Home loans for physiotherapists
Some lenders treat certain professions differently from the standard applicant, and physiotherapists are among the occupations that come up. What applies to you depends on current lender policy and how your income is actually structured, which is worth establishing before you apply rather than after.
Where a profession based concession may apply
Physiotherapists sit in the allied health group, which appears on some lenders' lists but not all, and where the treatment varies more than it does for the medical group. Eligible occupations, the ratio the waiver reaches and the evidence required are set by each lender individually, are commercial policy rather than regulation, and change. There is no central list to check, which is why the lender approached matters more here than in a standard application.
Some lenders operate policies that treat particular occupations more favourably, most commonly by relaxing the deposit required before lenders mortgage insurance applies.
How physiotherapist income is usually read
A physiotherapist employed by a hospital or a practice is assessed on payslips and a contract. Private practice owners are assessed on business financials. A large number work as contractors paid a percentage of billings, which reads as self-employed income and usually needs a history rather than a recent contract, and that is the arrangement most often underestimated when people plan a purchase.
The assessment turns on how you earn rather than what you are called. A physiotherapist on a PAYG contract with a hospital, practice or employer is read differently from one operating through a company or partnership, and differently again from one with mixed employed and private income. Locum, sessional and part time arrangements each add their own evidence requirements.
Registration and membership usually matter
Where a concession exists it is generally tied to current registration, which for physiotherapists means the Physiotherapy Board of Australia through AHPRA. Lenders ask to see it, along with the ordinary evidence any application needs. Having the registration certificate ready costs nothing and removes one of the more common causes of delay.
Where a concession exists it is generally tied to current registration with the relevant national board or membership of a recognised association, and the lender will want to see it. Getting that document ready early costs nothing and removes a common source of delay.
What to do before you apply
Establish which lenders have a relevant policy for your situation, what your income will actually be assessed at, and whether the deposit you have is enough under that policy. That ordering matters: applying first and discovering the policy afterwards is how a file gets declined for reasons that were foreseeable.
Questions from physiotherapists
Do all lenders offer a concession for my profession?
No. These are individual lender policies rather than an industry standard, and they differ from one another on which occupations qualify, what deposit is required and what evidence is needed. That variation is the reason the lender you approach matters more here than in a standard application.
I work through my own company. Does that change things?
Usually yes. Operating through a company or partnership generally means the file is assessed on business financials rather than payslips, which changes the documents required and often the lender. The self-employed lending guide covers what that involves.
Does a concession mean a better interest rate?
Not necessarily. A concession on mortgage insurance and the interest rate offered are separate things. It is worth comparing the total cost rather than assuming one implies the other.
I have HECS or a practice loan. Does that matter?
Both affect borrowing capacity, because a compulsory repayment or a loan commitment reduces the income available to service a mortgage. How much depends on the amount and the lender.
Can I still use a government scheme?
Scheme eligibility is assessed on its own criteria and is separate from any lender concession for your profession. Whether the two can sit together depends on the specifics, which is worth checking before you rely on either.
Related guides
General information only. Whether any concession applies to your profession depends on current lender policy, your membership or registration status and your full circumstances. Policies change and are confirmed in assessment.
Find out what applies to you, specifically.
Charles will check which lenders have a relevant policy for your profession and income structure, and what deposit that actually requires. Free, no credit check.
