Find out the best home loan for Nurses in Australia. Save up to $30,000!
With so many banks and options for nurses, we understand it gets very difficult to know the different options from banks and find the right one for you individually. As a critical decision to get right, we’ve compiled information to help you find the right option and understand how banks assess the eligibility. As no one size fits everyone, we are able to provide you with a complimentary discussion to verify if you are eligible.
insurance (LMI)
saving up to $4,000 per year on interest
Pay lower fees on your home loan
Get into the property market with a smaller deposit and reduced interest rates
Some of the major banks have provided exclusive benefits if certain requirements are met. Those requirements differ based on the bank and based on the individual circumstances of the person applying. To learn more and find out if your individual situation is eligible, contact us for a complimentary 15 mins consultation.
Lenders mortgage insurance (LMI) is insurance taken out by lenders to protect themselves against the risk of a borrower defaulting on a home loan. It’s typically required if the borrower’s deposit is less than 20% of the property’s purchase price. LMI covers the lender’s losses if the borrower can’t make repayments and the property is sold for less than the outstanding loan balance. LMI is a one-time payment made by the borrower and doesn’t protect the borrower in any way. This is generally in thousands of dollars ranging all the way up to $30,000. The LMI amount is dependent on the purchase price, deposit and loan amount from the bank.
Given the stable employment and high demand for nurses, some major banks have introduced a waiver for LMI.
Bank home loan rate discounts are offered by some lenders as an incentive to attract and retain customers. These discounts are typically based on the borrower’s creditworthiness, loan amount, loan-to-value ratio, and other factors.
The most common type of home loan rate discount is a “package” discount, where the borrower pays an annual fee to the lender in exchange for a discounted interest rate on their home loan. These packages may include other benefits, such as fee waivers, offset accounts, or credit cards.
With nurses, depending on the bank, there are certain higher discounts added. The average discount can be over 0.20% of the interest rate which can add up to over $5,000 in interest per year depending on the loan amount.
Bank home loan rate discounts are offered by some lenders as an incentive to attract and retain customers. These discounts are typically based on the borrower’s creditworthiness, loan amount, loan-to-value ratio, and other factors.
The most common type of home loan rate discount is a “package” discount, where the borrower pays an annual fee to the lender in exchange for a discounted interest rate on their home loan. These packages may include other benefits, such as fee waivers, offset accounts, or credit cards.
With nurses, depending on the bank, there are certain higher discounts added. The average discount can be over 0.20% of the interest rate which can add up to over $5,000 in interest per year depending on the loan amount.
Who’s eligible?
Registered Nurses
Midwives
Nurse Manager
Enrolled Nurses
Nursing Support
Personal Care Workers
Nurse educator
Nurse Researcher
There are other critical factors that determine eligibility, contact us today for a complimentary free 15 mins chat.
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Exclusive benefits
Save up to $30,000 on LMI
interest rate across the life of your loan
health check review
Lenders typically use your base income to determine how much you can borrow and will typically take into account a portion of overtime, allowances and a second job. However, lenders will take into account 100% of the overtime and fringes benefits along with income from second job, as they understand that they are part of the nature of the nursing profession.
- Subject to $90k minimum income
- Your occupation needs to be listed under the medical package list (for full details, contact us to verify eligibility)
If you’re a first home buyer, don’t worry we’ll still get you discounted rates and benefits through schemes like the first home loan deposit scheme. If you’re investing or upgrading, chat with us so we can assist you get a fair and beneficial deal for you by using family support or your current property as equity.
Absolutely nothing. To see if you qualify is simply a conversation with a financial expert. We offer you a a simple, complimentary chat to see if you qualify and what options are there for you. We: Support you with clarity in knowing your options Help you achieve your objective: want to save for children’s education? Want to stop working and retire? help you outline a financial strategy that fits your needs and wants.
The amount you can borrow for a home loan in Australia will depend on your income, expenses, and other financial factors. As a nurse, you may be able to borrow more than other professions due to your stable income and employment history.
Whether you choose a fixed or variable interest rate for your home loan will depend on your personal preferences and financial situation. A fixed interest rate will provide certainty and stability in your repayments, while a variable interest rate may offer more flexibility and the potential for lower rates.
71.7% of home loans in Australia are facilitated by a mortgage broker. Mortgage brokers can offer and compare mortgage products from multiple lenders so you can get the best rate while saving you time and effort. Brokers are also legally obligated to work in your favour.
