As the backbone of the Australian healthcare system, nurses may be entitled to certain discounts when applying for home loans. However, knowing what these discounts and special rates are can be quite difficult to navigate, especially for busy healthcare workers looking to get on the property ladder.
You’ll find a ton of information on these discounts on this page, as well as everything else you need to know about nurse home loans.
As a nurse in Australia, you may be entitled to have Lenders Mortgage Insurance (LMI) waived and discounted interest rates when applying for a home loan. However, there are the requirements to access these that vary by lender.
Usually, when applying for a home loan, you’ll need a deposit of at least 20% to avoid paying LMI. But what is LMI? Put simply, it’s an insurance policy put in place by your chosen lender that protects them against financial loss if you default on your loan. With a 20% deposit, you’re proving that you’re financially responsible and will be seen as less of a risk, which is why this is usually the threshold for the waiver.
However, as a qualified nurse, you may be able to have LMI waived with a smaller deposit, letting you borrow up to 90% of the property value provided you have stable employment with consistent income. Nurses may also be able to access discounted interest rates when compared to what is on offer to the general public.
Want to see if you qualify? Get in touch with our expert mortgage broker today and we can get things moving!
Both Lenders Mortgage Insurance (LMI) waivers and discounted interest rates may be available with certain lenders to nurses. The loan types they will consider are;
Regardless of what loan type you think would work for your needs, enlist the help of Simplifi Lending to work with you as your mortgage broker. We’ll use our expertise to look at your circumstances and advise you on the right route to take for your home loan application.
Not all banks and lenders offer incentives for nurses looking to get approved for a home loan. We are experts in these criteria and know which lenders may offer a better option for you.
When you work with Brisbane-based Simplifi lending, you’ll be getting access to a team of lending specialists who will do all of the research and hard work for you, taking the stress out of home loan applications and allowing you to carry on with your important job!
We’ll also keep you updated at every stage of the process, explaining things in a simple way that continues to make everything as easy as possible. Join the hundreds of people we’ve helped in the past, and let us make home ownership a reality for you.
While you may be offered waived LMI and discounted interest rates as a nurse, there are still certain criteria you’ll need to meet to be eligible for a home loan, just as you would if you worked in another profession. These include:
To be eligible for nurse home loans, you must be a qualified nurse currently employed by an accredited healthcare institution in Australia, and you must be able to prove this through payslips or an employment contract. The lender may also require a copy of your AHPRA registration and this must be current.
You’ll also need to provide proof of stable income, which lenders will use to determine your ability to make your loan repayments in line with your household bills, lifestyle, and current debts. All avenues of your income will need to be submitted, too, including second job income, fringe benefits, and overtime income.
Lenders will also look into your credit history to determine whether they believe you are capable of managing debt responsibly. This is often a real make-or-break thing for nurses looking for a home loan, and a good credit score will improve the likelihood of your loan application being approved. Conversely, a bad credit report with a history of defaults and bankruptcy may stop you from securing the loan.
Even though home loans for nurses are designed to help you buy a property with a lower deposit, you will still need a deposit to be considered. Some lenders will allow you to apply with a 10-15% deposit and still offer an LMI waiver. We will explain your options and the requirements in detail as part of the application process
Life is stressful enough when you work in the emergency services, and navigating the complexities of applying for a nurses home loan can add to your daily stress. When you work with a mortgage broker, not only is everything done for you, but you’ll be unlocking access to expertise that will help you find an amazing home loan deal.
Here are a few ways Simplifi Lending can help with home loans for nurses:
We have years of experience as home loan specialists, which means we’re able to offer you expert advice on the right loan product for your financial situation, as well as interest rates, fees, and repayment options. By doing this, we’ll help you make informed decisions and leave you feeling confident about the entire process.
When you work with us, you’ll also get access to multiple lenders, many of which aren’t available to applicants online or through banks. This means that we’re able to select products from various financial institutions and find a loan that is tailored to your needs and benefits as a nurse. Likewise, we’ll also be able to negotiate on your behalf, securing you a great deal in the process.
As we’re handling the application process on your behalf, too, everything is kept simple and stress-free for you. This includes us dealing with all of the paperwork and documentation, as well as communicating with lenders while ensuring that everything is completed accurately and efficiently.
There are certain regulations that need to be followed when applying for a nurses home loan, and working with mortgage brokers means that you can rest assured everything is being handled professionally and lawfully.
Once your loan is approved and you’re settled in your dream home, we’ll continue to provide support and assistance, helping you navigate any changes to your finances and, if needed, explore loan modification options.
Now you’re aware that, as a nurse, you may have the opportunity to waive Lenders Mortgage Insurance (LMI) and get discounted interest rates when applying for a home loan. But what else do you need to know about getting a home loan for a nurse? Let’s take a look at some of the most important things.
This really depends on your income, credit criteria, and your deposit. Proof of employment and regular income will strengthen your chances, and a good credit history is essential to get a nurses home loan. We will cover all of this information in detail as part of your preliminary assessment.
For example, you may be able to borrow up to 90% of the property value without LMI, as you’re viewed as low risk, which, in turn, means the criteria aren’t quite as strict. Some lenders, on the other hand, may allow you to borrow up to 95% of the property value through the use of the First Home Guarantee scheme (note- additional criteria apply here).
With a nurses home loan, yo may be eligible for waived Lenders Mortgage Insurance (LMI) and discounted interest rates, both of which can lead to savings of thousands of dollars. There are also product-specific discounts offered for nurses but these are only available to people who meet certain criteria and can be accessed through mortgage brokers.
Along with waived LMI, discounted interest rates, and product-specific discounts, you can potentially save thousands by applying for certain government grants and schemes that are designed to assist with buying property.
One of these is the First Home Owner Grant (FHOG), which provides a one-off payment to nurses looking to buy their first home and who meet certain eligibility criteria.
There is also the First Home Guarantee Scheme, which is designed to help first home buyers, including nurses, purchase a home sooner by providing a guarantee that allows them to purchase a property with a deposit as low as 5% while waiving LMI.
You may be able to access better loan interest rates as a nurse if you apply for a nurse home loan. It is important to note, however, that the rates you’ll be offered will vary between lenders and will also depend on your credit history and current finances. Get started by enlisting the help of a mortgage broker, who will be able to look at different products, negotiate on your behalf, and find the right home loan option for your circumstances.
Home loans for nurses are available to nurses on probation, but you may need to provide additional documentation alongside proof of employment and evidence of a stable income.
You won’t be able to get an LMI waiver until you qualify as a nurse and can prove that you’re employed by an accredited healthcare institution in Australia.
Yes, just like nurses, midwives and other healthcare workers may be entitled to an LMI waiver when applying for a home loan. Of course, there are certain eligibility criteria, including proving that you’re fully qualified and employed by an accredited healthcare institution in Australia.
