As a junior doctor, buying your first home might feel like a distant dream when you’re still working rotations, juggling rosters and paying down HECS. But the truth is, many junior doctors are closer to the property ladder than they think. Here’s how.
1. Make salary sacrifice your secret weapon
Salary packaging can be one of the biggest advantages of working in the public health system. By using part of your pre-tax income for everyday expenses such as rent, meals or even your car, you could boost your take-home pay and free up savings for a deposit.
Some doctors also make use of the First Home Super Saver (FHSS) scheme, which allows voluntary pre-tax super contributions to be withdrawn later for a home deposit.
“We often meet junior doctors who don’t realise how powerful salary packaging can be,” says Jev Dimalanta, Credabl Residential Specialist. “Once they understand it, it can be a real turning point in how they approach saving.”
It’s worth chatting to your hospital payroll team or a qualified adviser to make sure you’re getting the most from your benefits, whether that’s salary sacrificing, paying down HECS faster or using pre-tax dollars for a car.
2. Think beyond the First Home Guarantee
Government programs like the First Home Guarantee (FHG) can help first-time buyers purchase with a smaller deposit and avoid lenders mortgage insurance (LMI). But medical professionals often have another option.
“Doctors are in a unique position,” says Ali Gardner, Credabl Residential Specialist. “Many specialist lenders recognise their future earning potential and may lend up to 95% of the property value without relying on the First Home Guarantee. It gives doctors more flexibility and confidence when they’re ready to buy.”
That means you might not need to wait until you’ve saved a 20 per cent deposit or rely on a government scheme to get started.
3. Closer than you think
Across Credabl, we’ve seen junior doctors successfully purchase their first homes sooner than they expected. Often it’s because they’ve explored the benefits already available to them and taken advantage of specialist lending options designed for medical professionals.
Between the demands of training and the cost of everyday life, saving for a home can feel out of reach. But with the right knowledge and support, it may be more achievable than it looks after a long shift.
Everyone’s financial situation is unique, so it’s always best to speak with an adviser or a specialist lender who understands the medical profession. But if you’ve ever thought home ownership was something for later, it might be time for a second look.
Reach out to the Credabl team today to start your conversation.
