest rates are too high, we can find you the best alternatives from other lenders.
• Advocacy: We actively negotiate with NAB and other lenders to secure the best terms and rates for you.

NAB Medico Policy: Eligible Professions

Here is a list of professions that qualify for the NAB 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
• Pharmacists
• Physiotherapists
• Plastic Surgeons
• Radiologists
• Rheumatologists
• Surgeons
• Urologists
• Veterinarians

Key Information about NAB Medico Policy

• Borrow up to 95% LVR with No LMI
• Maximum loan amount of $4.5 million with 95% LVR
• No minimum income required 
• Must be currently employed in Australia and registered with AHPRA (or relevant state board if you are a veterinarian)
• Require documents to prove registration and profession
• Nurses and psychologists do not qualify for NAB Medico Policy. Contact us to find which lenders offer LMI waivers for these and other healthcare professions.
• 100% of overtime can be used to calculate borrowing power

Application Process for NAB Medico Policy

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

1. Check Eligibility: Determine if your profession qualifies for a NAB 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: NAB 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, NAB 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 NAB Medico Policy

If your profession isn't covered by NAB 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

NAB’s Medico Policy is a great way for eligible professionals to buy a home with just a 5% deposit—without the added cost of Lenders Mortgage Insurance (LMI). If you're interested in finding out whether you qualify or you're ready to begin your home loan journey with NAB, just complete the form below. A friendly mortgage expert from EE Mortgages will be in touch shortly to walk you through your options and help you take the next step.