Home loans for paramedics: LMI waivers and shift income

I'd start with your employment arrangement, then your payslips. People First Bank's paramedic waiver may let you buy with about 10% plus costs, but being a paramedic alone doesn't qualify you.

We check the waiver and borrowing capacity separately. One bank may accept more of your overtime; another may remove LMI. The useful comparison is what you can afford, the repayments and the cash you'll have after settlement.

See our LMI Waivers hub and LMI calculator for background. If you also hold nursing registration, compare our home loans for nurses guide.

For a 90% loan, allow about 10% toward the price plus buying costs. Those costs can include stamp duty, registration, conveyancing, inspections and lender fees. Your state and any first home concessions change the total.

On an $800k home, a 10% deposit is $80k and the loan starts at $720k. With the same deposit, a standard loan could cost about $13k in LMI. The waiver removes that premium if you qualify.

Same $800k home, $80k deposit and $720k loan before LMI. The estimate is about $13k, using our LMI calculator on 11 September 2026. The premium varies by lender and property; buying costs are extra.

If you have more saved, the next decision is how much to put into the deposit. This comparison uses the same $800k home, $210k savings and $30k buying costs. Both options below avoid LMI; the larger loan leaves you with more cash.

The waiver leaves $80k more in savings and adds $80k to your debt. At an illustrative 6% over 30 years, that adds about $480 a month with principal and interest repayments, before fees. We'd then compare the actual rates and fees on the loans available to you.

Start with your current qualification, registration and job. The occupation category for this waiver is “fully qualified paramedic”. Don't assume a trainee, student or every ambulance service role falls within it.

Paramedic is a protected professional title. The Paramedicine Board of Australia explains the registration requirements. Registration as a paramedic is separate from nursing registration, so a nurse and paramedic applicant should provide evidence of both.

For the lender’s waiver, full time or part time permanent and fixed term employees can qualify. Casual employment and probation are excluded. Applicants must be Australian citizens or permanent residents.

The lender’s minimum income depends on whether you apply alone or jointly.

For a single application, you need at least $80k gross annual income from your primary employment, excluding super. For a joint application, the minimum is $150k combined, with the eligible worker earning at least $75k from their primary employment. These figures also exclude super.

Only 1 joint applicant needs to be a registered nurse, fully qualified paramedic or sworn state or federal police officer. Your partner can work in another occupation.

Overtime, penalty rates and allowances from your main job can help meet the minimum income for the waiver. I'd check which payments the bank accepts and their history. Its separate affordability calculation may count only part of those earnings.

For example, a paramedic on $79k qualifying income and a partner on $71k reach the $150k joint minimum. The paramedic also clears the $75k eligible worker floor, even though $79k alone is below the $80k single applicant minimum. That's enough for the income test; we still need to check the repayments and the rest of your application.

Your base salary is usually the easiest part of the payslip to explain. Night and weekend loadings, on call payments, fatigue allowances, overtime and salary packaging can need a closer look.

I'd separate payments built into your roster or contract from extra shifts you choose to work. Recent payslips, year to date earnings and earlier income statements help show what is regular and likely to continue. Tell us about planned leave, reduced hours or a new employer before we estimate your budget.

Say you earn $80k in base pay and another $30k in documented extra payments. A lender that uses half the extra pay would assess your income at $95k. One that accepts all of it would use $110k.

The $15k difference is extra income used in the assessment, rather than an extra $15k you can borrow. These assumed percentages show why your payment history matters; each lender applies its own income rules.

For private or remote work, tell us whether you receive a salary or invoice through a business. The People First waiver described here covers eligible employees; we shouldn't assume self employed work qualifies. We can compare other lenders and check how they treat deployment allowances and irregular income.

For fixed term work, include your contract end date and renewal history. For salary packaging, show the package and any commitments, such as a vehicle lease. Those obligations can affect borrowing capacity even when your payslip looks strong.

If you invoice through your own business, our self employed home loan guide explains the income records to prepare.

People First is the profession specific waiver in this comparison. ubank is a general no LMI option, while Westpac and St George are relevant to the shift income assessment. They solve different parts of the borrowing question.

People First's detailed lending criteria are dated 8 September 2026; its public offer was checked on 11 September. We check the current terms before recommending a loan.

We can compare the offered interest rate, establishment, valuation and settlement costs, ongoing fees and any offset or package charge. If you're refinancing, the comparison should include discharge costs and any break cost on your current fixed loan.

There is no universal paramedic loan fee. A waived LMI premium doesn't remove the product's other costs.

If the employment test or deposit rules rule out the waiver, I'd check the government scheme, general no LMI lending and any suitable family help option. Missing one offer doesn't tell us whether you can buy.

Retained savings are the cash you have left after the deposit and buying costs. Participating lenders assess that buffer differently. Some use a flat limit; others look at living costs, repayments and why you need the money. A buffer that doesn't fit one lender may fit another.

I'd ask what you need to keep for moving, furniture, renovations or an emergency fund, then check the lender's current policy before deciding how much to contribute. There is no universal retained savings cap or 6 month formula.

Our Home Guarantee Scheme guide explains retained savings and lender differences. Scheme eligibility still applies separately: the official guide requires savings contributions under the lender’s rules and excludes buyers with a 20% deposit available after buying costs.

The scheme currently has no income cap. Check the official eligibility rules and local property price limit. Grants and duty concessions have separate eligibility rules and should be calculated separately.

Read our 5% Deposit Scheme guide, general 90% no LMI guide and family guarantor guide.

Our ubank home loan review explains its features and costs alongside the general no LMI offer.

A family guarantee may help reduce or avoid LMI. The guarantor takes on a financial obligation, so the amount guaranteed, independent advice and a realistic release plan matter. Saving more or comparing a loan with LMI are other options.

The lender pays us commission, which we disclose before you proceed. Hunter Galloway is independently owned and must act in your best interests. We compare relevant alternatives when a profession waiver doesn't fit your situation.