Your hands have comforted countless patients, your footsteps have echoed through hospital halls at all hours, and your heart has carried both the joys and sorrows of those in your care. As a nurse or midwife in Australia, you’ve chosen a path of extraordinary dedication – bringing new life into the world, offering hope in difficult moments, and being there when people need you most.
Your incredible profession has earned you more than just the gratitude of your patients. It’s opened doors to special home loan benefits that recognise your contribution to our community.
Special Benefits for Nurses Midwives:
If you’re a nurse or midwife, you could qualify for:
- No Lenders Mortgage Insurance (LMI) with just a 10% deposit or 90% Loan-to-Value Ratio (LVR).
- Discounted interest rates for loans over $250,000 or when signing up for a professional package.
What is Lenders Mortgage Insurance (LMI)?
LMI is a one-off fee that protects the lender in case you’re unable to repay your loan. This fee is typically charged if your deposit is less than 20% of the property price. Depending on the loan amount, LMI can cost anywhere from $10,000 to $40,000 and is usually added to your loan.
How Nurses and Midwives Can Save on LMI:
Many lenders view nurses and midwives as low-risk professionals, making them eligible for waived LMI on a 90% home loan. This means you only need a 10% deposit.
To qualify for the LMI waiver, you must meet the following criteria:
- Income: Earn more than $90,000 per year (including overtime and allowances).
- Employment: Work full-time, casually, or across multiple jobs.
- Credit Rating: Maintain a good credit history with no defaults.
- Profession: Be employed as a nurse or midwife in the public or private sector, with your payslip reflecting “Nurse.”
- Property Type: Purchase a home to live in or an investment property.
- Education: Hold a university degree.
- Applicants: At least one applicant must be a nurse to qualify.
Eligible Nursing and Midwifery Roles
The following roles typically qualify for LMI waivers:
- Registered Nurse
- Clinical Nurse
- Nurse Educator and Researcher
- Clinical Nurse Consultant
- Midwife and Endorsed Midwife
- Nurse Practitioner
- Nurse Manager
- Critical Care Nurse
- Family Nurse Practitioner
- Forensic Nurse
- Cardiac Nurse
- Aged Care Nurse
- Holistic Nurse
- Home Health Nurse
- Mental Health Nurse
Whether you work in hospitals, emergency care, aged care, clinics, schools, or remote communities, your eligibility spans a variety of settings in both public and private sectors.
Read more: About the types of Nurses According to the Department of Health
Example: How much can you save on LMI?
Let’s say you’re looking to purchase a property worth $800,000:
- Without LMI Waiver: You’d need a 20% deposit ($160,000) to avoid paying LMI.
- With LMI Waiver: You only need a 10% deposit ($80,000), saving approximately $18,000 in LMI fees.
That’s a significant amount you can put toward furnishing your new home or growing your savings!
Additional Benefits
- 90% Loan-to-Value Ratio: Get closer to homeownership with a lower deposit.
- No LMI: Save thousands in upfront costs.
- Low Interest Rates: Access competitive rates for loans over $250,000 or with a professional package.
- Investment Opportunities: Start building an investment property portfolio sooner.
- Fast-Track Homeownership: Move into your dream home earlier than expected.
How can we help?
- Navigating the world of home loans can be as complex as a challenging shift in the ward. That’s where we come in. As experienced mortgage brokers, we:
- Understand the unique financial situation of healthcare workers
- Have access to a wide range of lenders offering these special programs
- Handle all the paperwork and liaise with lenders on your behalf
- Ensure you get the best possible deal tailored to your needs
Take the First Step
Ready to turn your dream of homeownership into reality? Here’s how:
- Get Prepared: Start gathering your documentation—don’t worry, we’ll guide you through the process.
- Book a Free Consultation: Explore your options with one of our expert brokers.
- Understand Your Benefits: Learn more about the exclusive offers available to nurses and midwives.
Contact us today for a free consultation and discover the difference we can make.