Home loans for healthcare workers work differently than those of some other professions. Due to them being categorised as emergency service employees, they are eligible for certain discounts and offers. This is done on the basis that they are known to earn higher income with more stability.

Previously, it was more common that these offers and discounts were only available to those who are medical professionals. However, recently, it has become more common that lenders have created these home loan programs for healthcare workers. There are many loans and benefits created specifically for healthcare workers and below are only an example of a few out of many:

Serviceability for Non-Base Income at 100 Percent

If you are not familiar with serviceability, it is one of the components considered by lenders to determine how much one can loan or if they are qualified. They calculate it based on a certain amount of the income. For many, the non-base income is only considered as 80 per cent of the serviceability.

However, for home loans for healthcare workers, it is different. Most lenders allow their serviceability to depend on 100 per cent of the non-base income, which includes overtime pay and shift allowances. Due to many healthcare workers relying a big part of their income on overtime pay, this is a big deal to help them with their home loans.

Lower Interest Rates

Another benefit that most healthcare workers have for their home loans are lower interest rates. Healthcare workers are offered discounts for their interest rates, depending on the lender and the contract. This allows them to take out bigger home loans but still have relatively lower interest rates.

This will help healthcare workers save up on a lot of additional costs and fees. Some people experience financial difficulties with their home loans due to the additional costs of interest rates.

Waiving of Lender Mortgage Insurance (LMI)

An LMI is usually required for borrowers to ensure the protection of the lender in case there is non-payment. However, due to many healthcare workers being known for earning a higher than average income, there is the option to waiver this. This allows them to avoid other fees that are usually shouldered by the borrower for the LMI.

The LMI usually comes up when the lender shells out a loan of over 80 per cent of the value of the property. However, for most healthcare workers, this can be waived for up to 95 per cent of the property. Yet, this may depend on the lender and on the specific professions.

The professions covered by this offer will depend on each lender, so it is better to ask to make sure.

Other Exclusive Home Loans

There are also other home loans for healthcare workers that may only be offered to specific professions, such as nurses or pharmacists. These offers and discounts will still depend on each lender and their criteria. If you are a healthcare worker, regardless of your specific profession, it is better to ask if there are offers or programs applicable to you.


There are many home loan programs for healthcare workers. As mentioned above, these benefits still vary on each specific lender, but the ones mentioned in this article are the most common. If you are a healthcare worker applying for a home loan, make the most out of it by checking for special programs and offerings tailored for you.

If you are looking for the best home loan for healthcare workers, turn to Mortgage Broker Home Loans. Based in Frankston, we service the Mornington Peninsula for their home loan needs. Contact us today and grab the best deals for you!