Written and reviewed by John Pierre Saliba, Director and Senior Finance Broker, MFAA Accredited, ACL 511092. Last reviewed 8 October 2026.
GPs in Australia can typically borrow up to 95% of a property's value with lenders mortgage insurance waived, subject to lender assessment and current AHPRA registration. For most general practitioners the waiver itself is the easy part. The part that decides whether your application sails or stalls is how a lender reads GP income: Medicare billings, service-fee splits, tax-effective structures and training contracts. That is what this page is really about.
All figures are general guides only, subject to individual lender assessment and your personal circumstances.
Do GPs Pay LMI in Australia in 2026?
Usually not. General practitioners sit squarely on the medico waiver lists at many lenders: up to 90% LVR with no LMI is widely available, and up to 95% at some lenders, subject to assessment. Several lenders apply no minimum income for medical practitioners, including GPs. On a $1M-plus purchase the waived premium is commonly estimated in the $25,000 to $50,000 range depending on LVR; see your own figures in the LMI calculator.
How Do Lenders Assess GP Income in 2026?
This is the heart of GP lending, because very few GPs are simple salaried employees. The common situations:
Percentage of billings (most GPs)
You bill under your provider number and keep roughly 60% to 70% after the practice service fee. Lenders treat this as contractor or self-employed income, and their evidence requirements vary enormously: some will annualise three to six months of remittance statements for an established GP, others insist on one or two full tax returns. If you have recently increased sessions or moved practices, choosing a lender that uses current run-rate rather than a two-year average can lift assessable income substantially.
Salaried and hospital GP roles
Straightforward payslip assessment, and the fastest path to approval. Overtime and after-hours loadings are assessed at 80% to 100% depending on the lender.
Practice owners
Income arrives as a mix of personal billings and practice profit, often through a company or trust alongside fit-out and equipment debt. Most lenders want two years of financials; some accept one. Depreciation and one-off costs can often be added back. The waiver still applies, it is the verification that changes. Our self-employed page covers the structures in more depth.
How Much Can a GP Borrow for a Home Loan?
As a rough guide, 5.5 to 6.5 times assessed gross income, subject to serviceability, debts and living expenses. A full-time GP with assessed income of $250,000 might support lending in the vicinity of $1.4M to $1.6M, subject to assessment; part-time sessions, HECS and practice debt all move the number. Model yours in the borrowing power calculator, then let us pressure-test it against real lender policy, because the assessed-income step is where GP applications win or lose.
Worked Example: $1.4M Home at 90% LVR
Illustrative only, excluding stamp duty and costs. A GP couple buying at $1,400,000:
- Standard 80% path: deposit $280,000, no LMI, but years more saving.
- 90% with LMI: deposit $140,000, LMI on a $1,260,000 loan commonly estimated around $28,000 to $34,000.
- GP waiver at 90%: deposit $140,000, LMI $0. Estimated saving roughly $30,000, and the deposit timeline halves.
Figures are estimates for illustration; actual premiums depend on lender, loan size and LVR.
GP Registrars and Fixed-Term Training Contracts
GP training means fixed-term placements, sometimes with employer changes every six to twelve months. Many lenders are comfortable with this under medico policy: the registrar pathway itself is the continuity, not any single contract. We document the training program alongside the current placement so assessors see a career, not a casual job. Registrars typically access the same waiver tiers as fellows, sized to current income.
Mistakes That Cost GPs Borrowing Power
- Applying right after a deduction-heavy tax year. If the lender averages two returns, last year's aggressive write-offs halve this year's assessable income. Timing the application, or choosing a lender that uses the latest year, fixes it.
- Letting the practice pay personal expenses. It blurs the line between business and personal spending and invites questions at assessment. Clean accounts for six months before applying read far better.
- Reducing sessions just before applying. Lenders assess current income. If you are planning a purchase, hold your session load steady until approval lands.
- Going to the lender your practice banks with by default. Familiarity is not policy. The lender holding your practice accounts is frequently not the one with the best GP income treatment or waiver tier.
What Documents Does a GP Need?
- Current AHPRA registration
- Photo ID
- Billings GPs: service agreement plus recent remittance statements, or tax returns with notices of assessment, lender-dependent
- Salaried GPs and registrars: two payslips and the employment or placement contract
- Practice owners: two years of personal and business financials (one year at some lenders)
- Bank statements for deposit and conduct
Book a free 15-minute call with John Pierre Saliba
Send John your last few billing remittances and he will tell you what a lender will actually assess your income at, which waiver tier fits, and what that supports. Free and obligation-free.
Related Pages
Moving toward specialist training? See home loans for medical specialists. The full policy landscape for every profession lives on the doctors and medical professionals hub, with adjacent pages for dentists, nurses and allied health and healthcare eligibility generally, plus the professional loans guide.
