How much can you borrow?

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.

Eligibility for an LMI waiver depends on the lender. Registered nurses are the group most commonly covered, and nurse practitioners, who hold endorsed registration, are typically treated as registered nurses. Registered midwives are covered by some lenders, including Westpac Group, but not all. Some lenders, such as Westpac Group, require a minimum annual income of $90,000, while others may not publish a specific threshold. Enrolled nurses are generally not eligible for lender LMI waivers, but they may be able to avoid LMI through the Australian Government 5% Deposit Scheme instead. Our brokers can confirm which options may apply to your role and income.

It depends on the lender. Some lenders may assess 100% of your overtime, shift allowances and penalty rates as income, generally where you have been with the same employer for at least six months. Other lenders may discount this income by 20% or more, or exclude it entirely. The difference in how a lender treats your non-base income could change your borrowing capacity by tens of thousands of dollars. Because we work with 70+ lenders, we can help identify which ones may give you full credit for the income you earn.

It may be possible, but the rules differ between lenders. Some lenders may apply an LMI waiver to a joint loan where one applicant meets the professional and income criteria, while others may require the income threshold to be met by qualifying professionals on the application. For example, at some lenders, incomes can only be combined to meet the $90,000 threshold where both borrowers are qualifying professionals. Because each lender has its own requirements around how income and ownership are shared between applicants, it is worth having your situation assessed by a broker before you apply.

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 Australian Government 5% Deposit Scheme may allow eligible first home buyers, and people who have not owned property in Australia in the last 10 years, to purchase a home with a 5% deposit without paying LMI. Eligible single parents and single legal guardians may be able to purchase with as little as a 2% deposit. Housing Australia backs the gap between your deposit and the 20% lenders usually require. From 1 October 2025, there are no income caps and no limit on the number of places available, although property price caps apply. The scheme cannot be used together with the Help to Buy Scheme for the same purchase, but it may be combined with the First Home Owner Grant and stamp duty concessions. Our brokers can confirm whether your purchase may qualify.

The saving depends on the property value, your deposit size and the lender. As an example, Westpac has estimated that a health professional buying a $550,000 property with a 10% deposit could save around $16,250 in LMI with a waiver. On higher-value properties, the LMI premium can exceed $30,000. Nurses who qualify for an LMI waiver, or who purchase through the Australian Government 5% Deposit Scheme, may not need to pay any LMI at all.

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.