Home loans for veterinarians

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

Home loans for veterinarians

Veterinarians are considered a low-risk category by banks and other lenders. As a vet applying for a home loan, you may be able to get between 90% to 100% LVR on top of a waiver of Lenders Mortgage Insurance (LMI).

Here’s what you need to know if you are a veterinarian applying for a home loan.

LMI waivers and discounts

Home loan applicants with an initial deposit of less than 20% of the loan value have to take LMI. But, as a veterinarian, you are eligible for LMI waivers and discounts which can help you save thousands of dollars over the loan period.

As a veterinarian you may be able to:

  • Borrow as much as 100% of LVR of the property value with a LMI waiver.
  • Access to a higher maximum loan amount. This can vary depending on the lender and could be up to $4.5 million.
  • Access to lower interest rates that may not be available to the general public.

Eligibility criteria

The full extent of the discounts and waivers take into account:

  • You and your situation
  • The size of the loan you need
  • Your membership with the Australian Veterinary Association (AVA)
  • Whether you are eligible for both the LMI waiver and the rate discounts

Income requirements

Unlike with other professions, there is no minimum income threshold applicable for vets. Self-employed vets are also eligible.

Professional memberships

To be eligible for the special terms for veterinarians, including loans up to 100% of LVR, you must be a member of one of the following associations.

  • Australian Veterinary Association
  • Australian Veterinary Business Association

Other criteria

You must also meet the following criteria to be eligible.

  • Be an Australian Citizen or a Permanent Resident
  • Buying an owner-occupied or investment property

If you do not meet the above criteria, consider working with a mortgage broker who can arrange up to 85% LVR with an LMI waiver.

homeloans.com.au Low-rate Home Loan (Owner, Principal & Interest)

homeloans.com.au Low-rate Home Loan (Owner, Principal & Interest)

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  • No monthly or annual fees
  • 100% offset account
  • Unlimited additional repayments
  • Free online redraw


Are professional packages worth it?

Professional packages are tailored for people that need to borrow more than $250,000 and want to get more than a home loan. They have a single annual fee — typically ranging between $300 and $750 — that varies depending on the package deal.

To find out if a professional package is worthwhile, compare the package’s annual fee with what you’d pay for opening the same accounts separately. Professional packages might come with preferable interest rates, which is also worth comparing before making a decision.

If you have overseas qualifications

Veterinarians with overseas qualifications may not fit into some lenders’ eligibility criteria for LMI waivers. Working with an experienced mortgage broker might improve your chances of being approved.

Consider working with a mortgage broker

Mortgage brokers have access to loans from a variety of lenders across the market. They can help you find good deals, save your time, and reduce the stress of an application.

If you would like to speak with a mortgage broker about your application, book a meeting using our online service. You can call now or choose a time that suits you.