Key Takeaways
Interns and residents can access some of the same lenders mortgage insurance (LMI) waivers as senior doctors, though conditions are often tighter early on.
Your registration type, contract length and rotation plans all shape which lenders suit you.
Compulsory HELP repayments count as an ongoing commitment, which reduces how much you can borrow.
Applying once next year's contract is confirmed can widen your choice of lenders.
In NSW, eligible first home buyers may pay no transfer duty on homes valued at $800,000 or less.
Junior doctors earn less than they will later, work long hours and often move between hospitals each year. With all that going on, buying a first home can feel like something to park until specialist training is done. In practice, many lenders offer home loans for junior doctors well before then, often with a small deposit.
The fine print is where it gets interesting. Lenders read an intern’s application very differently from a registrar’s, so the policy that suits you depends largely on your stage of training. A mortgage broker for doctors can compare how different lenders treat your registration type and contract.
How Lenders View Each Training Stage
Lenders tend to see medicine as a low-risk profession with strong income growth ahead. How generous they are depends on where you sit in training:
Interns
Interns in postgraduate year one (PGY1) hold provisional registration with the Medical Board of Australia, managed through the Australian Health Practitioner Regulation Agency (Ahpra). Some lenders are happy to work with provisional registration under their medical policies, while others wait until you move to general registration, which usually follows 12 months of supervised practice.
Residents
Once you reach general registration as a resident, more lenders open up. Your income is usually higher too, and a second year in medicine adds weight to your application.
Registrars
Registrars in a training program generally have the widest choice of junior doctor policies, particularly with a multi-year training contract in place.
LMI Waivers for Interns and Residents
For many doctors, the standout benefit is borrowing with a small deposit and no lenders mortgage insurance (LMI). Some lenders extend these waivers to interns and residents, commonly up to 90% of the property value and sometimes higher.
At this stage, waivers often come with extra conditions, such as minimum registration levels, owner-occupier purchases only or lower maximum loan amounts. Policies also change regularly, so what a colleague received last year may not apply to you now. Checking which lenders currently accept interns before you apply can save you a wasted application.
How Contracts and Rotations Affect Approval
Hospital contracts for junior doctors are often 12 months long, with rotations across different wards or sites. Lenders usually look at two things:
Time remaining on your current contract.
Confirmation of your position for the following year.
Applying late in the clinical year can be harder if next year's position is not yet confirmed. Once you have a letter of offer, many lenders treat a move between hospitals or health services as continuing employment. Lenders tend to look harder at a recent job change when someone switches industries, but staying in medicine usually keeps things simple.
Here on the Border, many junior doctors rotating through Albury and Wodonga weigh up buying locally against waiting for a metro posting. Knowing how lenders will view your next contract makes that call a lot easier.
How HECS-HELP Affects Borrowing Power
Many junior doctors carry a sizeable Higher Education Loan Program (HELP) debt, commonly known as HECS-HELP. Lenders count your compulsory repayment as an ongoing expense, which reduces borrowing power.
Since 2025–26, compulsory repayments have been calculated only on income above a minimum threshold. Under the Australian Taxation Office's 2026–27 repayment thresholds, that minimum is $69,528. For many borrowers, this means a smaller repayment than under the old system, which can help your assessment, although each lender applies its own approach.
How Lenders Treat Overtime
Junior doctors often work a lot of unrostered overtime. Lenders may count part of it once there is a consistent history, though the rules on how lenders assess overtime differ from one policy to the next.
Practical Steps Before Applying
A little groundwork before you apply can make the process much smoother:
Keep your AHPRA registration details and current contract handy.
Collect payslips covering at least a few months of earnings.
Request a letter of offer for next year as soon as it is available.
Reduce unused credit card limits before applying.
Build a small savings history, even if you plan to use a waiver.
For a first property, waivers, grants and stamp duty concessions may all work together, and a first home loan broker can help you see which ones apply to you.
The Border adds one more twist. Doctors who move here for training often ask whether to buy in New South Wales (NSW) or Victoria. The answer depends on price, grants and duty, so it pays to run the numbers on both sides of the river.
Example of a Resident Buying in Albury
Take Dr Liam, a resident at a Border hospital in his second year after graduating. He earns $95,000 in base salary, has a $60,000 HELP debt and has saved $45,000. He has a letter of offer for next year and wants to buy a $500,000 home in Albury.
A lender with a medical policy could approve him at 90% with no LMI, which means he needs a $50,000 deposit. Because he is a first home buyer in NSW and the price is $800,000 or less, he may pay no transfer duty under the First Home Buyers Assistance Scheme if he meets its eligibility rules. His parents gift $5,000 to close the gap, although he would still need funds for conveyancing and lender fees. This is a guide only, and lender policies vary.
Frequently Asked Questions (FAQs)
Can an intern get a home loan?
Yes, although the choice of lender is narrower than for residents and registrars. Some lenders accept provisional AHPRA registration and an internship contract for their medical policies, which can include LMI waivers. Others prefer you to hold general registration first.
Your income, savings history and debts are assessed as they would be for any borrower. A broker can identify which lenders currently support interns, so you do not waste an application on one that will not consider you yet.
Do junior doctors get the same LMI waiver as specialists?
Not always. Many lenders offer junior doctors an LMI waiver, but the maximum loan-to-value ratio (LVR), loan size or eligible property types can be more limited than for specialists. Some waivers are restricted to owner-occupied homes during training.
As your registration and seniority increase, the terms usually improve. That is why it helps to compare several medical policies, as the differences between lenders can affect both your deposit and the price range you can consider.
Should I pay down my HECS-HELP debt before applying?
It depends on your numbers. Clearing the debt in full removes the compulsory repayment from your assessment, which may lift your borrowing power.
Paying off only part of it usually changes little, because the compulsory repayment is based on your income, not your balance. That cash may do more as part of your deposit or to cover purchase costs, so compare both options before deciding.
Should I buy now or wait until I am a registrar?
There is no single answer. Buying earlier means you may start building equity sooner and can often use a medical LMI waiver to keep your deposit small. Waiting can mean higher income and more lender choice, but property prices and your circumstances may change in the meantime.
Your training pathway matters too, because you may need to move for later rotations. Talking through your plans for the next few years can help you decide whether buying now suits you.
Bottom Line
Before you start inspecting homes, gather your letter of offer, recent payslips and HELP balance, then check which medical policies accept your registration type. That one step gives you a clearer picture of what you could borrow now, not just once training ends.
If you are weighing up buying during training, the team at Loan Street Finance can talk you through the options that suit your roster and circumstances.
This article is general information only and does not take into account your objectives, financial situation or needs. You may wish to speak with a qualified professional before acting on it.