Starting your medical career while navigating the property market can feel overwhelming. The good news? As a junior doctor or registrar, you have access to home loan benefits that standard borrowers can only dream of.
Why Junior Doctors Are in a Unique Position
Despite being early in your career, lenders recognize:
- High earning potential and career stability
- Rapid income growth as you progress through training
- Professional registration and strict career requirements
- Low default rates among medical professionals
This means you can access benefits like LMI waivers and higher LVRs even as an intern or registrar.
How Much Can You Borrow?
Many junior doctors are surprised by their borrowing capacity. Lenders may consider:
- Your current base salary
- Overtime and penalty rates (if consistent)
- Future income progression (some lenders factor this in)
- Projected specialist income for advanced registrars
Example Borrowing Capacity
Dr. Jones – PGY3 RegistrarBase Salary: $100,000Overtime: $25,000Total: $125,000
- Estimated Borrowing: $550,000-$650,000 (with 10% deposit)
First Home Buyer Grants and Concessions
Don’t forget about government benefits:
State-Based Stamp Duty Concessions
- NSW: Up to $27,000 off stamp duty (property under $800,000)
- VIC: Stamp duty exemption for properties under $600,000
- QLD: Concessions for properties under $550,000
- Other states: Check current thresholds
First Home Super Saver Scheme (FHSS)
Contribute to super and withdraw up to $50,000 (including earnings) for your deposit. Tax benefits can save you thousands.
Timeline: From Application to Keys
Months 1-2: Preparation
Get finances in orderSave deposit (5-10% typically)Obtain pre-approvalResearch suburbs
Months 3-4: House Hunting
Attend inspectionsMake offersNegotiate priceFormal loan application
Months 5-6: Settlement
Building and pest inspectionProperty valuationLoan approvalSettlement day
Balancing Shift Work and Property Inspections
Pro Tips for Busy Registrars:
✓ Saturday Inspections: Most open homes are weekends
✓ Private Inspections: Request after-hours viewings
✓ Use a Buyer’s Agent: They can inspect on your behalf
✓ Video Walkthroughs: Request from agents if you can’t attend
Should You Buy Now or Wait?
Buy Now If:Rental costs are high in your areaYou plan to stay in the region 3+ yearsYou have 5-10% deposit savedInterest rates are favorable
Wait If:You’re likely to relocate for trainingDeposit is less than 5%Job security is uncertainMarket conditions are highly inflated
Common Questions from Junior Doctors
Q: I’m only 2 years post-graduation. Can I still get a medical professional loan?
A: Yes! Many lenders only require 12-24 months of AHPRA registration. Some even accept offers of employment for interns.
Q: I move hospitals frequently. Will this affect my application?
A: Not if you’re in the public system with consistent employment. Document your training pathway clearly.
Q: Can I buy with my partner who isn’t in medicine?
A: Absolutely. You can still access medical professional benefits even if only one applicant is a doctor.
Next Steps
- Calculate Your Budget: Use our borrowing power calculator
- Get Pre-Approved: Know exactly what you can afford
- Research Suburbs: Consider hospitals, transport, and lifestyle
- Book a Consultation: We’ll walk you through the entire process
As specialists in medical professional home loans, we understand the unique challenges junior doctors face. We work around your roster and make the process as seamless as possible.