Healing Homes: Customised Loans for Nurses in Australia

The Unsung Heroes Deserve a Home

Nurses are the backbone of any healthcare system. Working long hours and always putting others first, it’s only fitting that when it comes to buying a home, the process should be as stress-free as possible. If you are a nurse looking for a home loan in Australia, you’ve come to the right place. We specialise in providing targeted loans for nurses in Australia, helping you move one step closer to your dream home.

Why Choose Loans for Nurses in Australia?

As a nurse, you have a stable income and job security—traits highly valued by lenders. Our home loans for nurses are specifically designed to capitalise on these strengths, providing affordable and flexible loan options tailored just for you.

Let’s get started with the basics!

1. What Sort Of Home Loan Discounts Do Nurses Get?

Okay, you’ll be entitled to extra home loan discounts if you’re borrowing over $250,000. However, your specific discounts are going to depend on variables including:

  • Loan amount: The larger your loan amount, obviously the larger the discount.
  • Deposit amount: And, correspondingly, the less deposit, the higher the LVR and higher the interest rate.
  • Professional Package Fee: Most banks offer larger discounts to Nurses who are on professional packages.
  • There’s no Lenders Mortgage Insurance (LMI) required on loans with a 15% deposit – or 85% LVR.
  • Your Annual Package Fee could be waived for the first year of your loan.

2. What Sort Of Deposit Do I Need?

You’ll need to lay down at least 5 percent of the property value – while an additional 3- 5% will be required to meet other costs related to your purchase.

Other outlays will include things like a conveyancing fee, LMI and stamp duty.

3. So How Much Can A Nurse Borrow?

When it comes to borrowing, nurses can borrow up to the following amounts:

  • 80 percent of the Property Price: If you borrow 80 percent of a property’s total value, you might not have to pay LMI. But you will need to show a deposit of 20%. For example, if you want to borrow $1,000,000 at an 80% loan to value ratio, you will need a deposit of $200,000.

    Based on the above criteria, if you want to take out a loan for 90% of the property price, the lending criteria won’t be too strict, and LMI can be waived for Nurses.
  • 95% of the Price of the Property – To get a 95% loan to value ratio, you need a decent salary, a stable job, good credit, little debt, and you can’t be buying an unusual type of property in a far away place.

    More than 95 percent Loan to Value Ratio: If you go for a Guarantor home loan, you could also get a loan for 105 percent of the value of the property. It lets you avoid having to pay LMI, and you don’t even have to make a deposit.

4. How Do Nurses Avoid Paying LMI?

Something to have in mind is that – since nurses are called “low-risk” professionals – they are generally not waived for LMI over 80% LVR.

To qualify for over 80%, additional terms and conditions may apply:

  • The loan should not be more than $1,500,00
  • The borrowing amount should not be greater than 85 percent
  • You’ve got a nice secure job (for over two years)
  • Your credit rating is in good shape (no defaults!)

Unfortunately, if you have less than 15% deposit you will still need to pay LMI. The good news: there are ways to decrease this premium.

Talk to a Mortgage Broker like OzBroker! We can look to the different lenders out there and see who’s best for your needs.

We can also talk about reducing the loan amount – or an increase to your deposit. Consider a guarantor home loan.

5. Other Queries:

Will Lenders Consider A Second Income From A Different Hospital?

Yes! It’s actually very common for nurses to have a second job to increase their income – and, in some cases, lenders will allow 100 percent of that to be used.

Will Lenders Consider A Nurse Still On A Work Probation?

Yes, you can in theory borrow up to 95% of the property value if you meet all criteria and have a good credit history. Lenders may be slightly more conservative. Still, if you know that your work is stable, then go for it! And if you want to discuss your financial situation, please feel free to contact us.

Will Banks Potentially Take My Overtime Income?

We realize that overtime is a crucial part of your income. And it’s true, some banks won’t take the full amount of this income into account (some only considering 50-80% of the overtime income), which will reduce your borrowing capacity.

The good news is that Ozbroker can help you find banks and lenders that will use 100% of your overtime income.

Can This Include Nurse Fringe Benefits?

We also know that nurse income is contingent on benefits, as various as superannuation contributions and meal allowances. Again, many lenders will make the error of not taking this money into account. At OzBroker, we can work with lenders to allow these benefits to be added.

Benefits of Loans for Nurses Australia

Opting for a loan specifically designed for nurses comes with multiple advantages. Here are a few you should consider:

Lower Interest Rates

Our loans for nurses in Australia come with competitive interest rates, making it easier for you to manage your monthly payments.

Flexible Repayment Terms

We understand that nurses often work irregular hours. That’s why our home loans for nurses come with flexible repayment schedules.

Quick Approvals

Time is of the essence. Our streamlined application process ensures quick approvals so you can secure your dream home without unnecessary delays.

Eligibility Criteria: Making Your Home Dreams Come True

To be eligible for our home loans for nurses, you need to be a certified practicing nurse in Australia with proof of stable income. Our friendly team will guide you through the application process, ensuring you meet all the necessary criteria.

How to Apply for Home Loans for Nurses

Applying for loans for nurses in Australia through us is simple and straightforward.

  1. Online Application: Fill out our online application form.
  2. Document Submission: Submit the required documents, such as proof of income and employment.
  3. Consultation: One of our mortgage brokers will get in touch to discuss your options.
  4. Approval: Once everything is in place, approval is fast and hassle-free.

Frequently Asked Questions About Home Loans for Nurses

Can I apply for a home loan as a part-time nurse?

Yes, part-time nurses can also apply. The terms might differ slightly, but we aim to provide loans for all nurses, irrespective of their employment status.

How quickly can I get approved for a loan?

Our loans for nurses in Australia are designed for quick approvals, usually within a week, depending on the completeness and accuracy of the documents submitted.

Home is Where the Heart Is

Every nurse deserves a home they can call their own. We aim to make this process as easy as possible with our home loans for nurses. With competitive interest rates, flexible repayment terms, and quick approvals, your dream home is just a few clicks away. Contact us today to find out how we can help you secure the home you’ve always wanted.

So if you’re a nurse seeking a home loan in Australia, look no further. Let us assist you in taking this significant life step with ease and confidence.

Free 10-Minute Finance Strategy Session For Professionals Like You!

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