Home Loans for
Healthcare Workers
When it comes to securing a home loan in Australia, healthcare workers are in a unique position to benefit from a range of incentives designed to make homeownership more accessible. Healthcare professionals, such as doctors, nurses, paramedics, and allied health workers, are often recognised for their essential roles in society and their financial stability. As a result, many lenders offer specialised home loan packages that include perks like waived Lenders Mortgage Insurance (LMI) for those with less than a 20% deposit, reduced interest rates, and flexible loan terms.
The reason healthcare workers receive these advantages is largely due to their stable employment status and lower risk of defaulting on loans, making them attractive clients for lenders. In addition, offering these benefits is a way for lenders to acknowledge and reward healthcare professionals for their ongoing contributions, particularly in a field that is essential to the well-being of the entire population.
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Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.
How Much Can Healthcare Workers Borrow?
Borrow up to 95% of the property value with NO LMI
Healthcare workers in Australia can take advantage of home loans with a Loan-to-Value Ratio (LVR) of up to 95%, all while avoiding Lenders Mortgage Insurance (LMI). This is an attractive option for first-time home buyers who can enter the property market much sooner by saving only a 5% deposit, bypassing the additional cost of LMI, which can amount to tens of thousands of dollars.
What makes this offer even better is that many lenders do not impose a minimum income requirement on healthcare professionals. This opens the door for individuals at the early stages of their careers—such as junior doctors, nurses, or paramedics—to access these loans, allowing them to buy a home sooner and potentially benefit from property value appreciation over time. This combination of waived LMI and flexible terms gives healthcare workers a clear path to homeownership, even in a competitive property market.
Do Lenders Consider Overtime When Calculating Income?
Yes, lenders in Australia typically consider overtime when calculating income for healthcare workers, but the extent to which overtime is included can vary. Given the stable and high-demand nature of the healthcare industry, particularly for doctors, nurses, and other hospital-based staff, many lenders will count up to 100% of overtime income. This is especially important for medical professionals, as overtime can often constitute a significant portion of their annual earnings.
To ensure the reliability of this income, lenders usually require payslips and employment contracts that show a consistent history of overtime over a period of 6-12 months. This allows them to assess whether the overtime is a dependable part of the borrower's income. However, some lenders may still take a more conservative approach, counting only 50-80% of overtime income, especially if they want to safeguard against financial risks tied to variable overtime.
Because lender policies differ, it’s helpful to work with a mortgage broker who understands the specific needs of healthcare workers. For example, Eden Emerald Mortgages can help connect you with lenders who are more likely to consider a higher percentage of your overtime income, thereby increasing your borrowing capacity.
Which Healthcare Workers are Eligible?
A wide range of healthcare workers are eligible for home loans with LMI waived, including:
- Doctors
- General Practitioners
- Specialists
- Surgeons
- Anaesthetists
- Radiologists
- Oncologists
- Dentists
- Optometrists
- Registered nurses
- Midwives
- Nurse educators and researchers
- Nurse managers
- Nursing support and personal care workers
- Health and welfare service managers
- Dieticians
- Occupational Therapists
- Environmental health professionals
- Pharmacists
- Chiropractors, osteopaths, physiotherapists and podiatrists
- Speech professionals
- Audiologists
- Medical imaging professionals
- Diversional therapists
- Social workers and professionals
- Welfare workers and professionals
- Counsellors
- Psychologists
- Aged carers
- Disabled carers
- Carers, aides and special care workers
- Massage therapists
- Paramedics
If you are unsure whether you are eligible, contact us and we can help you with your situation. Even if you do not qualify for a healthcare worker home loan, we can help you find the best mortgage for your needs.
Important Info about
Home Loans for Healthcare Workers
How Much Money Do I Save?
By waiving your LMI, you save tens of thousands of dollars, but the exact amount will depend on various factors including your loan amount and the LVR. We have found that most healthcare workers secure loans with 95% LVR, so we have included a table below with the estimated LMI savings based on different property values and 95% LVR.
Property Value | Loan Amount (95% LVR) | Lenders Mortgage Insurance Saved LMI Saved |
---|---|---|
$500,000 | $475,000 | $15,752 |
$750,000 | $712,500 | $30,394 |
$1,000,000 | $950,000 | $38,739 |
$1,250,000 | $1,187,500 | $52,985 |
$1,500,000 | $1,425,000 | $63,724 |
$1,750,000 | $1,662,500 | $81,249 |
$2,000,000 | $1,900,000 | $92,967 |
$2,250,000 | $2,137,500 | $109,976 |
$2,500,000 | $2,375,000 | $122,286 |
$2,750,000 | $2,612,500 | $134,596 |
$3,000,000 | $2,850,000 | $146,906 |
$3,500,000 | $3,325,000 | $171,483 |
$4,000,000 | $3,800,000 | $195,980 |
$4,500,000 | $4,275,000 | $220,478 |
$5,000,000 | $4,750,000 | $244,975 |
We Help Healthcare Workers with their
Home Loans
At Eden Emerald Mortgages, we deliver a superior lending experience by combining deep industry knowledge, effective communication, and genuine care, while helping healthcare workers buy property.
With over 40 years of collective expertise, our team offers competitive rates and a broad array of No LMI loan products through a strategic network of over 40+ lending partners for residential borrowers.
What We Offer
Why Choose
EE Mortgages?
Eden Emerald Mortgages is the #1 mortgage broker in Sydney, as rated by the Canberra Times. Our team specialises in mortgages for healthcare workers and we have particular expertise with high LVR loans with No LMI. We have been in business since 2007 and secured hundreds of loans for healthcare workers. We offer our friendly, personalised services and advice at no cost at all, with no obligation to continue with us.
Get in touch, and an expert will call you back
- We partner with over 40+ lenders to find you the best rates on your home loan, with up to 100% LVR and No LMI
- Receive free friendly and personalised support from our experienced team, with no obligation
- We have been in business for over 17 years and we know healthcare worker home loans better than anyone else
- 100% free service with no hidden fees
What Our Customers Say
Since Eden Emerald Mortgages began operations in 2007 we have helped thousands of Australians secure a mortgage. See what some of our satisfied customers say about us below.
Useful Calculators
Everyone's financial circumstances are different, which is why it is hard to know how much you can borrow or what price range to start house hunting. At Eden Emerald Mortgages, we offer free calculators that can assist you whether you are buying a new home or refinancing an existing property. Our most popular calculators are listed below, and you can see the full range of calculators here.
Frequently Asked Questions
Eden Emerald Mortgages does not charge any fees to you for using our services. From your first call to the settlement date of your property, there are no costs involved!
If you would like to book a free appointment with us, simply call us on (02) 9188 9398 or leave us a message via the Contact Form.
Eden Emerald Mortgages has embraced technology, making it much more convenient for you to speak with us. We can communicate via phone, email and video call to eliminate the need for you to meet in person.
EE Mortgages has access to more than 40+ lenders including the big 4 banks and various 2nd tier lenders. We have close relationships with our partners which enables us to negotiate the best rates for your home loan.
We pride ourselves on being efficient and quick with our services, and pre-approval can be received in 24 hours depending on the lender of choice. This is also dependant on whether you have all your documents in order. It is a good idea to allow up to 5 business days for pre-approval of your home loan.
We can help you determine your borrowing capacity after we ask you some questions and receive financial documents. In the meantime, you can estimate the amount you can borrow using our borrowing power calculator.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation.