Home Loans for Paramedics
Paramedics are vital to the healthcare system, often working under high-pressure conditions to provide life-saving services. Due to their stable and essential roles, paramedics often qualify for special benefits when applying for home loans. Lenders recognise the reliability of paramedics' income and their low-risk financial profile, offering them advantages such as Lenders Mortgage Insurance (LMI) waivers. This means paramedics can secure a home loan with less than a 20% deposit, avoiding the additional costs of LMI and saving tens of thousands of dollars upfront.
In addition to LMI waivers, paramedics may benefit from higher borrowing capacities and more flexible loan conditions, depending on the lender. These benefits are not only useful for first-time home buyers but also for paramedics looking to expand their property investment portfolios. Given their steady income and strong career outlook, paramedics are seen as trustworthy borrowers, allowing them to access more favourable home loan options and achieve their financial goals more easily.
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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 Paramedics Borrow?
There are several options that you can choose from, which we explain below. Consider which is right for you depending on your personal situation.
Borrow up to 90% of the property value with NO LMI
Paramedics can borrow up to 90% of a property’s value without the need for Lenders Mortgage Insurance (LMI), making it a popular and accessible option. A 10% deposit is considered a reasonable amount to save, and waiving the LMI requirement can save paramedics tens of thousands of dollars in upfront costs. Unlike some other loan programs, there is no minimum income requirement for borrowing up to 90% Loan-to-Value Ratio (LVR) without LMI. Paramedics simply need to show they’ve saved $5,000 over the last six months, with any rent paid during that period counted toward their savings.
This option applies to residential properties valued up to $1.35 million in metropolitan areas or up to $1 million in non-metropolitan locations. These terms provide paramedics with the flexibility to purchase homes in both urban and rural areas without the financial burden of a large deposit or LMI. This opportunity allows paramedics to enter the property market sooner and focus on achieving their homeownership goals while saving money upfront.
Borrow up to 105% of the property value
Paramedics also have the opportunity to borrow up to 105% of the property’s value if they have someone who can act as a guarantor on their mortgage. This option allows paramedics to borrow not only the entire value of the property but also the additional purchasing costs such as stamp duty and solicitor fees. Importantly, borrowers who use a guarantor can also avoid paying Lenders Mortgage Insurance (LMI), which can save tens of thousands of dollars in upfront expenses.
While borrowing 105% sounds incredibly appealing, it's essential to carefully consider the financial risks associated with using a guarantor. If the borrower defaults on their mortgage, the guarantor becomes responsible for the loan, which could mean risking their own home. For this reason, it’s crucial to ensure both the borrower and the guarantor fully understand the risks and have a solid plan in place to manage the mortgage responsibly.
Do Lenders Consider Overtime When Calculating Income?
Many paramedics work significant amounts of overtime, which can make up a large portion of their overall income. However, when assessing income for home loans, many lenders typically only consider 80% of overtime earnings, which can reduce the paramedic's assessable income and, as a result, limit their borrowing power.
Fortunately, some lenders recognise the demanding nature of paramedic work and are willing to consider 100% of overtime income when evaluating loan applications. To qualify for this, paramedics will generally need to provide documentation such as an employment letter confirming consistent overtime pay over the last 12–24 months, recent payslips, and an income statement from the previous financial year. These documents help lenders verify the stability of the paramedic's overtime income, increasing the chances that the full amount will be included in the assessment. At EE Mortgages, we can assist paramedics in negotiating with lenders to maximise their borrowing power based on their complete income.
Which Emergency Services are Eligible?
Various emergency services officers are eligible for home loans with waived LMI, including:
- Paramedics
- Ambulance Officers
- Firefighters
- Police officers
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 paramedic home loan, we can help you find the best mortgage for your needs.
Important Info about
Home Loans for Paramedics
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 paramedics 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 | $675,000 | $27,486 |
$1,000,000 | $900,000 | $36,712 |
$1,250,000 | $1,125,000 | $50,314 |
$1,500,000 | $1,350,000 | $60,519 |
We Help Paramedics 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 paramedics buy property.
With over 40 years of collective expertise, our team offers competitive rates and a broad array of loan products through a strategic network of over 40+ lending partners for residential borrowers.
What We Offer
Lowest Rates Possible
We have a close partnership with over 40+ lenders, which means we can access special interest rates that are only available for paramedics. This is lower than any rates you will find by approaching the lenders yourself, and with our expertise, we can quickly find you the best home loan product for your circumstances.
Waived LMI
We are able to waive the LMI (Lenders Mortgage Insurance) on your home loan when you borrow up to 90% of your property value. This is around $44,000 saved on the median house price in Australia. Under certain situations with very stringent lending criteria, it may be possible to borrow at 95% LVR.
Educational Resources
We help you with any questions you have, and provide you with useful resources to navigate the loan process. Whether you are ready to secure a home loan today, or just want to learn more before proceeding, you can book a free call with our friendly team, with no obligation to use our services.
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 paramedics 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 paramedics. 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 90% 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 paramedic 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.