Beginner's Guide to First Home Buyer Resources

The resources available to first home buyers in Australia changed substantially in late 2025, and aged care nurses now have access to deposit schemes, state grants, and stamp duty concessions that can reduce upfront costs by tens of thousands of dollars.

Most aged care nurses we speak to are working full-time with capacity for regular overtime or agency shifts, which means you can service a home loan comfortably but may not have the 20% deposit most lenders historically required. That gap between income and savings is exactly what these resources are designed to close. Understanding which ones apply to your situation and how to stack them is the difference between waiting another two years and buying within the next few months.

The First Home Guarantee and Why It Matters for Aged Care Nurses

The First Home Guarantee allows eligible first home buyers to purchase with a 5% deposit without paying Lenders Mortgage Insurance. From October 2025, the scheme removed income caps and place limits, which means aged care nurses can now access it regardless of where they work or how much they earn. Previously, the scheme was oversubscribed and restrictive. Now it functions as a genuine low deposit option for most applicants.

Consider a buyer working as a registered nurse in aged care who has saved a 5% deposit over two years. Without the First Home Guarantee, that buyer would also need to pay LMI, which could add $15,000 to $25,000 depending on the property price and lender. Under the scheme, the federal government guarantees the portion of the loan above 80%, which means the lender waives LMI entirely. The buyer proceeds with the same 5% deposit but avoids the additional cost. That saving can be redirected into furnishings, moving costs, or retained as an emergency buffer.

The 5% Deposit Scheme for Nurses is designed specifically around this structure, and aged care nurses are eligible under the same criteria as other registered nurses.

State Grants and Stamp Duty Concessions: What Applies Where

Every state and territory offers a combination of cash grants and stamp duty concessions for first home buyers, and the rules vary significantly depending on whether you are buying an established home or a new build. Most cash grants apply to new homes only, while stamp duty concessions are often more generous for established properties.

In New South Wales, first home buyers can receive a $10,000 grant for a new home valued up to $600,000 or a house and land package up to $750,000. The stamp duty exemption applies to properties under $800,000 or vacant land under $350,000. In Victoria, the concession structure is similar: no stamp duty up to $600,000 and a reduced rate up to $750,000, with a $10,000 grant for new homes under $750,000. Queensland offers a $30,000 grant for new homes under $750,000, which is the highest new-build grant outside the Northern Territory and is currently scheduled to run until 30 June 2026. South Australia abolished stamp duty entirely for first home buyers purchasing new homes from mid-2024, regardless of property value.

The Northern Territory offers a $50,000 grant for new builds with no house price cap, and a $10,000 grant for established homes also with no cap. Tasmania provides a stamp duty exemption on established homes up to $750,000, currently set to expire 30 June 2026.

If you are an aged care nurse working in regional Queensland and buying a new home under $750,000, you could stack the $30,000 state grant with the First Home Guarantee and potentially a stamp duty concession, which could reduce your upfront costs by $40,000 to $50,000 compared to buying without those resources. If you are buying an established home in Victoria under $600,000, you pay no stamp duty and can still access the First Home Guarantee if you meet the deposit criteria.

Pre-Approval and How It Shapes Your Property Search

Pre-approval tells you how much you can borrow before you start looking at properties. For aged care nurses, this step is particularly useful because your income structure may include base pay, overtime, shift penalties, and agency work, all of which can be included in your borrowing capacity if documented correctly.

A lender will assess your income, expenses, and deposit to determine the maximum loan amount they are willing to offer. This figure is conditional, meaning it is subject to the property passing valuation and no material changes to your financial situation. Pre-approval is typically valid for three to six months depending on the lender.

In our experience, aged care nurses who go to auction or make an offer without pre-approval often find themselves unable to proceed once they apply formally, either because their stated income cannot be verified or because their borrowing capacity is lower than expected. Pre-approval removes that uncertainty. It also signals to vendors and agents that you are a serious buyer with finance already in place, which can be an advantage in competitive markets.

Getting loan pre-approval is a process worth starting early, particularly if your income includes irregular shifts or you have recently changed employers.

Fixed Versus Variable Interest Rates for First Home Buyers

When you apply for a home loan, you will need to choose between a fixed interest rate, a variable interest rate, or a split structure that combines both. A fixed rate locks in your repayment amount for a set period, usually between one and five years. A variable rate moves with the market, which means your repayments can increase or decrease depending on Reserve Bank decisions and lender pricing.

For first home buyers, the decision often comes down to certainty versus flexibility. A fixed rate provides predictable repayments, which can be useful if you are budgeting tightly or want to lock in current pricing. A variable rate allows you to make extra repayments without penalty, redraw funds if needed, and access an offset account, all of which are typically restricted or unavailable on fixed loans.

As an example, an aged care nurse buying their first home might fix 60% of the loan at the current rate to lock in a portion of their repayment, and leave 40% variable to retain access to an offset account and the ability to pay down the loan faster during periods of higher income. This structure provides both stability and flexibility without committing entirely to one approach.

There is no objectively correct answer. The right structure depends on your income consistency, savings behaviour, and how much financial certainty you need in the first few years of ownership.

The First Home Super Saver Scheme and Whether It Is Worth Using

The First Home Super Saver Scheme allows you to save for a deposit inside your superannuation fund at a concessional tax rate of 15%, rather than your marginal income tax rate. You can contribute up to $15,000 per financial year and withdraw a total of up to $50,000 plus earnings to use toward your first home deposit.

For aged care nurses, this scheme works if you have time to plan and are already salary sacrificing or making voluntary contributions. If you are earning around $75,000 to $90,000 and paying tax at 32.5%, saving inside superannuation at 15% gives you a 17.5% tax advantage on those contributions. Over two or three financial years, that advantage can add a few thousand dollars to your deposit.

The scheme is less useful if you are planning to buy within the next six months, or if you need every dollar of your current income to cover rent and living costs. Contributions must be voluntary, and there is a withdrawal process that takes several weeks to complete. If you are already close to your deposit target, the administrative effort may outweigh the benefit.

If you are in the early stages of saving and have at least 12 months before you plan to buy, the First Home Super Saver Scheme can be a useful addition to your deposit strategy, particularly if you are already comfortable with salary sacrificing.

How Lenders Assess Income for Aged Care Nurses

Lenders assess your borrowing capacity based on your net income after tax, minus your living expenses and existing debts. For aged care nurses, income usually includes base salary, shift penalties, overtime, and in some cases agency work. Most lenders will include overtime and penalties if they have been consistent over the past three to six months, and some will accept agency income if you have been working with the same agency regularly.

You will need to provide payslips, tax returns if you have been in the role for less than two years, and potentially a letter from your employer confirming your ongoing employment status. If you have recently increased your hours or moved from casual to permanent, that change can improve your borrowing capacity, but you may need to demonstrate consistency over a few pay cycles before a lender will include the higher income.

One common issue we see is buyers underestimating their borrowing capacity because they only account for base salary, when in reality their penalties and overtime add $10,000 to $15,000 to their annual income. That additional income can increase your maximum loan amount by $50,000 to $70,000 depending on the lender's servicing calculator. If you are an aged care nurse working regular overtime or night shifts, make sure those earnings are documented on your payslips and included in your home loan application.

Choosing Between an Offset Account and Redraw Facility

An offset account is a transaction account linked to your home loan. The balance in the offset account reduces the amount of interest you pay on your loan without making extra repayments. A redraw facility allows you to make extra repayments into your loan and withdraw them later if needed, though access is usually subject to lender approval and processing times.

For first home buyers, an offset account is generally more useful because it keeps your savings separate and accessible while still reducing your interest. If you have $10,000 in an offset account linked to a variable loan, you only pay interest on the loan balance minus that $10,000. You can access the funds at any time without waiting for approval. A redraw facility locks your extra repayments into the loan, and while most lenders allow redraw online, some impose conditions or delays, particularly if the loan is fixed.

If you are an aged care nurse with irregular income due to shift work or agency contracts, an offset account gives you the flexibility to park surplus income during high-earning months and draw it down when your roster is lighter. That flexibility is harder to replicate with a redraw facility, particularly if you need access to funds quickly.

Most variable loans come with an offset account at no additional cost. If your lender charges a monthly fee for offset access, compare that fee against the interest saving to confirm it is worthwhile.

Call one of our team or book an appointment at a time that works for you. We work with aged care nurses across Australia and can structure your application to include every dollar of eligible income, access the grants and schemes that apply to your situation, and match you with lenders who understand shift work and nursing income.

Frequently Asked Questions