The short version
- Some lenders waive lenders mortgage insurance for chiropractors, usually up to 90% of the property's value.
- You'll need AHPRA registration with the Chiropractic Board of Australia.
- Most lenders set no minimum income for registered health professionals.
Some lenders treat chiropractors as a preferred health profession and a low-risk category of borrower. This means a few lenders may waive LMI for chiropractors, usually up to 85% or 90% LVR.
Here's what you need to know about applying for a home loan as a chiropractor.
LMI waivers and discounts
Most people who apply for a home loan have to take LMI if the deposit is less than 20% LVR. But some lenders waive the LMI for qualified chiropractors.
You may be able to:
- Borrow up to 85% or 90% LVR on your property without taking LMI. The percentage varies by lender, and borrowing more usually needs a guarantor.
- Save thousands of dollars on the total cost of your home loan.
LMI waivers are lender policies that change often, and the professions, deposit limits and conditions differ between lenders. Check the current policy with the lender or a mortgage broker before you rely on one.
Eligibility criteria
To qualify for the LMI waiver you must be able to satisfy the lender's criteria as follows.
Income eligibility
Most lenders do not require a minimum income from chiropractors applying for a home loan.
Professional affiliations
Qualified chiropractor must:
- Be registered with the Australian Health Practitioner Regulation Agency (AHPRA).
- Be fully qualified and working full time.
Chiropractors who work in a specialty, such as sports chiropractic, are generally treated the same way.
Other criteria
Lenders may also consider the following when deciding your eligibility for LMI waivers.
- That your home loan is within the lender's maximum LVR for the waiver.
- Proof of a stable income and a clean credit history.
- The deposit size. A lower LVR helps you get interest rate discounts.
- The type of property you plan to buy. Some lenders may look into whether it is an established property and its location, such as whether it is situated in a metro area.
- The way your home loan is structured. Typically complex arrangements — such as whether buying through a trust or a company — drive up the total loan costs.
Considerations
Is a professional package right for you?
Professional packages are meant for people who want to borrow larger amounts, often $150,000 or more, and may want other facilities such as a transaction account or a credit card.
Annual fees for professional packages are often around $400, depending on what is included. Before settling, compare the package's single fee with the total annual fees you would have to pay for the products when taken separately.
Chiropractors with overseas qualifications
A chiropractor with an overseas qualification may find it more difficult to get the LMI waivers and discounts.
Consider working with a mortgage broker
Working with an experienced mortgage broker can save you time and help you find the lenders that currently offer waivers and better interest rates to chiropractors.