5% Deposit Scheme for Nurses

Nurses often have several pathways to buy with less than 20%. With an LMI waiver from a participating lender, eligible nurses can purchase with a 10% deposit and no Lenders Mortgage Insurance. Through the Australian Government 5% Deposit Scheme, nurses can buy with a 5% deposit and no LMI. Single parents and single legal guardians may be able to purchase with as little as a 2% deposit under the same scheme. Eligibility depends on your income, employment type, and the specific lender or scheme criteria.

Eligible roles typically include Registered Nurses, Midwives, Nurse Practitioners, and Clinical Nurse Specialists. Most lenders require a minimum annual income of $90,000 to qualify. Enrolled Nurses are generally not eligible for the LMI waiver, but they may be able to avoid LMI by purchasing through the Australian Government 5% Deposit Scheme instead. Criteria vary between lenders, and we can confirm which options apply to your role and income during a consultation.

It depends on the lender. Some lenders assess 100% of your overtime, shift allowances, and penalty rates as income, provided you have been with the same employer for a minimum of 6 months. Other lenders will discount this income by 20% or more, or exclude it entirely. The difference in how a lender treats your non-base income can affect your borrowing capacity by $50,000 to $60,000 or more. Because we work with over 70 lenders, we can identify which ones will give you full credit for the income you actually earn.

At most lenders, the LMI waiver can apply to the full loan as long as one applicant meets the professional and income criteria and holds a significant share of the application. Your partner does not typically need to work in healthcare, though each lender has its own requirements around how income and equity are split across applicants.

Casual and agency nursing income is treated differently depending on the lender. Some require a minimum of 12 months in the same role, while others accept 6 months with consistent hours. Certain lenders calculate casual income over a rolling 52-week period, which can work in your favour if your shifts have been steady. We deal with this regularly and can place your application with a lender that takes the most favourable view of your income structure.

At some lenders, self-employed nurses borrowing under their own name may be able to access the same products and rates as salaried nurses. Maximum loan limits and additional documentation requirements typically apply, so it is worth confirming your eligibility before you apply.

The scheme, formerly known as the Home Guarantee Scheme, allows eligible first home buyers to purchase with a 5% deposit without paying LMI. The government backs the gap between your deposit and the 20% lenders normally require. From 1 October 2025, there are no income caps, no waitlists, and no limit on the number of places available. The scheme has supported over 320,000 Australians since it launched in 2020. Eligibility criteria and property price caps apply, and we can confirm whether your purchase qualifies.

On a $600,000 property with a 10% deposit, LMI would typically cost between $15,000 and $20,000. On properties closer to $900,000, the cost can exceed $30,000. Nurses who qualify for an LMI waiver or purchase through a government scheme may not need to pay any of this, though savings depend on the property value, deposit size, and lender.

The entire process typically takes 8 to 14 weeks, depending on the property type, the lender, and whether you are using a government scheme. Government-backed purchases sometimes involve additional paperwork, and we manage that process to reduce delays.

The First Home Owner Grant is not profession-specific. Any eligible first home buyer purchasing or building a new home may be able to apply. Grant amounts vary by state, ranging from $10,000 in New South Wales and Victoria up to $50,000 in the Northern Territory. The grant generally applies only to new or substantially renovated properties that you intend to live in as your principal place of residence. We can confirm the current amount and eligibility rules in your state.