Home Loan for Nurses

Your fingers have been comforting hundreds of patients, your feet have been heard to walk in the corridors of the hospitals at any time of the day or night, and your heart has been made to share the joys and pains of those under your care. You are an Australian midwife or nurse who has chosen to take a career path that is of great sacrifice, helping to bring new life, giving hope into the gloomy depths of desperation, and being there when they need you the most.

Your incredible career has earned you more than the gratitude of your patients. In recognition of the vital role you play in our communities, there are now home loans for nurses and midwives with special benefits designed just for you.

Special Benefits for Nurses and Midwives

You might be a midwife or a nurse and qualify as:

• No Lenders mortgage insurance with a 10% deposit and a 90% Loan to Value Ratio (LVR).
• Reduced interest rates on home loans for nurses exceeding 250,000 or those who will take up the professional package.

LMI is a one time payment that guarantees the lender against default of loan repayment. This fee is usually paid in case of a deposit which is below 20 percent of the price of the property. LMI varies in cost based on the amount of the loan and is normally charged to the loan, it ranges between 10,000 and 40,000.

How Home Loans for Nurses Help You Save on LMI:

Nurses and midwives are viewed by most lenders as low risk professionals, so they are eligible for a waived LMI on a 90% home loan. This means you need only a 10% deposit, making mortgages for nurses much more affordable.

In order to be listed under the waiver of LMI, you have to satisfy the following:

• Income: Your income should be over 90,000 annually (including overtime and allowances).
• Employment: Full time, casual, or multiple job employment.
• Credit Rating: Have a good credit record with no default.
• 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: A university degree is required.
• Applicants: To become eligible, applicants must be nurses.

Qualified Nursing and Midwifery Responsibility

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?

To help you decide, let us take an example of the real life scenario: You want to purchase a house for 800,000.

• In the absence of an LMI Waiver: A deposit of 20 percent of the price (160,000) would have been required so as 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. Another advantage of tailored home loans for nurses.

Additional Benefits of Home Loans for Nurses

• 90% Loan-to-Value Ratio: Buy your first home with as little as a 10% deposit.
• No LMI: No need to pay thousands upfront in fees.
• Low Interest Rates: Receive exclusive rates on loans of $250,000 or more, or with professional loan packages.
• Investment Opportunities: Invest in property sooner because of lower up-front costs.
• Fast-Track Homeownership: Get in earlier and start accumulating equity earlier.

How Can We Help?

Navigating the universe of home loans for nurses can be as tough as a tough shift in the ward. That is where we come in. We are experienced mortgage brokers who:

• Understand the special financial situations of healthcare personnel
• Have dealings with a wide network of lenders who offer such special mortgages for nurses
• Do all the paperwork and negotiate with lenders for you
• Ensure you get the very best available deal for your circumstances

Whatever your objective: if you are buying a first home, moving up the property ladder, or investing these mortgages for nurses can help guide you, as you have guided so many others.

Take the First Step

You are now ready to make your homeownership dream come true. Here’s how:

• Get Prepared: Begin assembling your records. No need to worry, we will take you through that.
• Book a Free Consultation: Speak with one of our professional brokers concerning options. 
• Understand Your Benefits: Learn more about the exclusive offers available through home loans for nurses and midwives.

Contact us today for a free consultation and discover the difference we can make.