Mortgages for nurses and midwives
Nurses and midwives have recently been able to access offers on their home loan, due to the banks considering these occupations low risk due to very stable income opportunities.
What home loan offers are available for nurses and midwives?
Often when you borrow more than 80% of a property’s value, you will be required to pay Lender’s Mortgage Insurance. This is where offers for nurses and midwives come in:
Borrow 90% of the property value with no LMI (a wider range of medical professionals can be considered)
See below for how much you could save by not having to pay Lender’s Mortgage Insurance on a loan with a 10% deposit and 90% loan-to-value ratio:
$500,000 Property: $8,680
$1,000,000 Property: $22,392
$1,500,000 Property: $36,858
$2,000,000 Property: $49,144
Eligibility Requirements
Property Requirements
You must buy a residential property
You need a minimum of $5,000 genuine savings over six months
Some lenders have a minimum income requirement of $90,000 (some lenders will accept 100% of overtime income for nurses, others only accept 50-80%)
You do not require a university degree
The maximum loan amount is $1.35 million for metro locations and $1 million for non-metro locations
If you are borrowing with another person, either applicant can be a nurse to qualify for waived LMI
Professional qualification
To be eligible for a home loan offer for nurses and midwives, you must be employed in one of the following occupations:
Registered Nurse
Midwife
Nurse Educator and Researcher
Nurse Manager
Enrolled Nurse
Nursing Support and Personal Care Worker
What documents will I need to provide?
In order to verify your income, you will need to provide:
Regular Income
Your two most recent payslips
Overtime Income
An employment letter confirming that you have been receiving overtime income regularly for the past one or two years, depending on the lender.
Your two most recent payslips
Your most recent group certificate
How do I access a home loan offer for nurses and midwives?
Our role at Unbroke is to assess your needs and situation, help you compare all of the loans you’re eligible for as an engineer, including cashback offers, finding the lowest interest rate and loan features. Our services are free to use, we simply receive a commission from the bank once your loan is settled.
Contact us via our website, email or social media to book in a call to discuss your options to purchase a property or refinance your home loan.
Are medical professionals the only occupation that qualifies for the LMI waiver?
Roles in other industries may also be eligible for an LMI waiver. These include:
Lawyers and conveyancers
Nurses and midwives
Veterinarians
Professional athletes
Financial planners
Mining specialists
Some entertainment professionals
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. Information in this article is up to date as of 10 January 2023.
