home loans for nurses

home loans for nurses

Are you a nurse or midwife looking to buy your first home or investment property? Are you feeling anxious about rising property prices and the intimidating obstacle of getting approved for a mortgage? If so, we have some exciting news: we’ve got 90% LVR home loans for nurses and midwives available! And here’s the kicker: there is no Lenders Mortgage Insurance (LMI) required! 

Yes, that means you get to hang on to more of your savings to help cover any additional purchase costs. Keep reading to learn more about these unbelievable deals and how YOU can benefit from them today!

Why Do Lenders Offer Special Home Loans for Nurses and Midwives?

 
Some lenders offer special home loans for nurses and midwives due to their stable employment, job security in the healthcare industry and potential for career advancement. Additionally, lenders may partner with professional industry associations and networks to offer exclusive benefits for members.
 
These specialised loan packages are designed to cater to the unique circumstances and financial needs of nurses and midwives, making it easier for you to achieve the ultimate goal of homeownership.
 

What Are the Benefits of Home Loans with No LMI for Nurses?

 
For most first home buyers on the Gold Coast, a minimum deposit of 20% of the purchase price is required. This is because most lenders require a loan-to-value ratio of at least 80%.

The LVR is a measure used by lenders to assess the risk of a mortgage. They compare the amount of the loan with the appraised value of the property being purchased. For example, if you have a deposit that is equal to 25% of the total purchase price, then you only need to borrow the remaining 75%. This means your LVR is 75%.

The LVR helps determine the level of equity and potential risk for the lender. While some lenders will approve loans with an LVR higher than 80%, most of the time this will incur Lenders Mortgage Insurance (which can add thousands of dollars to the total cost of the loan).

However, with specialised home loans for healthcare workers, you: 
 
  • Will only have to pay a deposit as low as 10% of the purchase price.
  • Won’t have to pay the Lenders Mortgage Insurance, which can save you thousands!
  • May be able to access exclusive discounts through the lender’s partnership with relevant industry organisations.
  • Can benefit from a streamlined application process tailored to suit the unique financial situation of healthcare workers.

For example, imagine you wanted to buy a house on the Gold Coast worth $750,000. To apply for a mortgage with a 20% deposit, you’d need to save up $150,000 in cash. But by accessing a specialised home loan for nurses with a 90% LVR, you’d only need a deposit of $75,000. This means you could be buying your home a whole lot sooner!

Who Is Eligible for a Home Loan for Healthcare Workers Australia?

 
group of medical practitioners eligible for home loans for healthcare workers

 

Nurses and midwives, previously considered to be more high-risk clients, are now eligible for the above benefits like most other medical professionals. To be eligible for a no LMI home loan for healthcare workers in Australia, a borrower must:

  • Be an Australian citizen or approved permanent visa holder.
  • Be a registered nurse or midwife.
  • Be earning a minimum of $90,000 per annum (some lenders may accept 100% of your overtime income in this calculation).
  • Have at least a 10% deposit saved.
  • Have proof of genuine savings (the exact amount or percentage will depend on your choice of lender).
  • Apply for a loan that is less than $1.35 million for metro locations, or less than $1 million for non-metro locations.

What is Required When Applying for Home Loans for Healthcare Workers?

 

To apply for a specialised home loan with no LMI for nurses and midwives, you must present one or more of the following documents:

  • Your most recent Australian tax return.
  • A copy of your Australian university degree or qualification.
  • A copy of your registration with the Medical Practitioners Board of Australia or equivalent body.
  • A printout from the Australian Health Practitioner Regulation Agency (AHPRA) online registry is acceptable, provided the registration is current.

You’ll also need to provide standard mortgage documentation, including current photo ID and proof of income.

What Other Mortgage Options Are Available with No LMI?

 

If you are not a healthcare professional, or you are looking for alternative home loans that won’t require you to pay LMI, the below options could be worth investigating further:

  1. Lawyers, accountants, engineers and other high-income earning professionals may qualify for specialised industry loan products offering LMI discounts and waivers.
  2. The First Home Guarantee allows eligible buyers to purchase their first home with a deposit as low as 5%, with no LMI required.
  3. The Family Home Guarantee lets single parents who are also first home buyers kickstart their homeownership journey by applying for a loan with as little as a 2% deposit, and no need to pay for LMI.
  4. The Government has also announced a proposed Help to Buy Scheme that is expected to launch in mid-to-late 2024. Under this new scheme, eligible borrowers will be able to secure a loan with a 2% deposit and no LMI. The government will contribute equity valued at up to 40%, reducing the overall value of the loan.

Talk to Professional Lending Solutions About Home Loans for Nurses

 

So, there you have it, nurses and midwives! If you’re looking to purchase your first home or if you’re considering buying an investment property, now could be the perfect time! These incredible 90% LVR home loans for nurses and midwives (with no LMI required!) will help to fast-track your home ownership goals without breaking the bank.

With specialised loan packages, personalised support and a wealth of experience, the team at Professional Lending Solutions are dedicated to helping nurses achieve their homeownership goals and secure their financial future. We’ll happily answer all your questions, assess your current financial situation and provide expert advice that will always be in your best interests.

Book an appointment with one of our dedicated mortgage brokers today and don’t miss out on these fantastic opportunities!