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As a registered nurse, you may be eligible for home loan benefits that many borrowers simply cannot access. Certain Australian lenders recognise the stability and value of nursing as a profession, and offer policies that can reduce or remove the cost of Lenders Mortgage Insurance (LMI) when you purchase or refinance a property.
LMI is a one-off insurance premium that most borrowers pay when their deposit is less than 20% of the property value. On a $700,000 loan, that premium can run into the tens of thousands of dollars. For registered nurses who meet the eligibility criteria, some lenders will waive this cost entirely, allowing you to buy sooner without needing to save a full 20% deposit. If you want to understand how these waivers work and which ones apply to your situation, our LMI waivers for nurses page breaks it all down.
Not every lender offers the same terms, and not every nurse will qualify with every lender. This is where having a mortgage broker who understands the specific policies for nurses makes a real difference.
There are currently three lenders offering LMI waivers or lender-paid LMI products for registered nurses, each with different rules and borrowing limits.
Westpac and St.George allow registered nurses to borrow up to 90% of a property's value without paying LMI. The maximum loan amount is $5 million, and total lending can go up to $7.5 million where the deposit is less than 20%. To qualify, you need to earn a minimum of $90,000 per year, and that income must come from your nursing role. If your partner is also a qualifying professional, your incomes can be combined to meet that threshold. This policy covers both owner-occupied and investment properties, and can be used for purchases, refinances, construction, and cash-out purposes. Self-employed nurses can also be assessed under this policy, though the Fast Track self-employed assessment method is not available for nurses.
Granite Home Loans covers registered nurses under their Essential Workers product. You can borrow up to 90% with a maximum loan amount of $2.5 million. There is no income threshold, but you do need to hold a university degree and be the main income earner on the application. Granite uses a lender-paid LMI model, which means they pay the insurance premium rather than passing it on to you. This product is limited to owner-occupied established property purchases. It also comes with no application fee, no exit or break fees, and includes an offset account.
People First Bank (formerly People's Choice) offers their Essential Services Professionals Package for registered nurses. You can borrow up to 90% of the property value, with a maximum loan amount of $1,200,000. This option is available to both existing and new members.
This is just as important to know. Several major lenders do not extend LMI waivers to nurses. Bankwest and CBA both explicitly exclude nurses from their medical professional LMI waiver policies. NAB also does not list nurses as eligible. This means if you approach these lenders directly, you would be required to pay full LMI on any loan above 80%. Understanding which doors are open and which are closed before you apply saves you time, money, and unnecessary credit enquiries.
The eligibility requirements vary by lender, but the common threads are that you need to be a registered nurse (not an enrolled nurse or nursing assistant), you need to be earning income from your nursing role, and you generally need to be employed on a PAYG basis.
The income thresholds matter. At Westpac and St.George, you need to be earning at least $90,000 per year from nursing. If you fall below that threshold, Granite or People First Bank may be a more suitable option, as neither requires a minimum income level for nurses.
Your deposit also plays a role. With all three lenders, you can borrow up to 90% of the property value, meaning you need at least a 10% deposit. If you are a first home buyer working toward that deposit, our buying your first home guide walks through the steps to get there, including government grants and schemes that may be available to you.
It is also worth noting that midwives have more limited options. Only Westpac and St.George include midwives in their LMI waiver policies, under the same terms as registered nurses. The $90,000 income threshold applies, and no other lender in Australia currently offers midwives an LMI waiver.
The home loan market is broad, and most brokers work across every profession and property type. That generalist approach can mean they are less familiar with the handful of lenders that offer nurse-specific policies, and the nuances that sit within each one.
When you work with a broker who focuses on nurses and healthcare professionals, you get someone who already knows which lenders to approach, what evidence they need, and where the common sticking points are. For example, a broker who understands these policies will know that Westpac and St.George allow multiple qualifying professionals on the same application to combine their incomes toward the $90,000 threshold. They will also know that Granite requires you to be the main income earner, which can affect how a joint application is structured.
A focused broker also understands how nursing income works in practice. Shift penalties, overtime, allowances, and casual loading are all common components of a nurse's pay, and how these are treated by different lenders can affect both your borrowing capacity and your eligibility for an LMI waiver.
To explore the full range of home loans for nurses, including products beyond LMI waivers, get in touch with our team. We can assess your situation, match you with the right lender based on your income, deposit, property type, and borrowing goals, and manage the application process from start to finish.
Lender policies can and do change, so it is important to get in touch with the Nurse Loans team to understand the current options available to you before making any decisions. The above was current as at 15 August 2026.
Initial Consultation
The process begins with a conversation about your property goals, whether you are purchasing a home, investing, refinancing, or exploring another loan type. Our Finance and Mortgage Brokers explain the overall loan application process, assess your financial position, and begin identifying suitable mortgage loan options for nurses from a wide panel of banks and lenders across Australia.
Financial Assessment
Your broker conducts a detailed review of your finances, including income, expenses, assets, liabilities and savings. For nurses, this includes assessing shift allowances, overtime and penalty rates to ensure your full income is captured. Your broker will also explain key terms such as loan-to-value ratio (LVR), lenders mortgage insurance (LMI), and any government schemes or professional discounts you may be eligible for as part of a nurse mortgage.
Loan Comparison and Selection
With a clear understanding of your financial situation, our Finance and Mortgage Brokers research and compare a range of mortgage loans for nurses. Options may include fixed or variable interest rate loans, products with offset accounts, or loans with flexible repayment features. Your broker will help you weigh the advantages of each option so you can choose the mortgage for nurses that aligns with your goals.
Loan Pre-Approval
Securing loan pre-approval gives you a clear picture of your borrowing capacity and strengthens your position when making offers on property. Your broker prepares and submits the required documents, such as payslips, tax returns and bank statements, to the lender for assessment. Pre-approval is a valuable step for any nurse looking to move confidently in the property market.
Formal Loan Application
Once you have selected your preferred mortgage loan for nurses, your broker completes and submits the formal application to the lender. They manage all required documentation, respond to lender queries, and keep you informed throughout the process to avoid unnecessary delays.
Loan Approval and Settlement Preparation
After your mortgage for nurses is formally approved, your broker reviews the loan agreement with you and confirms that all terms, including interest rate, fees and repayment schedule, are clear. They also assist with setting up your loan account and arranging any necessary insurance, such as mortgage or home loan protection.
Settlement and Ongoing Support
At settlement, the lender advances the funds and ownership of the property transfers to you. Our brokers coordinate with your solicitor or conveyancer to ensure the process runs smoothly. After settlement, our Finance and Mortgage Brokers remain available for ongoing support, whether that involves managing repayments, exploring refinancing options, or assisting with future property plans.
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Shaun Cunningham
As a founder, getting a mortgage requires a couple more hoops to jump through, which is why I couldn't recommend Nick O'Sullivan and the Azura team more highly. Not only were they able to offer a seamless process, but Nick was also patient with us as we changed our minds about when to buy (over a period of years!). The truth is anyone can approach a bank and get a mortgage, but when things don't go perfectly (e.g. abrupt government changes), that's when you want a pro on your team like Nick.
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Van Tran
Nick and the team at Azura Financial exceeded our expectations at every step. Their guidance was clear, their expertise was evident, and they handled every financial detail with care — giving us complete peace of mind throughout the process. We couldn't have asked for a better team by our side. Thank you very much, V&V.
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sarah ander
As a first home buyer, Carl and the team at Azura were incredibly helpful throughout the whole process. They made everything feel straightforward and were always there to answer any questions along the way. I’ve already recommended them to friends and would highly recommend them to anyone looking to get a mortgage!
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Alannah Paige
I am a first home buyer and had Carl as my mortgage broker. He worked diligently to follow up any issues or questions I had and made the process as smooth as it could. I highly recommend! Thank you Carl.
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Philip Woods
Carl and team were absolutely impressive with their attentiveness to answering questions no matter how stupid they were. The urgency they put into attending to timelines and requests was superb. I would recommend them without hesitation.
めめん
Nick was amazing to work with. He's easygoing, quick to reply, and genuinely a very competent broker. He made my loan possible and secured a great deal for me. Highly recommend:)
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Carina
Nick O’Sullivan helped me with my first investment property purchase last year. As it was my first time, I had plenty of questions, but he was always happy to help and made the whole process seamless. I recently used Nick again to refinance my loan and secure a great interest rate, and once again everything was handled smoothly and efficiently. I highly recommend Nick and his team and look forward to working with them again in the future.
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Joey Shatari
The ONLY broker i will use in the future is Carl Elsass. That is all.
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Menefrida Horbino
Nick made the entire mortgage process seamless and stress-free. He was incredibly knowledgeable, responsive, and took the time to explain every step clearly. We always felt supported and confident in our decisions thanks to his guidance. Highly recommend Nick to anyone looking for a reliable and trustworthy mortgage broker
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.
Trustee for the O'Sullivan Family Trust ABN: 29 235 649 437, Credit Representative #482294 and is authorised under Australian Credit Licence 389328.
Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Names & Locations of users have been changed to protect their privacy and are illustrative only.
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