Fran Jerome at Oliey Finance is a CPA-qualified mortgage broker who works with paramedics across Melbourne's south-east, from graduate paramedics to MICA paramedics and team managers. Paramedic income is strong but layered, and lenders don't all read it the same way.
Your income has more parts than your base salary
A paramedic payslip can include base pay, shift penalties, overtime, on-call or recall payments and allowances. Some lenders count most of this; others count only base pay unless you can show a consistent history. The difference can be tens of thousands of dollars in borrowing capacity.
Fran's approach: look at the last 6 to 12 months of payslips and your latest income statement, work out what each lender would actually accept, then choose the lender whose policy fits your real income.
Can paramedics get an LMI waiver?
In some cases. In 2025, at least one major bank expanded its LMI waiver policy to include paramedics, assessed case by case. Waivers for emergency services workers are less common than for doctors, and criteria change, so it's worth checking current policy before you decide how much deposit you need.
If you're a first home buyer, compare that option with the Australian Government 5% Deposit Scheme, which removes LMI for eligible buyers under the price cap.
Graduate paramedics
If you're in your graduate year or still on probation, some lenders will lend on your full contracted income; others want you past probation first. Applying to the right lender early can mean buying a year sooner.
Planning around shift work
Rotating rosters make some months heavier than others. Questions worth asking:
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Do you want your repayments set on base pay only, with overtime going into an offset account?
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How much buffer would let you take leave or drop overtime without stress?
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Are you planning to study, change regions or step into a MICA role?
Frequently asked questions
Do lenders count paramedic overtime? Many do, often requiring 6 to 12 months of regular overtime history. Some count 100%, others shade it to 80% or less.
Can I get a home loan as a graduate paramedic? Often, yes. Some lenders accept income while on probation in a permanent role; others don't. Lender choice matters.
Do paramedics get the same LMI waivers as nurses? Not always. Fewer lenders include paramedics, and criteria vary. Fran checks current policy for your situation.
Talk to Fran
Book a free 30-minute strategy call at a time that suits your roster: calendly.com/fran-oliey1/30min or call 0409 961 703.
Related: Home loans for nurses and midwives · Home loans for police officers · Mortgage broker Pakenham and Officer
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.