Professional Package Home Loans: Rewarding Your Career Success
What is a Professional Package Home Loan?
You have spent years studying and working to reach the top of your field. Now, it is time for your mortgage to work just as hard for you. A Professional Package Home Loan (often called a “Pro Pack” or “Medico Loan”) is a specialized lending product designed exclusively for high-income earners in stable, low-risk professions.
Banks love these customers because they rarely default. To win your business, they offer “off-menu” perks that standard borrowers cannot access. The most valuable of these is the ability to borrow a higher percentage of the property value (often up to 90%) without paying Lenders Mortgage Insurance (LMI). This single feature can save you tens of thousands of dollars upfront, allowing you to buy your dream home or investment property sooner.
Key Benefits: Why You Should Never Pay Retail Rates
If you are an eligible professional, applying for a standard home loan is effectively throwing money away.
LMI Waiver (The Big One): Standard borrowers pay LMI if they have less than a 20% deposit. As a professional, you can borrow up to 90% (and sometimes 95% for doctors) with NO LMI. On a $1M property, this saves you roughly $25,000 – $35,000 instantly.
Discounted Interest Rates: Lenders offer discretionary pricing to professionals, often shaving 0.50% to 1.00% off the standard variable rate.
Fee Waivers: Professional packages often waive annual package fees (usually $395/year), valuation fees, and application fees.
Higher Borrowing Capacity: Lenders may use different shading on your income (especially for rental income), allowing you to borrow more than a standard applicant.
Who is Eligible for a Professional Package?
These loans are strictly for registered professionals in specific industries. While every lender has its own list, the core eligible professions usually include:
Medical Professionals: Doctors (GPs, Specialists, Surgeons), Dentists, Vets, Optometrists, and Pharmacists. (Often eligible for the highest LVRs).
Legal Professionals: Solicitors, Barristers, Judges, and Partners of law firms (must hold a Practising Certificate).
Financial Professionals: Chartered Accountants (CA), CPAs, Actuaries, and CFOs.
Other High Earners: Some lenders extend these offers to Engineers, Surveyors, and Mining specialists earning over $150k.
The Process: Accessing the VIP Lane
Applying for a professional package home loan requires specific evidence of your professional status.
Status Verification: We verify your registration with your industry body (e.g., AHPRA for doctors, Law Society for lawyers, CPA/CA ANZ for accountants).
Income Assessment: We assess your income structure. Whether you are PAYG, self-employed, or a partner in a firm, we know which lenders understand complex professional income.
Lender Selection: Not all “Pro Packs” are equal. Some cap the loan amount at $1M; others go to $5M. We match you with the lender that suits your purchase price.
Approval & Waiver: We submit the application specifically requesting the LMI waiver and interest rate discount.
Settlement: You settle on your property with a smaller deposit and a better rate than the general public.
Investing and Refinancing for Professionals
These packages aren’t just for your family home; they are powerful tools for wealth creation.
Investment Portfolios: The LMI waiver allows you to stretch your capital further. Instead of putting a 20% deposit on one investment property, you could potentially put 10% deposits on two properties (paying no LMI), controlling double the asset base for the same upfront cash.
Refinancing: If you are currently on a standard loan and paying a “retail” rate, you are likely overpaying. We can refinance you to a professional package, often securing a cashback offer and a lower ongoing rate.
Leverage Your Degree
Your qualification is an asset. Don’t let it go to waste by taking a standard mortgage. We specialize in structuring finance for Australia’s busiest professionals, ensuring you get the VIP treatment and the savings you deserve. Check your eligibility for an exclusive professional package home loan today.
Top 5 Relevant FAQs Professional package home loan
Which professions get the biggest LMI waivers?
Generally, Medical Professionals (Doctors, Dentists, Specialists) have access to the most generous waivers, often allowing borrowing of up to 90% or even 95% LVR with no LMI up to loan amounts of $4.5M - $5M. Legal and Accounting professionals are typically capped at 90% LVR with no LMI, and often have lower total loan limits (e.g., $2M total lending) compared to doctors.
Is there a minimum income requirement?
For Medical professionals, usually no minimum income is required—your AHPRA registration is enough. However, for Legal, Accounting, and Engineering professionals, most lenders enforce a minimum income threshold. This is typically $150,000 per annum (gross), though some lenders allow this to be combined family income or include rental income.
Can I get a professional package if I am self-employed?
Yes. In fact, many professionals (Barristers, Locum Doctors, Partners) are self-employed. The key is proving your income. While standard self-employed borrowers need 2 years of tax returns, some lenders will accept 1 year of returns or even interim financials for high-demand professionals. We know which lenders are flexible with self-employed professional income.
Does the LMI waiver apply to investment properties too?
Yes! This is a massive advantage. You can use your professional package home loan LMI waiver to purchase an investment property with just a 10% deposit. This allows you to keep more of your cash in your offset account or diversify into other assets, rather than tying it all up in a 20% deposit.
What if my profession isn't on the list?
If you are a high earner (e.g., earning $150k+) but not in a specific "waiver" profession (like IT, Marketing, or Sales), you may not get the LMI waiver, but you can still access Premium Package rates. Lenders will still offer you significant interest rate discounts and fee waivers based on your strong borrowing profile and loan size, even if you have to pay LMI.
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