How to Get a Home Loan as a Registered Nurse

Not every lender treats registered nurses the same when you apply for a home loan.

Some lenders offer reduced deposit requirements or waive lenders mortgage insurance at higher loan-to-value ratios for nurses and midwives. Others don't. Knowing which lender structures their policy around your profession can save you thousands in upfront costs and expand the range of properties within reach. This article walks through the deposit options, government schemes, and lender-specific policies that apply when you're ready to purchase.

What Deposit Do You Need as a Registered Nurse?

Most lenders require a 20% deposit to avoid paying lenders mortgage insurance. Nurses and midwives can access lower deposit options through profession-specific policies at select lenders or through federal government schemes.

Westpac, St.George, and Bank of Melbourne allow registered nurses and midwives to borrow at 90% LVR without paying LMI, provided you earn at least $90,000 per year and hold current AHPRA registration. People First Bank offers a similar waiver up to 90% LVR for loans up to $1,200,000 under its Essential Services Professionals Package. These policies are not universal. Commonwealth Bank, Bankwest, and NAB explicitly exclude nurses from their medical professional LMI waiver programs.

If you don't meet the income threshold or prefer a lender that doesn't offer a waiver, the Australian Government 5% Deposit Scheme allows eligible first home buyers to purchase with a 5% deposit. Housing Australia guarantees the difference between your deposit and 20% of the property value, which means no LMI is payable. There are no income caps and no annual place limits under the current scheme structure. Applications are made through a participating lender, not directly to Housing Australia. Property price caps apply and vary by location. In Sydney the cap is $1,500,000, in Melbourne and Perth it's $950,000, and in Brisbane it's $1,000,000.

Consider a registered nurse in Perth earning $95,000 per year with $70,000 saved. At 90% LVR through a lender offering the waiver, that deposit covers a property valued around $700,000 without paying LMI. Using the 5% Deposit Scheme instead, the same nurse could purchase a property up to the $950,000 cap with $47,500 as deposit, though borrowing capacity would limit the actual purchase price based on income and existing commitments.

How Lenders Verify Your AHPRA Registration

Lenders offering profession-specific LMI waivers require proof of current AHPRA registration as part of the application process.

Acceptable registration types include general, specialist, provisional, and limited registration where the limitation relates to postgraduate training or supervised practice. Student registration, non-practising registration, and limited registration for area of need or teaching are not accepted. Lenders verify registration status directly or request a copy of your AHPRA registration certificate. If your registration is due for renewal within the settlement period, some lenders may request confirmation that renewal is in progress.

If you work across multiple states or hold dual registration as a nurse and midwife, only one current registration is required to satisfy the eligibility criteria. The registration must be active at the time of application and at settlement.

First Home Owner Grants and Stamp Duty Concessions by State

Government grants and stamp duty concessions vary significantly depending on where you purchase.

In Western Australia, eligible first home buyers receive a $10,000 grant for new homes valued up to $800,000 south of the 26th parallel or $1,000,000 north of it. The First Home Owner Rate of duty provides a full stamp duty exemption on homes valued up to $600,000 statewide, with a concessional rate applying between $600,001 and $800,000. These thresholds apply to transactions from 7 May 2026 onward. The previous regional distinction between Perth, Peel, and other areas no longer applies.

In Queensland, the First Home Owner Grant is $15,000 for new homes under $750,000 for contracts signed from 1 July 2026. Stamp duty concessions apply differently depending on whether you purchase an established home or a new build. On established homes, no transfer duty applies up to $700,000, with a concession applying up to $800,000. On new builds, a full transfer duty concession applies with no price cap from 1 May 2025.

In Victoria, the grant is $10,000 for new homes valued up to $750,000. Stamp duty is fully exempt on properties up to $600,000, with a sliding scale concession from $600,001 to $750,000. In New South Wales, the grant is $10,000 for new builds or substantially renovated homes with a purchase cap of $600,000 or a land and build cap of $750,000. Full stamp duty exemption applies on properties up to $800,000, with a sliding concession between $800,000 and $1,000,000.

In the Australian Capital Territory, eligible buyers are fully exempt from conveyance duty from 1 July 2026 regardless of property value or household income. The previous property value limit and income threshold no longer apply. South Australia offers a $15,000 grant for new homes with no price cap. Full transfer duty concession applies on new homes and vacant land with no price cap from 1 May 2025. On established homes, no duty applies up to $700,000, with a concession up to $800,000.

State and territory grants and concessions can generally be combined with the 5% Deposit Scheme. The Help to Buy scheme, which allows the federal government to take an equity stake of up to 40% for new homes or 30% for established homes, cannot be combined with the 5% Deposit Scheme but can be used alongside most state grants and duty concessions.

What to Include in Your Home Loan Application

Lenders assess your application based on income, existing debts, living expenses, and credit history.

You'll need to provide payslips covering the most recent pay period, usually the last two to three months. If you've recently changed employers or moved from casual to permanent hours, lenders may request additional employment history or a letter from your current employer confirming your position and income. Tax returns and notices of assessment are required if you have secondary income, rental income, or work as a contractor. Bank statements covering the last three to six months show your savings history, regular expenses, and any other financial commitments.

Lenders calculate borrowing capacity using your net income after tax, minus existing debts such as credit cards, personal loans, and HECS-HELP balances. Even if you don't carry a balance on a credit card, lenders assess serviceability based on the card's limit. Reducing or closing unused credit facilities before applying can increase the amount you're eligible to borrow.

If you're using the First Home Super Saver Scheme, you'll need a determination from the Australian Taxation Office before signing a purchase contract. The FHSS allows you to make voluntary concessional and non-concessional contributions into your superannuation fund and release up to $50,000 toward a deposit. Concessional contributions are taxed at 15% rather than your marginal rate, which makes this a tax-effective way to build a deposit if you plan ahead.

In situations where you're purchasing with a partner, lenders assess joint income and joint liabilities. If one applicant has a lower credit score or higher debt load, it can affect the overall assessment. Some buyers choose to apply individually if one income is sufficient and the other applicant's financial position would reduce borrowing capacity.

Fixed or Variable Interest Rates for Your First Purchase

Choosing between a fixed and variable rate depends on your income stability, risk tolerance, and how long you plan to hold the property.

A variable rate moves in line with official cash rate changes and lender pricing decisions. You have access to features such as an offset account or redraw facility, which allow you to reduce the interest payable by parking savings against the loan or accessing any extra repayments you've made. If rates fall, your repayments decrease without any action required. If rates rise, your repayments increase.

A fixed rate locks in your interest rate for a set period, typically one to five years. Your repayments remain the same regardless of rate movements during the fixed term. Most fixed rate products don't allow offset accounts and limit extra repayments to a set annual amount, often between $10,000 and $30,000. If you need to exit a fixed loan early due to sale or refinance, break costs may apply. These costs are calculated based on the difference between your fixed rate and the current wholesale rate for the remaining fixed term, and they can be substantial if rates have fallen significantly since you fixed.

Some buyers split their loan between fixed and variable. This approach allows you to lock in a portion of your repayments while retaining flexibility on the remainder. In a scenario where a registered nurse earning $92,000 purchases at 90% LVR using a lender waiver, splitting the loan 50/50 between fixed and variable provides rate protection on half the balance while maintaining access to an offset account on the variable portion. The offset can then be used to hold savings for upcoming expenses such as furniture, relocation costs, or an emergency fund.

Getting Pre-Approval Before You Start Searching

Pre-approval confirms how much you can borrow before you make an offer on a property.

Lenders assess your financial position and provide conditional approval based on the information you've submitted. Pre-approval is typically valid for three to six months, depending on the lender. It doesn't guarantee final approval, which only occurs once the lender completes a valuation and reviews the contract of sale, but it gives you confidence when negotiating and demonstrates to vendors that you're a serious buyer.

If you're applying for an LMI waiver based on your nursing registration, confirm with your broker or lender that the waiver has been factored into the pre-approval. Some systems generate automated assessments that don't apply profession-specific policy unless it's manually flagged. If the waiver isn't applied, the pre-approval amount may be lower than what you're actually eligible to borrow, or it may include an LMI premium that you won't need to pay.

Conditions on pre-approval usually include verification of ongoing employment, proof that your deposit is genuine savings or an acceptable gift, and a satisfactory valuation on the property you choose. If your financial position changes between pre-approval and formal application, such as taking on new debt or changing jobs, notify your broker immediately. Lenders reassess serviceability at final approval, and any undisclosed change can delay or void the approval.

For more detail on what to expect during the pre-approval process, including timeframes and documentation requirements, the linked resource covers the stages from initial submission through to conditional offer.

Gifted Deposits and Family Contributions

Some nurses purchasing their first property receive financial help from family.

Lenders generally accept gifted deposits provided the funds are genuinely given with no expectation of repayment. The person providing the gift must sign a statutory declaration confirming the money is a gift and not a loan. Lenders may also request bank statements showing the source of the funds to confirm they came from a legitimate and stable source, not from borrowed money.

If your parents or another family member want to help you purchase but prefer to retain a financial interest, a guarantor loan may be more appropriate. Under a guarantor arrangement, a family member uses equity in their own property to secure part or all of your deposit. This allows you to borrow without paying LMI, even if you don't have a 20% deposit saved. The guarantor's liability is usually limited to a specific portion of the loan and can be removed once you've built sufficient equity through repayments and capital growth.

Both gifted deposits and guarantor arrangements require clear documentation and legal advice for all parties. Lenders have specific requirements around how these contributions are structured, and not all lenders accept both options. Discussing your situation with a broker who understands the policy differences across lenders ensures the structure you choose is accepted and doesn't delay your application.

Call one of our team or book an appointment at a time that works for you. We work exclusively with nurses and midwives and structure applications around the policies and schemes that apply to your profession.

Frequently Asked Questions