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Home Loan Experts in Medico

Medical (Medico) home loans: what they are, who qualifies, and how LMI waivers work

“Medico” home loans are lending policies reserved for eligible healthcare professionals. The key difference from standard lending is that some banks offer Lenders Mortgage Insurance (LMI) waivers at higher loan-to-value ratios (LVR) for approved occupations, subject to credit criteria and documentation.

How LMI and LVR interact

In Australia, borrowers with an LVR above 80% ordinarily pay LMI. Medico programs can remove this cost for approved applicants, allowing purchases with deposits as low as 5–10% (i.e., up to 90–95% LVR) depending on the lender and the applicant’s profession.

Typical LVR and caps (examples)

  • ANZ: eligible medical and dental practitioners may have LMI waived up to 95% LVR (minimum 5% genuine savings plus costs).
  • Westpac group: broker policy materials indicate a Medico LMI waiver up to 95% LVR with verification of professional qualifications and specified maximum loan amounts; separate programs exist for nurses/midwives at 90% LVR with income thresholds.
  • George (within Westpac group): certain allied-health roles listed for 90% LVR + no LMI with a minimum income requirement.
NAB: publicly states it offers LMI waivers for doctors (and other specified professionals), with eligibility criteria published on its site. These limits, eligible roles, income thresholds and maximum loan sizes are lender-specific and may change. Always check the current policy summary or broker guide for the institution you’re applying with.

Who is commonly eligible

Lists vary by lender, but examples frequently include doctors, medical specialists, dentists, pharmacists and optometrists under 95% LVR categories, and nurses, midwives and allied-health under 90% LVR categories where income thresholds can apply. Recent broker and bank materials enumerate eligible occupations and LVR tiers.

Proof of profession (registration)

Several lenders require current AHPRA registration that can be verified on the public register (for veterinary roles, the relevant state/territory veterinary board). ANZ’s published waiver criteria specify that registration must be verifiable on AHPRA and exclude provisional/limited registration from eligibility.

Documentation and assessment

Standard credit assessment still applies (serviceability, credit history, property, and responsible lending checks). Lenders may verify professional qualifications, confirm registration status, and apply income or loan-size thresholds depending on the occupation stream. Westpac’s broker guide notes qualification verification for Medico policy and details LVR caps and maximum total lending with an LMI waiver.

What you could save

Waiving LMI can remove a significant upfront cost on high-LVR loans. While the exact dollar saving depends on loan size and insurer pricing, the value of an LMI waiver is widely acknowledged across bank and broker guidance because the borrower avoids the LMI premium that would otherwise apply above 80% LVR. (Exact premiums vary; applicants should obtain a lender-specific quote.)

Important nuances

  • Not all health roles qualify at the same LVR. Some lenders confine 95% LVR no-LMI to doctors/dentists/medical specialists while placing nurses and other allied-health at 90% LVR with minimum income criteria.
  • Policy settings change. Banks update occupation lists, income thresholds, maximum loan amounts and acceptable registration categories. Refer to the latest published brochure or website at application time.
Other terms still matter. Rate, fees, product features (e.g., offset/redraw availability on fixed loans) and assessment speed vary by lender and product line; broker sites summarise these differences but you should rely on the bank’s current policy.

Conclusion

Medico lending is a targeted policy area where eligible healthcare professionals can access no-LMI lending at 90–95% LVR with appropriate registration and standard credit checks. Exact eligibility, income thresholds, maximum loan sizes and recognised occupations are lender-specific, so applicants should match their role and registration status to the current policy of the chosen bank.

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