Home loans for optometrists

By   |   Verified by David Boyd   |   Updated 26th January 2022

Home loans for optometrists

Lenders classify optometrists, ophthalmologists, and other medical professionals as low-risk borrowers. As such, people in those professions can get LMI waivers on a home loan application and borrow up to 100% LVR.

Here’s what an optometrist applying for a home loan needs to know.

LMI waivers and discounts for optometrists

In general people applying for home loans need to have LMI if their deposit is smaller than 20% LVR. However, as an optometrist, you can avoid the cost of LMI because your risk profile is such that lenders waive LMI and may even offer lower interest rates. Optometrists may be able to:

  • Borrow up to 95% LVR without having to take LMI. Some lenders may ask you to apply with a guarantor.
  • Borrow a higher loan amount with an LMI waiver.
  • Be eligible for special interest rate discounts offered to low risk borrowers.
  • Borrow up to 90% LVR with LMI waived with some lenders even if you are a temporary resident in Australia.

Typically, lenders offer more attractive terms for people with good credit who are borrowing more.

Eligibility criteria

The criteria optometrists must satisfy to be eligible for LMI waivers and other special terms with lenders are as follows.

Income eligibility

Optometrists do not have to satisfy minimum income requirements to apply for a home loan. As long as you meet the general eligibility criteria for optometrist home loans and earn a stable income, you should be eligible for LMI waivers and other benefits.

Professional affiliations

To be eligible for special terms as an optometrist, you need to:

  • Be a fully qualified Optometrist who is permitted to work in Australia.
  • Be a member of the Optometrists Association Australia (OAA).
  • Be an Australian citizen, a permanent resident, or holder of a valid temporary work visa that enables you to work in Australia.
  • Be registered with the Australian Health Practitioner Regulation Agency (AHPRA).

There is no restriction on where an optometrist can work, whether in a government hospital or a private clinic.


Professional packages for optometrists

Professional packages are best suited for those who are planning to borrow more than $250,000 and want other banking services like investment property loans, rewards credit cards, and transaction accounts. Professional packages come with an annual fee that varies in cost depending on what services are included and range from around $300 to $750.

Before choosing a professional package, compare the single annual fee with the total fees charged for the products individually to see if you come out ahead.

Optometrists with overseas qualifications

If you got your optometrist qualification overseas, you may find it difficult to get the full benefit of LMI waivers and other discounts with some lenders. Consider using a mortgage broker to help you find lenders that will accept your qualification and extend the same discounts to you that other optometrists are given.

Buying an investment property

Optometrists can expect to get similarly favourable terms from lenders for investment property loans as they typically get on home loans. Some professional packages may also come with special discounts and other benefits.

Consider working with a mortgage broker

Save time and find attractive home loans by working with an experienced mortgage broker.