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!
How Do Nurses Get No Lenders Mortgage Insurance?
What is Lenders Mortgage Insurance?
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.
How can nurses save on LMI?
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.:
- Your income must be more than $90,000 per year, and this income may include overtime and allowances
- You can be working full-time or on a casual basis.
- You can be working at multiple hospitals, i.e. you can have one, two or even three jobs.
- You hold a good credit rating with no defaults
- You are working in the hospital system or as a private nurse or midwife as long as your payslip has ‘Nurse’ on it.
- You can be buying an investment or a home to live in
If you want more information, give us a call at 1300 088 065 or contact us.
What Types Of Nurses Are Eligible For The LMI Waiver?
The lender will consider most Nurses and Midwives working, including:
- Registered Nurse
- Clinical Nurse
- Clinical nurse consultant / Clinical nurse consultant
- Midwife
- Endorsed midwife
- Nurse Practitioner
- Nurse manager
- Nurse educator
- Critical Care Nurse
- Family Nurse Practitioner
- Forensic Nurse
- Cardiac Nurse
- Aged Care Nurse (also known as Geriatrics Nurse)
- Holistic Nurse
- Home Health Nurse
- Mental Health Nurse
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.
Don't Risk Having Your Home Loan Declined
Some lenders can decline your loan because they don’t understand the following income:
- Overtime income.
- Meal Allowances.
- Fringe benefits.
- Working at different hospitals.
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.
How Much Can A Nurse Borrow?
The following are different thresholds for nurses when it comes to borrowing:
- 80% of the Property Price—If you borrow 80% of the total value of a property, you may not be required to pay LMI. But you will need to show a deposit of 20%. For example, you need to have $200,000 as a deposit amount if you wish to borrow $1,000,000 at 80% loan-to-value ratio.
- 90% of the Property Price – Lending criteria will not be strict, and LMI can be waived for Nurses if you wish to take a loan of 90% of the property price based on the criteria above.
- 95% of the Property Price—To qualify for a 95% loan-to-value ratio, you need to have a reasonable salary, a stable job, a good credit history, minimal debt, and not be purchasing an unusual type of property in a distant location.
- More than 95% Loan to Value Ratio – If you go for Guarantor home loans, there is also a possibility of getting a home loan that equals 105% of the property value. It allows you to avoid LMI payments, and you don’t even have to fulfil any deposit requirements.
Read more: What is LVR?
What Deposit Do I Need?
You need to have a maximum deposit of up to 5% of the property value, and an additional 3-5% will be required to meet other costs related to your purchase. The other costs include LMI, conveyancing fee, government fee (stamp duty), etc.
In case of an insufficient deposit, there are other home loan packages as well, including guarantor home loans.
Read more: 16 hidden costs of buying a home.
How Much Does Lenders Mortgage Insurance Cost?
The cost of Lenders Mortgage Insurance is based on a sliding scale.
The lower your deposit, the more the lenders mortgage insurance costs.
The higher your deposit, the less lenders mortgage insurance costs.
Loan Amount ($) | LMI cost @ 90% ($) |
$250,000 | $3,687 |
$350,000 | $6,652 |
$450,000 | $8,553 |
$550,000 | $10,545 |
$650,000 | $15,508 |
As you can see, having no LMI up to 90% avoids costs of up to $15,508.
How Do I Decrease The LMI Premium?
If you have less than a 15% deposit, you will still need to pay LMI.
The good news: There are three ways to decrease the LMI premium.
- Look at different lenders
- Reduce your loan amount or increase your deposit.
- Consider a guarantor home loan.
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.
What Home Loan Discounts Do Nurses Get?
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:
- Loan amount: The larger the loan amount, the larger the discount.
- Deposit amount: The less deposit, the higher the LVR and the higher the interest rate.
- Professional Package Fee: Most banks offer larger discounts to Nurses who are on their professional packages.
What Banks Will Take 100% Of My Overtime Income?
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:
- Your 2 most recent payslips
- Your most recent year’s PAYG group certificate
- In some cases, we may need a letter from your employer confirming you have been receiving regular overtime for the past 1-2 years.
What About Meal Allowances & Fringe Benefits?
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:
- A Letter from your employer confirming your total package, including fringe benefits
Will Lenders Consider A Second Income From A Different Hospital?
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:
- Your 2 most recent payslips
- Your most recent year’s PAYG group certificate
Nurse Home Loan Eligibility Checklist
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:
- At least 5% of the property price as deposit.
- Another 3–5% for costs (stamp duty, legal fees, etc.)
- Genuine savings (held for 3 months) can help.
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.
Step-by-Step: How Nurses Can Apply For A Home Loan (From Start to Approval)
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.
Step 1: Check If You Qualify for Nurse Benefits
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:
- Income over $90,000 (can include overtime and allowances)
- A clean credit history
- Proof you’re working as a nurse or midwife (private or public sector)
- At least one year in your current role or two years in the field
If you’re unsure, our team can confirm your eligibility in minutes.
Step 2: Gather Your Key Documents
The right documents help your broker get it right the first time. Here’s what you’ll usually need:
- Two most recent payslips
- Last year’s PAYG summary or group certificate
- 3–6 months of savings account statements
- Proof of ID
- If using fringe benefits or overtime: a letter from your employer
We’ll review everything in-house before sending it to a lender. That way, you won’t waste time or risk rejection.
Step 3: Get a Pre-Approval (So You Can House Hunt Confidently)
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.
Step 4: Find Your Dream Home
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.
Step 5: Final Approval and Valuation
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.
Step 6: Sign Your Loan Documents and Get Ready to Settle
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.
Step 7: Settlement Day—Get the Keys!
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!
Bonus Step: Ongoing Support (Even After You Move In)
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.
Nurse Grants and Home Buying Support By State
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.
Queensland: $30,000 First Home Owner Grant
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.
New South Wales: Stamp Duty Exemptions
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!
Victoria: First Home Buyer Duty Reduction
If you’re buying in Victoria, you could get up to a 50% reduction on stamp duty for homes up to $600,000. Some nurses might also qualify for full exemptions under the First Home Buyer Assistance Scheme.
WA, SA, NT, and TAS: Local Incentives
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.
Combine It with Waived Lenders Mortgage Insurance (LMI)
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?
Home Loans For Nurses Case Study
How Emma Bought Her First Home with Just 10% Deposit and No LMI
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 upfront. That was money she simply didn’t have.
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.
Nurse Home Loans FAQs
Are nurses eligible for the same home loan discounts as doctors?
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.
I have just gotten a job as a nurse, and I am on probation – can I apply for a home loan now?
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.
How can I save on LMI as a nurse?
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:
- Be currently working as a nurse
- Been with your current employer for one year or worked as a nurse for at least 2 years
- Clean credit history
- 5% genuine savings
- Sufficient deposit – at least 15% plus stamp duty
- Meet lender credit policy
Can I apply for a home loan as a nurse if I have a HECS debt?
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.
I work as a nurse on contract or short-term placements — can I still qualify?
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.
Do I need to be working in a hospital to qualify for waived LMI?
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.
Help This Is All Confusing
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.
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