Home Loans for Nurses: The Definitive Guide

Looking for home loans for nurses? If you’re a nurse or midwife looking to buy your first home, you might be eligible for special home loan benefits—like waived Lenders Mortgage Insurance (LMI), reduced interest rates, and lower deposit requirements. In this guide, we’ll walk you through how nurses can qualify, what documents you’ll need, and how much you could save—plus grants and rebates available in your state. Whether you’re full-time, part-time, or working across multiple hospitals, there’s a home loan solution tailored for you.

Basically, nurses now qualify for the SAME discounts as doctors! So, if you want to buy a home this year, then you will love this guide.

Let’s dive in!

So, starting from the top, what is lenders mortgage insurance? Lenders mortgage insurance (LMI) is insurance that covers the bank and protects the bank if something goes wrong with your loan. Typically this is a one-off fee that can be a few thousand dollars. Generally, if you have less than a 20% deposit, the banks will charge you lenders mortgage insurance, which gets added to the loan. It can be $10,000, $20,000, or even up to $ 40,000  paid just to get access to that loan.

So many lenders now consider nurses to be low-risk professionals, which is why most nurse practitioners qualify for waived LMI.

A lender on our panel will offer waived LMI on a 90% home loan for nurses, so you only need a 10% deposit. To be eligible, you must meet the following criteria.:

If you want more information, give us a call at 1300 088 065 or contact us.

The lender will consider most Nurses and Midwives working, including:

As we mentioned earlier, there is also no requirement to be working as a Nurse or Midwife in a hospital; you can work in the public or private sector including hospitals, emergency care, aged care, general practice clinics, community health services, schools and rural, remote communities.

Read more: Types of nurses according to the Department of Health.

For more information,  give us a call on 1300 088 065 or contact us.

Some lenders can decline your loan because they don’t understand the following income:

Our Mortgage Brokers have seen all sorts of mistakes in the past! With their level of experience, they know the problems you may face on your loan application and how to mitigate them when applying with a specific bank or lender. We have a wide range of lenders on our panel, and our brokers intimately understand their credit policies.

We can increase your chances of getting a loan approved through our internal credit assessment process, which we complete before applying with any lender. Our team has its own internal Credit Manager who reviews each application before it is submitted to the lenders, meaning we won’t apply with a lender who won’t approve your loan.

The following are different thresholds for nurses when it comes to borrowing:

Read more: What is LVR?

While many lenders require a 20% deposit to avoid LMI, eligible nurses can often secure a home loan with a 10% deposit (thanks to the LMI waiver) or even as little as a 5% deposit through government initiatives like the Home Guarantee Scheme. On top of your deposit, you will need an additional 3–5% of the property value to cover costs like stamp duty and legal fees.”

In case of an insufficient deposit, there are other home loan packages as well, including guarantor home loans.

Read more: 16 hidden costs of buying a home.

The cost of Lenders Mortgage Insurance is based on a sliding scale.

The lower your deposit, the more the lenders mortgage insurance costs.

The higher your deposit, the less lenders mortgage insurance costs.

As you can see, having no LMI up to 90% avoids costs of up to $15,508.

If your income is below $90,000 or you don’t meet the other criteria for a full LMI waiver, you may still be able to reduce your LMI premium. Here are three common strategies:

In the example below, when looking at different lenders for the same borrowers buying the same home with the same income, there is a $6,044 difference in the lenders mortgage insurance premiumS.

So, using a Mortgage Broker to explore other lenders could reduce your LMI costs.

Otherwise, LMI is based on a tiered scale and will be a lot cheaper if you borrow up to $300,000 (compared to more than $300,000), as it allows you to save around $800

Also, with a higher loan-to-value ratio, LMI will be costly. If the loan is even $1 over 90% or 95%, you will have to bear a cost of over $1,000.

Nurses are entitled to extra home loan discounts if their borrowing is over $250,000.

The actual interest rate discount is going to depend on a few factors, including:

Some banks will only consider 50-80% of your overtime income, and for most Nurses, overtime income is a large part of your income, so this can reduce your borrowing capacity.

Not all banks get that as a Nurse, you spend large amounts of time on shift work, and earning shift bonuses is an essential part of your income.

At Hunter Galloway, we work with several banks and lenders that understand that overtime is a core function of your remuneration as a Nurse and can use 100% of your overtime income. 

To use this income, we will need:

As you know, for most nurses, it is very common to receive a large amount of your income in the form of fringe benefits, like meal allowances, untaxed payments to your home loan, or additional contributions to superannuation. This income may be paid directly to your home loan account, deducted from your pay, and directed to your superannuation fund.

Lots of lenders make mistakes by ignoring this income, which can greatly reduce your total borrowing capacity.

At Hunter Galloway, we work with several banks and lenders who understand that fringe benefits are very common for Nurses. Several lenders will allow over $900 per month in fringe benefits to be added to your income.

To use this income, we will need:

Of course! As a Nurse, it is very common to have a second job to increase your income.This can be from another hospital or even in another field, like aged care or as a trainer. Some lenders will allow 100% of the income from your second job to be used, provided you have been working there regularly for at least 6-12 months.

To use this income, we will need:

Not all lenders treat nurse income the same way. Some make mistakes. Others offer massive benefits—like waived LMI and rate discounts.

Here’s a quick checklist to see if you’re eligible for nurse-specific home loan benefits.

Employment Type – Lenders want to know how you’re employed. The good news? Nurses are often considered low risk, even with non-standard hours. You can also be working across multiple hospitals or clinics. That’s completely fine.

Job Title – To qualify for waived LMI, your job title must clearly show you’re a nurse or midwife. As long as your payslip says “Nurse” or “Midwife,” you’re likely eligible.

Minimum Income – Most lenders require a minimum income of $90,000 per year (including overtime and allowances). Some may allow less if your overall financial position is strong. We’ll help you check the fine print.

Employment History – You don’t need to have years of experience, but lenders do look for stability.

Credit History – Clean credit makes a big difference. Most lenders want no defaults or late payments.

Deposit & Savings – Your deposit shows lenders you’re financially ready. Some nurses get in with just 5%.

You’ll need:

Supporting Documents –  Lenders need to verify your income and job status. The more complete your documents, the smoother your approval. We’ll help you package this correctly to meet each lender’s credit policy.

Getting approved for home loans for nurses might feel overwhelming—but with the right plan and support, it’s completely achievable. Here’s a simple, step-by-step guide to help you navigate the process from start to finish.

Before anything else, check if you qualify for waived LMI and nurse-specific discounts.

Most lenders on our panel see nurses as low-risk borrowers. That means you may only need a 10% deposit—and avoid paying thousands in LMI.

To qualify, you usually need:

If you’re unsure, our team can confirm your eligibility in minutes.

The right documents help your broker get it right the first time. Here’s what you’ll usually need:

We’ll review everything in-house before sending it to a lender. That way, you won’t waste time or risk rejection.

Once we’ve chosen the right lender, we’ll submit your application for pre-approval.

Pre-approval shows sellers and agents that you’re serious—and it gives you a clear budget to shop with.

It usually lasts 3–6 months and confirms how much you can borrow. We’ll guide you through the paperwork and handle the lender follow-ups for you.

With pre-approval sorted, it’s time to start house hunting.

We recommend keeping your broker in the loop throughout this process. Some properties—like apartments under 50m² or rural homes—might be harder to finance.

Not sure if a property qualifies? We can check before you make an offer.

Once you’ve found the perfect home, the lender will order a valuation.

They want to make sure the property is worth what you’re paying. If everything checks out, your loan moves to unconditional approval.

We’ll stay in touch with the lender during this process to avoid delays or miscommunication.

After unconditional approval, it’s time to sign the loan contract.

We’ll walk you through everything—so you know exactly what you’re signing and what to expect next.

Then, we’ll coordinate with your conveyancer or solicitor to prepare for settlement day.

On settlement day, the lender releases the funds to the seller, and the home becomes yours.

You’ll get a call or message once the property is officially transferred to your name.

And just like that—you’re a homeowner!

We don’t disappear after settlement.

Our team will check in to make sure everything’s going smoothly—and remind you when it’s time to review your loan or refinance for a better rate.

If you’re a nurse dreaming of owning your first home, there’s good news. Across Australia, each state offers different grants and incentives to help frontline workers like you step into the property market sooner. Let’s break it down.

In Queensland, eligible first home buyers can access a generous $30,000 First Home Owner Grant—but only if you’re building or buying a brand-new home. It’s one of the largest grants in Australia and can give your deposit a serious boost.

In NSW, nurses buying their first home may qualify for stamp duty exemptions on properties up to $800,000. For homes between $800,000 and $1 million, discounted rates apply. That’s a saving of over $30,000 in upfront costs!

In Victoria, you can get a full stamp duty exemption on your first home valued up to $600,000. If the home is valued between $600,001 and $750,000, you may still be eligible for a stamp duty concession. This can save you over $31,000 in upfront costs. [Source: State Revenue Office Victoria]

Each of these states and territories offers its own version of support. This includes grants for new builds, stamp duty concessions, and shared equity schemes. Check your local state website or ask your broker for up-to-date info.

Here’s where it gets exciting. As a nurse, you may also qualify for LMI waivers with select lenders. That means saving up to $30,000 in mortgage insurance—on top of state grants. Combine this with a solid loan strategy, and you could buy a home with just a 5% deposit.

Not sure where to start? A mortgage broker can help you make the most of these benefits.

Read more: Grants to buy first home – what’s available?

Emma is a 29-year-old registered nurse based in Brisbane, earning $95,000 a year. Like many first home buyers, she assumed she needed a 20% deposit to get started. But after speaking to a mortgage broker, Emma learned that as a healthcare professional, she could qualify for Lenders Mortgage Insurance (LMI) waiver with select lenders.

Emma had managed to save a 10% deposit over a few years—around $80,000—but was worried about the extra costs, especially the LMI. Normally, with less than a 20% deposit on an $800,000 home, she would have had to pay around $12,440 in LMI, which would have been added to her total loan amount.

With her broker’s help, Emma applied through a lender that recognised her as an essential worker. She was quickly approved for a $720,000 loan without paying any LMI at all. This instantly saved her over $12,000, which she instead put towards new furniture and minor renovations in her new home in North Brisbane.

Thanks to expert guidance, Emma didn’t need a guarantor, didn’t have to wait until she had a 20% deposit, and avoided unnecessary upfront costs.

“I honestly thought buying a home was years away. But with the right advice, I moved in sooner than I expected,” Emma said.

Her story is a great reminder that nurses and other healthcare workers may have more home loan options than they realise. If you’re in a similar position, speaking with a mortgage broker could be the first step toward buying your own place—without draining your savings.

For many first-home buyers, including nurses, saving a 20% deposit feels almost impossible. The First Home Guarantee scheme allows you to buy a house with just a 5% deposit..

From 1 October 2025, the scheme becomes even more attractive:

This means more Australians, including nurses, can finally step into the property market with less stress and fewer roadblocks.

Open to eligible singles and couples, with income caps of $125,000 for singles and $200,000 combined for couples.

While the scheme is more generous from October 2025, it’s still important to check eligibility before applying.

With unlimited places and higher price caps, the First Home Guarantee is now more accessible than ever. For many buyers, especially those in essential roles like nursing, this could be the breakthrough needed to finally own a home.

For the latest details, visit Housing Australia.

Absolutely!. 

The discounts that doctors and nurses are eligible for are similar depending on how much you are lending. 

Having helped lots of different people across Australia we will be able to put your case forward to the banks and possibly negotiate a better discount with the lenders.

Yes, you can apply for a home loan when you’re on probation.

In this case, you may be able to borrow up to 95% of the property value if you meet all criteria and have a good credit history. 

Yet, as lenders often prefer stable employment, you may find them a little more conservative.

If you are sure your employment is stable, then apply. 

But if you have doubts, it’s best to hold off until the probation period ends.

If you meet the criteria to save on LMI, then this can work in your favour and help you get into the property market sooner. 

Here is what you need to meet:

Yes, HECS/HELP debt won’t stop you from getting approved, but it can reduce your borrowing capacity. A broker can help you choose lenders that assess student loans more generously.

Absolutely. As long as you’ve been in the nursing profession for at least 12–24 months and can show consistent income, many lenders will consider your application—even if you’re a contractor.

No. As long as your payslip shows your occupation as “Nurse” or “Midwife,” you can be working in aged care, community clinics, remote health, or even schools.

If you’re thinking about buying a property this year—whether it’s an investment or a home to live in—and you’re a nurse or have a partner who is a nurse, we are here to help. 

Our team at Hunter Galloway is here to help you buy a home in Australia.  Unlike other mortgage brokers who are just one-person operations, we have an entire team of experts dedicated to helping make your home loan journey as simple as possible.

If you want to get started, please give us a call on 1300 088 065 or book a free assessment online to see how we can help.

Disclaimer: Lending policies, interest rates, and government grants are subject to change. This information is general in nature and should not be considered financial advice. Always check official government websites and speak with a licensed mortgage broker for personalised guidance.