Home Loans for Nurses

Acknowledging Melbourne’s Hardest Working Professionals

For the nurses and midwives caring for Melbourne around the clock, securing a home loan shouldn’t be another source of stress.
You work demanding shifts, manage complex patient needs, and form the backbone of our healthcare system. Yet, when it comes to
Getting a mortgage, the structure of your pay—with its vital overtime, shift allowances, and agency work—is often misunderstood
by standard lenders.

At LEND A LOAN, we believe your dedication should be rewarded, not penalised. We are specialist mortgage brokers who understand
the unique financial landscape for a registered nurse in Melbourne. Our mission is to cut through the complexity, translate your
true earning capacity into a powerful application, and unlock exclusive home loan benefits reserved for essential medical
professionals like you. This page will show you exactly how your profession can help you buy a home faster, with a smaller deposit,
and save you tens of thousands of dollars in the process.

The Major Advantage: Waiving Lenders Mortgage Insurance (LMI) as a Nurse

What is LMI, and why is it waived for Nurses?

Lenders Mortgage Insurance, or LMI, is an insurance policy that protects the lender (not you) if a borrower is unable to repay
their loan. It is typically charged when you borrow more than 80% of a property’s value—in other words, if you have a deposit of
less than 20%. For many first-home buyers, this fee can amount to over $15,000, adding a significant hurdle to purchasing a property.

However, lenders view the nursing profession favourably due to its remarkable stability, consistent demand, and a proven history of
being a low-risk profession. To attract and retain high-quality borrowers like you, they are willing to waive the requirement for
LMI, even with a low deposit.

How a No-LMI Loan Gets You Into Your Melbourne Home Faster

An LMI waiver directly translates into substantial savings and a faster path to homeownership. Instead of spending years saving a
20% deposit, you can secure a home loan with as little as a 10%, or even 5% deposit, without being penalised.

Consider this practical example:

Property Price in a suburb like Berwick: $700,000
Standard 20% Deposit: $140,000
10% Deposit with an LMI Waiver: $70,000
Potential LMI Cost Saved: Approximately $16,400!

That’s over $16,000 that stays in your pocket. You can use this money for stamp duty, furniture, or simply to reduce your overall
loan amount. This advantage is crucial in Melbourne’s competitive market, allowing you to buy sooner before prices potentially rise further.

We Understand Your Income: Maximising Your Borrowing Power

Your payslip is complex. Your home loan application doesn’t have to be. One of the biggest frustrations for nurses is having their
borrowing power unfairly underestimated by banks that don’t properly value their full income. We work with the right lenders who
have specific policies designed for medical professionals.

We ensure every dollar you earn is counted by presenting a comprehensive case to lenders who recognise:

• 100% of Your Overtime & Shift Allowances: Many banks will only accept 50-80% of your overtime. We partner with lenders like Westpac who, for hospital-employed nurses, can accept 100% of these earnings to assess your borrowing capacity.
• Second Jobs & Casual Loading: Your dedication to picking up extra shifts at another hospital or through an agency should count. We know how to document this income history effectively to strengthen your application.
• Salary Packaging Benefits: The tax advantages you receive through salary packaging can often be added back to your income, significantly boosting your perceived borrowing power.
• Professional Development Allowances: These regular payments can also be factored in, further demonstrating your stable financial position.

By understanding the nuances of how nurses are paid, we ensure your application reflects your true financial strength, helping you
borrow what you need to secure the right home.

Our Home Loan Solutions Tailored for Melbourne & Victorian Nurses

First Home Buyer Nurses

Taking the first step onto the property ladder is exciting, and we’re here to guide you through it. We help nurses combine the LMI
waiver with other government incentives to make a first home purchase more achievable than ever. This can include:

• The First Home Owner Grant (FHOG) in Victoria.
• The federal Home Guarantee Scheme (HGS), allows a purchase with as little as a 5% deposit. We’ll do the calculations to see which combination of schemes provides you with the best financial outcome.

Upgrading Your Home or Relocating

Are you looking to move closer to work or find a home with more space? Many nurses seek to upgrade to reduce their commute to major
hospital precincts like Parkville, Box Hill, or East Melbourne. Others look for growing family areas with great amenities, such as
Narre Warren, Tarneit, or Point Cook. We can help you structure your finances to sell your existing property and purchase the next
one seamlessly.

Building an Investment Property Portfolio

Your secure income as a nurse makes you an ideal candidate for property investment. We can help you leverage the equity in your
existing home or use your strong borrowing power to purchase an investment property in high-growth corridors like Clyde, Melton,
or the booming regional centre of Geelong.

Refinancing for a Better Deal

If you already have a mortgage, you may be paying too much. Many nurses who took out loans before these LMI waiver policies became
widespread are still paying for LMI or are on uncompetitive interest rates. We can review your current mortgage for free to see if
we can refinance you to a better deal, potentially saving you hundreds of dollars each month.

Why Choose LEND A LOAN as Your Nurse Mortgage Specialist in Melbourne?

• Local Melbourne & Victorian Knowledge: We don’t just know loans; we know Melbourne. From the medical hub of Parkville to the new communities in Clyde North, we understand the local market dynamics and opportunities for healthcare professionals.
• Access to a Wide Panel of Lenders: We have established relationships with major banks and specialist lenders who offer preferential treatment and nurse-specific home loan products. This includes lenders like CBA, Westpac, NAB, and others who waive LMI for eligible nurses.
• A Simplified, Stress-Free Process: We respect how valuable your time is. We handle the paperwork, the research, and the negotiations so you can focus on your vital work. We offer flexible consultations that fit around your shift schedule, including after-hours and weekend appointments.
• Commitment to Your Financial Goals: Our service doesn’t end when you get the keys. We see ourselves as your long-term financial partners, here to help you build wealth and achieve your property goals for years to come.

Eligibility Checklist: Do You Qualify for a Nurse Home Loan?

If you can answer ‘yes’ to most of these questions, you are in a very strong position to access these exclusive benefits.

• Are you a Registered Nurse, Enrolled Nurse, Midwife, or Nurse Practitioner?
• Are you currently registered with the Australian Health Practitioner Regulation Agency (AHPRA)?
• Is your gross annual income, including regular overtime, likely to be $90,000 or more? (Note: Some lenders like CBA have no minimum income requirement).
• Do you have a stable employment history?
• Do you have a deposit of at least 10% saved? (Or 5% if considering a government scheme).

If you’re unsure about any of these points, don’t worry. The best way to know for sure is to have a quick chat with us.

Disclaimer: This content is for informational purposes only and does not constitute financial or legal advice. All loan
applications are subject to lender criteria, terms, and conditions. You should seek independent financial and legal advice before
making any decisions. LEND A LOAN operates in full compliance with the National Consumer Credit Protection Act 2009 (NCCP) and our
Best Interests Duty (BID) obligations.

Frequently Asked Questions (FAQs) about Home Loans for Nurses

Frequently Asked Questions (FAQs) about Home Loans for Nurses

Can casual or agency nurses get a home loan?

Yes, absolutely. While some lenders can be hesitant, we work with those who understand the nature of agency nursing. The key is to provide a strong history of consistent income over a period of at least 6-12 months. We can help you package your application to demonstrate this stability.

Which lenders offer LMI waivers for nurses in Australia?

Several major lenders offer LMI waivers for nurses, though their criteria differ. Key lenders include CBA, Westpac, Bank of Melbourne, St. George, and NAB, among others. Each has specific requirements regarding income, LVR (Loan-to-Value Ratio), and eligible nursing roles. As your broker, we navigate these policies to find the lender that best suits your individual circumstances.

How much deposit do I really need as a nurse in Melbourne?

Thanks to LMI waivers, you can often buy a home with a 10% deposit. In some cases, by combining the LMI waiver with a government support scheme like the Home Guarantee Scheme, you may be able to purchase a property with as little as a 5% deposit. We can assess your situation and advise on the minimum deposit you’ll require.

What documents do I need to provide for my application?

Typically, you will need to provide proof of identity, recent payslips (to show base rate, overtime, and allowances), your last two years’ group certificates or tax returns, bank statements showing your savings, and proof of your AHPRA registration. We will provide you with a clear checklist tailored to your situation.

Can I get a home loan while I’m still on probation?

Yes, it is possible. While some lenders require you to have passed your probation period, others are more flexible, especially if you have a continuous employment history within the nursing profession. Lenders recognise the high demand for nurses, which can work in your favour. We can present your case to the right lenders.

Do you help nurses buying in regional areas like Bendigo or Ballarat?

Absolutely. Our expertise covers all of Victoria. We regularly assist nurses and other medical professionals in securing finance for properties in major regional centres like Geelong, Ballarat, Bendigo, and Shepparton, where they can also take advantage of these fantastic home loan benefits.

How long does the home loan process take?

The timeline can vary, but we aim to make it as efficient as possible. Pre-approval can often be secured within a week. From finding a property to full settlement, the process typically takes between 30 to 60 days. Our job is to manage the process proactively to avoid delays, keeping you informed every step of the way.



Take the Next Step: Book Your Free, No-Obligation Consultation Today

Your profession could save you thousands and help you secure your dream Melbourne home sooner than you thought possible. The first
step is a simple conversation.

Discover your true borrowing power and find out exactly how much you can save. We offer a free, no-obligation consultation where
we assess your situation and provide expert advice tailored for you. We know you’re busy, so we work around your schedule. Let us
handle the financial heavy lifting while you focus on what you do best.