First Home Buyer Loans for Doctors & Healthcare Professionals
Own Your First Home With Confidence
Buying your first home is a major milestone, and it comes with a lot of questions. As specialist mortgage brokers for first home buyers in the medical field, AMA Finance Brokers helps you navigate the home loan process with confidence.
From understanding your borrowing power to comparing home loan options across our panel of over 800 lenders, we support you at every stage of becoming a first home buyer.
Why Choose AMA Finance Brokers as Your First Home Buyer Broker?
- Specialist mortgage brokers for doctors and healthcare professionals
- Access to a wide panel of leading lenders, including options built for medical professionals
- Guidance through the entire first home buying journey
- Support with government grants and schemes, including the Australian Government 5% Deposit Scheme (where eligible)
- Tailored loan solutions based on your career stage and income structure
Why Healthcare Professionals Choose AMA Finance Brokers
Healthcare professionals often have unique financial circumstances: variable income, specialist training and career progression that doesn’t always fit a standard lending assessment.
Our experienced brokers understand these complexities and work with lenders who recognise the earning potential of medical professionals, including options such as waived Lenders Mortgage Insurance (LMI) for eligible applicants.
Who We Help
We support resident medical officers, registrars, GPs, specialists, dentists, nurses and allied health professionals with their first home loan.
Our Home Loan Process for First Home Buyers
Buying your first home doesn’t have to be overwhelming. Here’s how we help you, from first conversation to moving day.
Step 1: Book a Free Consultation, to understand your goals and financial situation
Step 2: Compare Home Loan Options across our panel of 800+ lenders
Step 3: Get Pre-Approved with your chosen lender, so you know your borrowing capacity
Step 4: Find Your Property, house hunting with a clear budget in hand
Step 5: Submit Your Formal Application once you’ve found the property
Step 6: Loan Approval and Settlement
Step 7: Move Into Your First Home
Ready To Buy Your First Home?
Whether you’re just starting your property journey or ready to apply for a home loan, AMA Finance is here to help.
Frequently Asked Questions for First Home Buyers
Deposit requirements vary depending on the lender and your circumstances. Some lenders offer reduced deposit options for eligible medical professionals. Our brokers can explain what applies to you.
Some lenders offer products or lending policies that may benefit eligible medical and healthcare professionals, including waived Lenders Mortgage Insurance (LMI) on eligible loans. We’ll help you compare the options available to your profession.
Support may include state based First Home Owner Grants, stamp duty concessions, and the Australian Government 5% Deposit Scheme (formerly the First Home Guarantee), which allows eligible buyers to purchase with a smaller deposit. Availability depends on your state and personal circumstances, so we’ll guide you through what you may be eligible for.
Timeframes vary depending on the lender and your application, but we’ll keep you informed throughout the process.
Yes. We can help you understand whether pre-approval is appropriate for your situation and guide you through the process.
We look forward to working with you to achieve your goals.
Frequently Asked Questions for First Home Buyers
How much will regular repayments be?
There are many different factors that influence the type of loan that suits your needs. Your AMA Finance Broker can help you navigate the many options available.
Take a look at our online calculators. This will help give you an idea of the amount you may be able to borrow and what the likely repayments may be. Once you have an idea of your options, give us a call or email us and we’ll continue the legwork for you and arrange a time to meet to present the right options in detail.
How much money can I borrow?
We’re all unique when it comes to our finances and borrowing needs. Get an idea of how much you could borrow and what your likely repayments would be with our online calculators. A AMA Finance Broker will then help determine the next steps on your road to owning your own home.
How do I choose the loan that’s right for me?
Loan types and loan features will give you a good idea of the main options available, but because there are hundreds of different home loan products available, and individual circumstances are all different, contact us today to take a look at your options.
How much do I need for a deposit?
A deposit is usually between 5% – 10% of the value of a property, which you pay when signing a Contract of Sale. If you can’t organise a deposit in time, your mortgage broker/conveyancer/solicitor may be able to arrange a deposit bond until settlement.
How much will regular repayments be?
Go to our Calculator page for an overall idea of what your likely repayments may be, but because there are so many different loans available, some with lower introductory rates, a AMA Finance Broker can help you navigate your options.
How often do I make home loan repayments – weekly, fortnightly or monthly?
Most lenders offer flexible repayment options to suit your pay cycle. Aim for weekly or fortnightly repayments, instead of monthly, as you will make more payments in a year, which will shave dollars and time off your loan.
What is the First Home Owner Grant and can I get one?
This is a grant available to Australian citizens or permanent residents who wish to buy or build their first home, which will be their principal place of residence within 12 months of settlement. As grant conditions vary from state to state, contact a AMA Finance Broker to find out how much grant money you could receive. Please call on Phone 1800 343 184.
What fees/costs should I budget for?
There are a number of fees involved when buying a property. To avoid any surprises, the list below sets out all of the usual costs:
Stamp Duty– This is the big one. All other costs are relatively small by comparison. Stamp duty rates vary between state and territory governments and also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. To find out your total Stamp Duty charge, visit our Stamp Duty Calculator.
Legal/conveyancing fees– Generally around $2,000 – $3000, these fees cover all the legal rigour around your property purchase, including title searches.
Building inspection– This should be carried out by a qualified expert, such as a structural engineer, before you purchase the property. Your Contract of Sale should be subject to the building inspection, so if there are any structural problems you have the option to withdraw from the purchase without any significant financial penalties. A building inspection and report can cost up to $1,000, depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Pest inspection– Also to be carried out before purchase to ensure the property is free of problems, such as white ants. Your Contract of Sale should be subject to the pest inspection, so if any unwanted crawlies are found you may have the option to withdraw from the purchase without any significant financial penalties. Allow up to $500 depending on the size of the property. Your real estate agent or conveyancer may arrange this inspection, and you will usually pay for it as part of their total invoice at settlement (in addition to the conveyancing fees).
Lender costs– Most lenders charge establishment fees to help cover the costs of their own valuation as well as administration fees. Your AMA Finance Broker can let you know what your lender charges but allow about $600 to $800.
Moving costs– Don’t forget to factor in the cost of a removalist if you plan on using one.
Mortgage Insurance costs– If you borrow more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. Please note that Lender Mortgage Insurance can be financed as well.
Ongoing costs– You will need to include council and water rates along with regular loan repayments. If you buy a strata title, regular strata fees are payable. It is important to also take out building insurance and contents insurance. Your lender will probably require a minimum sum insured for the building to cover the loan, but make sure you actually take out enough building insurance to cover what it would cost if you had to rebuild. Likewise, make sure you have enough contents cover should you need to replace everything if the worst happens.
At AMA Finance Brokers, your broker will do the leg-work for you.
They have access to hundreds of loans from a wide variety of lenders and will work with you to find the loan that suits your individual circumstances.