Mortgages for Nurses

Understanding Mortgages for Nurses in Australia

Mortgages for nurses don't have to be complicated. We help nurses and midwives access home loans that suit their income and support their property goals. This page outlines the mortgage loan options available to nurses across Australia, including lender policies, government schemes and professional benefits that can make a real difference to your borrowing outcome.

What Makes Mortgage Loans for Nurses Different

Not all lenders treat nursing income the same way, and that is where specialist mortgage loans for nurses stand apart. Several lenders have introduced policies specifically designed to recognise the financial profile of registered nurses and other healthcare professionals.

LMI Waivers for Registered Nurses

Lenders Mortgage Insurance (LMI) is typically charged when a borrower has a deposit of less than 20 percent of the property value. However, select lenders including Westpac Group (Westpac, St. George, Bank of Melbourne and BankSA), BankVic and People First Bank offer LMI waivers for nurses at up to 90 percent loan-to-value ratio (LVR). This means eligible registered nurses can borrow up to 90 percent of the property value without paying LMI, which can save thousands of dollars at settlement. Eligibility typically requires current AHPRA registration and a minimum annual income of $90,000, though requirements differ between lenders. LMI waiver policies are set by individual lenders and can change, so your broker will confirm current availability and eligibility as part of the application process.

Shift Allowances, Overtime and Penalty Rates Counted as Income

Many nurses earn a significant portion of their income through shift allowances, overtime and penalty rates. Standard lenders may discount or exclude this income when assessing a mortgage application. Select lenders that specialise in mortgage loans for nurses will count these income types in full, which can meaningfully increase your borrowing capacity and improve your loan approval outcome. For example, Westpac's PAYG Plus policy allows eligible healthcare professionals to have 100 percent of their overtime and allowances assessed as income, rather than having it discounted. To qualify, you generally need a minimum of six months of income evidence with the same employer, and casual employees are not eligible for this assessment method.

Professional Packages with Interest Rate Discounts

Some lenders offer professional packages to healthcare workers, including nurses, that include ongoing interest rate discounts and reduced fees. These packages recognise the stable employment and contribution of nursing professionals and can reduce the total cost of your nurse mortgage over the life of the loan.

Access to the Australian Government 5% Deposit Scheme

Nurses may also be eligible for the Australian Government 5% Deposit Scheme, formerly known as the Home Guarantee Scheme. This scheme allows eligible first home buyers to purchase a property with a deposit of just 5 percent, with no LMI payable. From 1 October 2025, there is no income cap for applicants, places are unlimited, and property price caps have been increased across all locations. The scheme is open to all eligible first home buyers, including nurses, midwives and enrolled nurses, and is administered by Housing Australia through a network of over 30 Participating Lenders. Single parents or legal guardians may qualify with a deposit as low as 2 percent. Speaking with a mortgage broker early can help

Mortgages for Nurses - Nurse Loans Specialist Mortgage Broker

How to Apply for Mortgages for Nurses

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.

What Nurses Say About Nurse Loans

SC

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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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!

VT

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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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.

PW

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.

JS

Joey Shatari

The ONLY broker i will use in the future is Carl Elsass. That is all.

MH

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

Frequently Asked Questions About Mortgages for Nurses

Can nurses buy a home with less than a 20% deposit?

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.

Which nursing roles are eligible for an LMI waiver?

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.

Do lenders count overtime and penalty rates when assessing how much I can borrow?

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.

Can I get an LMI waiver if my partner is not a nurse?

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.

How is casual or agency nursing income assessed?

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.

Can self-employed nurses access the same home loan products?

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.

What is the Australian Government 5% Deposit Scheme?

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.

How much can I save by avoiding LMI?

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.

How long does the process take from pre-approval to settlement?

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.

Am I eligible for the First Home Owner Grant as a nurse?

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.