People in the healthcare industry tend to benefit from lenders’ favourable dispositions the most. If you’re a nurse interested in applying for a home loan, it’s something you want to take advantage of. There are many benefits to this, including LMI waivers for healthcare professionals and decent interest rates.

If a home loan applicant has a deposit of less than 20 percent of the property value, lenders require a Lenders Mortgage Insurance (LMI). However, they usually waive this requirement for healthcare workers. You could then borrow up to 80 percent of the property value as long as you give a 20 per cent deposit.

The amount of money you borrow can also depend on other factors. You could borrow up to 95 per cent of your property’s value depending on the lender’s requirements. Some might require you to have a 10 per cent deposit, a good credit score, a clean payment history, and a strong source of income. Having a mortgage broker can definitely help you navigate that better.

The discounts and benefits you get during home loan offers are also based on two things—your qualifications and income.


You can get an LMI waiver for healthcare professionals if you are an enrolled nurse, a midwife, a nurse, a nurse educator and researcher, a nurse manager, nursing support and personal care worker, a registered nurse, or a student nurse. 

A lender may also ask you for proof that you’re a member of the Nursing and Midwifery Board of Australia (NMBA) and your registration with the Australian Health Practitioner Regulation Agency. Without these, you might run into trouble regarding any benefits or discounts.

Income Eligibility

Because nurses work in shifts and deal with overtime payments, fringe benefits, and second incomes, most lenders will consider these when determining your borrowing capacity. However, be warned that some lenders won’t do this and will only consider your normal base salary. It’s important to have a mortgage broker to help field lenders who will work best for you.

Often, if a lender understands the nature of your work, they can accept 100 per cent of your overtime pay. They will also be more inclined to consider fringe benefits as tax-free income and include your second income into the consideration of your borrowing power. It helps if your second job is in a related field to your primary work.

Other Considerations

If you earned your nursing qualification overseas, you might not get an LMI waiver for nurses or, at least, the full extent of it. However, having a mortgage broker can help you find other options to acquire the loan you need. They may get you a professional package for nurses.

This package is great if you plan to borrow more than $250,000. A lender may include interest rate discounts, rewards credit cards, home loan offset accounts, and transaction accounts. However, there may be an annual fee, so it’s best to compare that to the total cost you would get with your other options.


Being a nurse allows you many benefits when applying for a home loan, including an LMI waiver for healthcare professionals. You may get other benefits too, depending on your qualifications and income. To make sure you get the best offer possible, it’s always advisable to seek the professional help of a mortgage broker.

Mortgage Broker Home Loans is an Australian-based company that can give you the best loans from a wide selection of lenders. Our goal is to help you reach the best solution by providing healthcare workers with the best home loan programs.