Home Loans For Optometrists

What Optometrists May Want to Know About Home Loans

No LMI Home Loans for Optometrists

As an optometrist, your role is to help others gain clarity in vision. Now, you might be ready to focus on your own goals, including homeownership. Some lenders offer loan products tailored to professionals in your field.

It’s possible to reduce or avoid paying Lenders’ Mortgage Insurance (LMI) depending on your eligibility and the lender’s criteria. A broker familiar with optometrist home loans may be able to guide you through your options.

At Ausfirst Lending Group, we’ve worked with many optometrists across Australia who have successfully applied for 90% Loan-to-Value Ratio (LVR) home loans with waived LMI, depending on lender criteria and individual eligibility.

We can help manage the application process so you can stay focused on your career and lifestyle goals.

Optometrists May Be Eligible for 90% LVR Loans Without Paying LMI

Optometrists and other allied health professionals may have income structures and career stability that differ from traditional applicants. Some lenders offer products that consider these factors and may provide alternative pathways to home loan approval.

In certain cases, optometrists may qualify for 90% LVR home loans with an LMI waiver. We work with lenders such as ANZ and Commonwealth Bank to explore available options and negotiate rates that suit your needs.

Factors That Could Help Optometrists Access LMI Waivers 

Let’s consider a general example. Suppose you’re looking at purchasing a $950,000 property in Sydney with a 90% loan-to-value ratio (LVR). This could involve borrowing around $855,000, which may trigger LMI depending on the lender’s policies.

LMI is a third-party insurance fee that lenders use to mitigate the risk of borrower default. The cost depends on several factors, including:

• Loan amount
• Loan-to-Value Ratio (LVR)
• Deposit size
• Lender-specific guidelines

Some lenders may consider an optometrist’s professional background, income consistency, and employment history when assessing eligibility for LMI exemptions.

Certain Medico loan packages offer reduced or waived LMI for eligible professionals. These options could support earlier entry into the property market without requiring a full 20% deposit.

We can help you explore optometrist home loan structures that may reduce upfront costs and provide access to competitive features.

Other Allied Health Professionals May Also Qualify for No LMI Loans

Some allied health professionals may also be eligible for home loans with waived or reduced LMI, depending on their occupation and financial profile. Lenders often consider stable income and strong employment history when assessing eligibility.

Some optometrists may find it helpful to consider how lending policies are discussed in the context of other health professions—such as those working in dentistry or chiropractic—where topics like home loans for dentists and home loans for chiropractors explore comparable considerations around profession-based loan structuring.

In addition to profession-based lending policies, you might also explore options such as family guarantee loans or government-supported schemes like the First Home Guarantee (FHBG).

Our highly trained brokers can help assess your eligibility and provide guidance on home loan options that may align with your needs.

Key Factors Lenders May Consider When Assessing Applications

Each lender has its own eligibility criteria, terms, and interest rate offerings for optometrists. We work with a diverse range of lenders, including those offering LMI-free options, to help you compare what’s available based on your goals.

Rather than limiting your options, we compare a wide selection of home loan products to help find options that may suit your financial situation.

At Ausfirst Lending Group, we explain all loan terms and conditions clearly, so you can make informed decisions at every step of the process.

LMI-Free Home Loans May Still Offer Common Loan Features

Many home loans that waive LMI still include flexible features similar to standard mortgages. These may include:

• Fixed or variable-rate options
• Offset accounts
• Interest-only periods
• Split loans
• Redraw facilities
• Credit card offers (subject to approval)

Speak to a mortgage broker to explore which features may be available based on your lender and application.

Why Optometrists Consider Ausfirst Lending Group

• Our brokers have experience working within banks and understand how lenders assess applications.
• You may benefit from our broker relationships, which could result in faster turnaround times and tailored lending options.
• Some lenders offer dedicated divisions or loan products for professionals, which we may be able to help you access depending on your circumstances.
• We support you through the entire process—from initial consultation to settlement and beyond.
• Our brokers are highly trained and experienced in working with professionals like you.
• We’ve received multiple industry awards, and our team includes brokers recognised in national rankings.

Optometrist Home Loan Case Studies

Sophie’s First Home: 95% LVR Without LMI

Background: Sophie is an optometrist in Brisbane earning $94,000 per year.

Goal: She wanted to purchase a $620,000 apartment to be closer to work and stop renting.

Challenge: With $87,000 in savings, Sophie did not have a full 20% deposit. A standard loan could have required her to pay LMI or involve guarantor support.

Solution: Sophie contacted Ausfirst Lending Group and discovered lenders offering home loans tailored to optometrists. She qualified for a 95% LVR home loan with no LMI, based on the lender’s criteria, and secured a competitive rate. Based on the property value and deposit, this structure could have resulted in a saving of approximately $23,000 in LMI costs compared to a standard loan—depending on the lender’s policy at the time.

Speak to a broker to find out whether similar loan structures may be suitable for your situation.

Mark’s Fixed Rate Expiry: Refinancing Outcome

Background: Mark is an optometrist in Western Sydney. He and his wife purchased their home with a fixed-rate loan two years ago.

Goal: With the fixed rate nearing expiry, Mark wanted to avoid a substantial increase in repayments and explore other options.

Challenge: His bank quoted a post-fix rate of 6.15%, which was much higher than anticipated.

Solution: A colleague referred Mark to Ausfirst Lending Group. After reviewing his situation, our broker helped him refinance to a new loan with a 5.55% rate. The new lender was offering a $4,700 cashback promotion at the time, which Mark was eligible for based on the loan amount and lender conditions. His new loan also included an ongoing rebate, subject to the lender’s terms and eligibility.

Refinancing may offer potential savings, depending on your financial goals and the market conditions at the time.

Lucas’ Dream Home: Increasing Borrowing Power

Background: Lucas owns a local optical business in Sydney’s Norwest. His income structure is complex, but he earns around $365,000. His wife, a human resources manager, earns $127,000. They have two children.

Goal: With a growing family, they were looking for a larger home with a backyard, priced at $1.58 million.

Challenge: Lucas’ current bank only offered pre-approval up to $835,000—well below the amount they needed to purchase the property.

Solution: After consulting Ausfirst Lending Group, Lucas made key adjustments to his financial profile:

• Cancelling unused credit cards: Lucas and his wife had a combined credit limit of $64,000. Cancelling the cards improved their borrowing power by an estimated $440,000.
• Selecting a suitable lender: Lucas’ income was distributed across trusts and companies. Ausfirst Lending Group identified a lender that accepted this structure, which significantly increased their borrowing capacity.

These steps helped Lucas and his wife obtain pre-approval for the full purchase price.

For other professionals considering property for the first time—whether as a home or an investment—there are insights worth exploring around why property remains a popular choice in Australia.

Take the Next Step

You take care of your patients — we’ll help take care of your optometrist home loan.

Start with a no-obligation conversation with a broker who understands your profession.