Buying your first home is always going to be a different experience compared to any other big purchase. It’s one of the most important milestones in any adult’s life. That said, this can also be a pretty nerve-wracking and stressful time in your life. Buying a home is no easy feat. From planning to meeting financial requirements, you’re going to have your plate full.
Fortunately, there are plenty of ways to make the process a little easier or at least bearable. One of the things you can do to ensure that you get your dream home is to apply for a home loan.
There are plenty of home loans available out there, but not every lender has the same offer. Some will be better than others. As a first time home buyer and a healthcare professional, you may be entitled to some helpful benefits.
Today, we will be discussing essential information about nurse home loans that can help you through your home buying process and journey.
Here’s everything you need to know:
Are There Nurse Home Loan Discounts?
First of all, the home loan discounts available at banks are for doctors. While that may be disheartening to hear, it’s essential to do that. Nurses can get home loan discounts and benefits in other ways. You are still a massive part of essential services and are therefore entitled to a few things.
While banks don’t automatically grant nurses access to special doctor home loan discounts, you have other options. For example, your Lenders Mortgage Insurance (LMI) can get waived. LMI is the insurance a lender takes to insure itself against the risk of not recovering the outstanding loan balance.
How Much Can You Borrow?
The amount you’re able to borrow will depend on the property’s size, value, and more. There are plenty of options available to you that can perfectly suit your needs and current situation. In general, you can borrow up to over 105 per cent.
Here are some examples:
- 80 per cent of the property value—this is one of the ideal amounts to borrow as it exempts you from having to pay LMI. If you already have funds put away for your home, you will also need to pay a 20 per cent deposit.
- 85 per cent of the property value—compared to higher loan to value ratio (LVR) loans, lending restrictions or criteria for 85 per cent is not as strict. You can end up paying less for the LMI or avoid paying for it altogether.
- 90-95 per cent of the property value—for high LVR loans like this, as mentioned above, you’re going to pass much stricter criteria. You’ll need a clean credit history, stable employment, good income, minimal debts and must not be buying an unusual property type or in a remote location.
Healthcare professionals are treated to a few unique benefits, particularly when applying for a home loan. Of course, there are many healthcare professionals, and the benefits are not all the same. Nurse home loans, for example, work differently compared to doctor’s home loans.
Any loan over 80 per cent requires that you have proof of at least 5 per cent genuine savings. If you have become a high earner in the industry for over three years, you could be eligible for a 100 per cent home loan with no LMI and guarantor. However, this may only be suitable for a few people.
If you are looking for nurse home loans, we can help you. Here at Mortgage Broker Home Loans, we specialise in helping our clients the best value loans from a wide range of lenders. Our goal is to help you get your dream home as soon as possible! We are based in Frankston, Melbourne and are available to you anytime. Get a free, no-obligation quote for your new mortgage requirements today!