Home Loans for Nurses: Your Comprehensive Guide
Great news for nurses! nurses now qualify for the same benefits that doctors do, including:
✅ No Lenders Mortgage Insurance (LMI) for loans with just a 10% deposit, or 90% Loan-to-Value Ratio (LVR).
✅ Discounted interest rates for loans over $250,000 or when signing up for a professional package.
This guide will walk you through everything you need to know about home loans for nurses.
How Do Nurses Qualify for No Lenders Mortgage Insurance?
Lenders often consider nurses to be low-risk professionals, a view that has significantly benefited them since October 2022. This status enables most nurse practitioners to qualify for waived LMI. One of our panel lenders offers waived LMI on a 90% home loan for nurses, meaning you only need a 10% deposit. To qualify, you need to meet the following criteria:
✅ Income Requirement: Your income must exceed $90,000 per year.
✅ Employment Status: You can be either casual or full-time, and this includes overtime and allowances.
✅ Credit Rating: You must maintain a good credit rating with no defaults.
✅ Job Role: You do not have to work in a hospital; employment as a Nurse or Midwife is sufficient.
✅ Property Type: This can be an investment property or a home you intend to live in.
If you work at multiple hospitals, that’s not an issue! The lender can aggregate your income from different sources to meet their criteria.
Types of Nurses Eligible for the LMI Waiver
Lenders consider a broad range of nursing roles eligible for the LMI waiver, including:
- Registered Nurse
- Clinical Nurse
- Clinical Nurse Consultant
- Midwife
- Endorsed Midwife
- Nurse Practitioner
- Nurse Manager
- Nurse Educator
- Critical Care Nurse
- Family Nurse Practitioner
- Forensic Nurse
- Cardiac Nurse
- Aged Care Nurse (also known as Geriatrics Nurse)
- Holistic Nurse
- Home Health Nurse
- Mental Health Nurse
There’s no need to work in a hospital to qualify. Nurses and Midwives working in the public or private sector, including hospitals, emergency care, aged care, general practice clinics, community health services, schools, and rural and remote communities, are all eligible.
If you need more information, call us at 0449 000 124 or email us at contact@easymoneyloans.com.au.
Easy Money Loans is committed to helping nurses navigate the home loan process effortlessly. Contact us today to benefit from these tailored offers designed specifically for nurses.
