Home Loans for
Nurses
For nurses in Australia, securing a home loan comes with distinct advantages, thanks to their vital role in the healthcare system and the stability of their profession. Many lenders offer tailored home loan packages for nurses, including benefits like waived Lenders Mortgage Insurance (LMI), competitive interest rates, and flexible loan terms. These perks allow nurses to enter the property market faster and with fewer upfront costs, especially appealing for first-time home buyers who may not have saved a large deposit.
The reason nurses receive these benefits is tied to the nature of their profession. As essential medical professionals, nurses provide critical services that are always in demand, resulting in job security and consistent income. This financial stability makes nurses attractive clients for lenders, who are more willing to offer favourable terms as a way of both recognising their contributions and minimising lending risks.
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. You can also call us directly on (02) 9188 9398.
How Much Can Nurses Borrow?
Borrow up to 90% of the property value with NO LMI
Nurses can access home loans with a Loan-to-Value Ratio (LVR) of up to 90%, while avoiding Lenders Mortgage Insurance (LMI). By borrowing up to 90% of the property value with no LMI, nurses can enter the property market much sooner, saving both time and money. The LMI waiver can save tens of thousands of dollars, making homeownership significantly more affordable, especially for first-time buyers.
What makes this opportunity even more appealing is that many lenders offering these loans do not require a minimum income for nurses. This means that even if you're just starting your career as a nurse, you can take advantage of the LMI waiver. This special consideration for nurses reflects their essential role in society and the financial stability of their profession.
Do Lenders Consider Overtime When Calculating Income?
Yes, lenders in Australia generally consider overtime when calculating income for nurses, but the extent to which it is included can vary between lenders. Given the stable and high-demand nature of the nursing profession, many lenders are willing to count up to 100% of a nurse’s overtime income, which can be a significant part of their annual earnings. This is especially beneficial for nurses working in hospitals, where overtime shifts are often a regular occurrence.
To ensure that overtime income is reliable, lenders usually require payslips and employment contracts that demonstrate a consistent history of overtime over a 6-12 month period. This helps them determine whether the income is a stable and dependable part of the nurse’s financial situation. However, some lenders may still take a more cautious approach, counting only 50-80% of overtime income, particularly if they want to account for the variable nature of additional shifts.
Since lender policies differ, it’s a good idea to work with a mortgage broker who understands the specific needs of nurses. For example, Eden Emerald Mortgages can help match nurses with lenders that take a more favourable view of overtime income, thus increasing their borrowing potential.
Which Nurses are Eligible?
A wide range of nurses and other healthcare workers are eligible for home loans with LMI waived, including:
- Registered nurses
- Dental nurses
- Midwives
- Mothercraft nurses
- Midwifery professionals
- Nursing professionals
- Nurse educators and researchers
- Nurse managers
- Nursing support and personal care workers
- Aged carers
- Disabled carers
- Carers aides and special care workers
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 nurse home loan, we can help you find the best mortgage for your needs.
Important Info about
Home Loans for Nurses
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 nurses secure loans with 90% LVR, so we have included a table below with the estimated LMI savings based on different property values and 90% LVR.
Property Value | Loan Amount (90% LVR) | Lenders Mortgage Insurance Saved LMI Saved |
---|---|---|
$500,000 | $450,000 | $13,227 |
$750,000 | $675,500 | $27,486 |
$1,000,000 | $900,000 | $36,712 |
$1,250,000 | $1,125,500 | $50,314 |
$1,500,000 | $1,350,000 | $60,519 |
$1,750,000 | $1,575,500 | $70,723 |
$2,000,000 | $1,800,000 | $80,928 |
$2,250,000 | $2,025,500 | $91,133 |
$2,500,000 | $2,250,000 | $101,338 |
$2,750,000 | $2,475,500 | $111,542 |
$3,000,000 | $2,700,000 | $121,747 |
$3,500,000 | $3,150,000 | $142,157 |
$4,000,000 | $3,600,000 | $162,884 |
$4,500,000 | $4,050,000 | $183,614 |
$5,000,000 | $4,500,000 | $204,344 |
We Help Nurses 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 nurse 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 nurses 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 nurses. 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 95% 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 nurse 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.