Fran Jerome at Oliey Finance is a CPA-qualified mortgage broker who works with nurses and midwives across south-east Melbourne, including staff at Casey, Dandenong, Frankston and Monash Medical Centre hospitals. Nursing income is rarely a simple salary, and how it's presented to a lender can change what you can borrow and what you pay.
Can nurses avoid paying LMI?
Some lenders waive Lenders Mortgage Insurance for eligible nurses and midwives, which can let you buy with a 10% deposit (and sometimes less) without paying LMI. Policies vary: some require current AHPRA registration, a minimum income or a minimum LVR, and some assess each application case by case. Eligibility changes, so the right lender for you this month may not be the right one next year.
First home buyers may also be able to use the Australian Government 5% Deposit Scheme instead. Which route costs less depends on your deposit, the property and the lender's rate.
How lenders read a nurse's payslip
| Your income | What lenders may do |
|---|---|
| Base hours | Usually counted in full |
| Penalty rates, night and weekend shifts | Some count in full, some shade them, some want 6 to 12 months of history |
| Overtime | Some count 100% of regular overtime, others 80% or less |
| Part-time hours above contract | Some average your actual hours, others use only contracted hours |
| Agency or casual shifts | Some want 6 months, others 12 months in the role or industry |
| Salary packaging | Can raise or lower your assessed income depending on the lender's method |
The same nurse can have a very different borrowing capacity at two different lenders. Fran's accounting background means he works out which lender's method suits your actual income before you apply.
Questions worth asking before you apply
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Are you planning to drop to part-time, take parental leave or change hospitals in the next year?
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Do you want a loan that lets you repay faster on the months you work extra shifts?
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Would an offset account help you hold a buffer for quieter rosters?
Frequently asked questions
Do nurses get LMI waivers in Australia? Some lenders offer LMI waivers to eligible nurses and midwives. Criteria differ between lenders and change over time, so check current policy before you rely on it.
I'm an agency nurse. Can I still get a home loan? Often, yes. Many lenders want a track record in the industry rather than in one job. Bring payslips and your agency employment details so Fran can match you to the right policy.
Does salary packaging help or hurt my borrowing capacity? It depends on the lender. Some add the packaged benefit back to your income, others don't. Showing it correctly matters.
Do midwives qualify for the same benefits as nurses? Often, but not always. Some lender policies list nurses and midwives together; others name them separately.
Talk to Fran
Book a free 30-minute strategy call around your roster: calendly.com/fran-oliey1/30min or call 0409 961 703. Bring your last two payslips.
Related: Home loans for doctors · Home loans for paramedics · Mortgage broker Cranbourne
Fran Jerome | Credit Representative 442427 | Authorised under Finsure Finance & Insurance Pty Ltd | ACL 384704 | MFAA Member. General information only, not credit advice. Credit eligibility is subject to individual assessment. LMI waiver eligibility varies by lender and is subject to change.