Mortgages for Nurses

Mortgages for nurses don't have to be complicated. We help nurses and midwives access home loans for nurses that suit their income and support their property goals. Mortgage loans for nurses can differ from a standard application, because lenders may assess shift allowances, overtime and penalty rates differently, and some offer benefits specifically for nursing professionals. This page outlines the mortgage options available to nurses across Australia, including lender policies, government schemes and professional benefits that can make a real difference to your borrowing outcome. Working with a mortgage broker for nurses can help you compare these options across a wide panel of lenders.

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 you understand whether you qualify and how the scheme compares with an LMI waiver for your situation.

Mortgage Loans for Nurses at a Glance

When you apply for mortgage loans for nurses through a specialist broker, the way your income is assessed can shape how much you are able to borrow. Some lenders may count up to 100 percent of shift allowances, overtime and penalty rates, generally where you have at least six months of income history with the same employer, while others may discount this income by 20 percent or more or exclude it entirely.

Registered nurses earning $90,000 or more with current AHPRA registration may be eligible for an LMI waiver for registered nurses at Westpac, BankVic and People First Bank, allowing a purchase with a 10 percent deposit and no Lenders Mortgage Insurance. Midwives, nurse practitioners and clinical nurse specialists may also qualify, depending on the lender.

Enrolled nurses are generally not eligible for these waivers, but the Australian Government 5% Deposit Scheme may offer an alternative pathway, allowing eligible first home buyers to purchase with a 5 percent deposit and no LMI.

Some lenders also offer professional packages for nurses that may include interest rate discounts, reduced fees and offset accounts. A mortgage broker for nurses can compare these options across lenders on your behalf.

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.