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NAB Medico is a specialised home lending package for health practitioners and professionals looking to buy an owner-occupier or investment property.
NAB Medico Policy
Health practitioners and professionals looking to apply for NAB Medico are subject to the following benefits:
- Borrow up to 95% LVR with no LMI.
- Maximum loan amount of $4.5 million on a single security regardless of location.
- Total lending of $7 million with an LVR greater than 80%.
- Accept Provisional and Limited AHPRA registrations.
- Can use 100% of any overtime and allowance income received for income verification.
- Accept up to 3 dwellings on 1 title.
- Land and construction lending accepted.
- No setup fees.
What occupations are eligible for NAB Medico with LMI waiver?
The following healthcare professionals can have LMI waived up to 95% LVR:
- Anaesthesiologists/anesthetists
- Cardiologists
- Cosmetic surgeons
- Dentists
- Dental surgeons
- Dermatologists
- Doctors, Intern Doctors, & General Practitioners
- Epidemiologists
- Endocrinologists
- Gastroenterologists
- Gynaecologists
- Immunologists
- Medical resident
- Medical registrar
- Neurologists
- Obstetricians
- Oncologists
- Ophthalmologists
- Optometrists
- Orthodontists
- Paediatricians
- Pathologists
- Pharmacists
- Plastic Surgeons
- Radiologists
- Rheumatologists
- Surgeons
- Urologists
- Veterinary Practitioners
Do I qualify for an NAB Medico LMI Policy Waiver?
To qualify for an LMI/LDP waiver under NAB Medico policy:
Medical/Dental Practitioners & Optometrists:
- Must be duly registered and can provide a registration status and type with the Australian Health Practitioner Regulation Agency (AHPRA)
- General registration, Specialist registration, and Provisional registration are accepted.
- Student and non-practising registrations are not accepted.
Veterinary Practitioners:
- Must be duly registered and confirmed by visiting the state-based Veterinary Practitioners Board and relevant veterinary board websites.
Other requirements:
- Must meet the general LVR guidelines. Talk to our mortgage brokers to know more.
- Maximum LVR ≤95% (≤90% LVR for investor interest only) for medical/dental practitioners, pharmacists, and optometrists.
- Maximum LVR of ≤90% for Professional Services
- Total NAB consumer lending must be less than $7.0m.
- Individual security supporting the lending must not exceed $4.5m in market value.
- All securities supporting the loan are acceptable residential securities
Apply for an LMI Waiver through NAB Medico
At Mortgage Pros, we’ll guide you throughout your home loan application. We’re committed to providing 24/7 customer support to doctors and medical professionals and negotiating tailored medical home loan solutions with NAB on your behalf.
Talk to our brokers at 1300 030 388 to learn more about NAB Medico home loan and whether you qualify for an LMI waiver.
