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Hey there! Are you looking for a home loan for nurses and healthcare workers? If you’re a:
Midwife
Registered Nurse
then you’ve come to the right place!
At Q Financial, we believe that nurses and healthcare workers play a vital role in the community and deserve the best support and resources. That’s why we’ve made it our mission to help folks like you get the home of their dreams. Nurses and healthcare workers have a unique set of financial needs, and that’s why we have tailored our home loan service specifically for you.
When you work with us, we guarantee you that you will get:
Preferential Treatment
Access to Lenders Offering 90% No LMI Home Loans
Quicker Loan Approval
Use pre-tax income to increase your borrowing capacity and become debt-free years sooner. Let’s get started on making your homeownership dream a reality!
In the past, home loans for nurses and healthcare workers did not receive the same benefits as doctors, even though all of them are professionals in the healthcare industry. The good news is that some lenders are now offering a Lenders Mortgage Insurance waiver and lower deposits to nurses looking for home loans.
LMI is a kind of insurance that protects the lender in case you, the borrower, default on your home loan. It’s typically required if you’re borrowing more than 80% of the property’s value. This means if you have less than a 20% deposit, you’ll likely need to pay for LMI.
The cost of LMI can vary depending on the size of your loan and the loan-to-value ratio (LVR). For example, on a $500,000 mortgage with a 90% LVR, you could be looking at thousands in LMI premiums. While it’s an extra cost, it allows you to buy a home sooner without needing a large deposit.
Loan Amount | Standard LMI | LMI Waived for Nurses | *LMI Savings | Standard Interest Rate (4.5%) Total Interest | Discounted Interest Rate (3.9%) Total Interest | **Interest Savings Over 30 Years |
$300,000 | $4,100 | 0 | $4,100 | $247,220.73 | $209,402.25 | $37,818.47 |
$400,000 | $6,900 | 0 | $6,900 | $329,627.64 | $279,203.01 | $50,424.63 |
$500,000 | $6,900 | 0 | $6,900 | $412,034.55 | $349,003.76 | $63,030.79 |
$600,000 | $10,800 | 0 | $10,800 | $494,441.46 | $418,804.52 | $75,636.95 |
$700,000 | $13,500 | 0 | $13,500 | $576,848.37 | $488,605.27 | $88,243.11 |
$800,000 | $16,100 | 0 | $16,100 | $659,255.28 | $558,406.02 | $100,849.26 |
*LMI Savings: The savings listed under “LMI Savings” represent the amount saved by nurses due to the waiver of LMI.
**Interest Savings: The savings under “Interest Savings Over 30 Years” represent the difference in total interest paid over a 30-year loan term when comparing a standard interest rate of 4.5% and a discounted interest rate of 3.9%.
If you’re one of the following kinds of nurses or healthcare workers, you may be qualified for LMI waivers in Australia:
You don’t need to be working in a hospital setting to be eligible for LMI discounts and LMI home loans for nurses. However, you need to:
Below, we discuss in detail the key factors lenders consider when determining your borrowing capacity:
Lenders look at the stability and type of your income. As a nurse, your base salary, allowances, and other income are all considered. Most lenders use 80% of overtime income, but some are willing to consider 100% for essential service workers like you. Having a steady and verifiable income stream strengthens your borrowing potential.
Shift Penalties & Allowances
Fringe Benefits
Second Job
Salary Sacrifice
Lenders prefer borrowers with a clean credit history, free of defaults, bankruptcies, or significant late payments. If you have a good credit score, you are more likely to get your home loan application approved, and you may also enjoy better interest rates and loan terms.
Lenders check your debt-to-income ratio to gauge how well you can handle additional debt. This ratio reflects the portion of your gross monthly income that you spend on your monthly debt obligations. Keeping this ratio low demonstrates financial responsibility and increases your borrowing capacity.
The duration of your employment also matters. Lenders prefer home loan applicants who maintained employment with their current employer for at least one year or have worked as a nurse for two years. This employment stability reassures lenders of your consistent income and job security.
The amount of savings and the size of your deposit are crucial. Lenders typically require a minimum deposit of 10% of the property’s value. Genuine savings, which are part of your deposit and accumulated over time, show financial discipline and enhance your borrowing capacity.
The LVR compares your loan amount to the appraised value of the property. An LVR of 80% or lower is ideal, as it often means no LMI is required. However, nurses can benefit from LMI waivers even with an LVR of up to 90%.
The type and location of the property you intend to buy can influence your borrowing capacity. Lenders assess the potential risks associated with the property, including its resale value. Properties in desirable locations with stable markets are viewed more favourably.
Nurse home loans can have features like offset accounts, redraw facilities, and the option to make additional payments, which can help you manage your mortgage more effectively and pay off your home loan sooner.
An offset account is a transactional savings or checking account connected to your home loan. The balance in this account is applied against your loan balance, decreasing the interest you owe. For instance, if you have a home loan of $600,000 and $50,000 in your offset account, you will only pay interest on $550,000. This can result in significant interest savings over the duration of your loan and help you pay off your home sooner without increasing your regular repayments.
A redraw facility gives you access to any extra repayments you’ve made on your mortgage. This feature provides flexibility, enabling you to use these funds if unexpected expenses arise or if you need extra cash for other purposes. By having the option to redraw, you can still make additional payments to reduce your loan principal and save on interest, knowing you can access these funds if needed.
Making additional payments on your mortgage is a powerful strategy to shorten your loan term and save on interest. Some nurse home loans allow you to make additional repayments without penalty, providing you with the freedom to pay off your loan faster. This flexibility means you can contribute more when you have surplus funds, such as from bonuses or tax returns, accelerating your journey to becoming mortgage-free.
Pre-approval, sometimes called approval in principle or conditional approval, indicates from a lender that you are eligible for a home loan up to a specified amount.
Pre-approval does not equate to a final approval, but it gives you the following benefits:
Pre-approval gives you a clear idea of how much you are qualified to borrow, helping you focus on properties within your budget, which makes the home-buying process become more efficient.
Having pre-approval makes you a more attractive buyer to sellers and real estate agents. It shows that you are serious about purchasing and have the financial backing to complete the transaction, giving you an edge in negotiations.
With pre-approval, much of the groundwork is already done, as the lender has already reviewed your credit history, income, and financial stability, which allows them to give a preliminary nod to your borrowing capacity. This can speed up the final loan approval process once you’ve found a property and made an offer.
Knowing your borrowing capacity and having a pre-approval letter can reduce the stress and uncertainty often associated with buying a home. And you can house hunt with confidence, knowing you have the lender’s conditional backing.
The pre-approval process starts with an enquiry and an initial consultation. At Q Financial, we specialise in helping nurses secure the best home loans, including getting pre-approval. You can book a free meeting with us to get started.
You will need to provide documentation to support your pre-approval application. This includes:
The lender will evaluate your home loan application based on your documentation, credit history, and financial situation. They will review your income, expenses, debts, and savings to determine your borrowing capacity.
Once the assessment is complete, you will receive a pre-approval letter from the lender. This letter indicates the amount you are conditionally approved to borrow, subject to final approval.
Australia offers several government-backed home loan programs to make homeownership more accessible and affordable for people, including nurses and healthcare workers. Here are some of the top programs you can benefit from:
The First Home Guarantee (FHBG), previously called the First Home Loan Deposit Scheme (FHLDS), is an initiative that helps eligible first home buyers purchase a home with as little as a 5% deposit without needing to pay LMI.
The Family Home Guarantee is a program designed to assist single parents, including nurses, in purchasing a home with a deposit as low as 2%.
The First Home Owner Grant (FHOG) offers a one-time payment to individuals buying their first home. The grant amount varies by state and territory, but it can significantly reduce the cost of purchasing a new home.
Nurses in New South Wales (NSW) or Queensland (QLD) have access to some fantastic benefits that make homeownership more achievable and affordable.
In NSW, eligible nurses can receive an FHOG of up to $10,000 when purchasing a new home valued at $600,000 or less. Meanwhile, in QLD, eligible nurses can receive an FHOG of $15,000 or $30,000 when buying or constructing a new home valued at less than $750,000.
First home buyers buying a property not exceeding $800,000 in NSW may be eligible for a full or partial exemption from stamp duty. Full or partial stamp duty concessions are also available in QLD for first home buyers purchasing a home valued under $550,000.
In both NSW and QLD, nurses can enjoy LMI waivers for loans up to 90% of the property’s value.
Many lenders offer special interest rates to nurses in NSW and QLD, making home loans more affordable over the long term.
Here are some key points to consider to help ensure you’re choosing the right lender:
Q Financial specialises in home loans for nurses. We pride ourselves on working with a wide range of clients, including nurses and healthcare workers. Nursers often have unusual income structures that are not accepted by some lending institutions. You don’t want to be caught out by approaching a bank that won’t accept your income.
Our goal is to provide you with the same high level of service and support that we provide to all of our clients. Give us a call today, and we’ll be happy to discuss the steps with you and help you find the best mortgage for your needs.
Yes, we want to help you buy your home — and help you learn learn strategies to pay it off years sooner without increasing your current repayments
We can also add in 90% no LMI — that’s no LMI payable for just a 10% deposit when most lenders need a 20% deposit.
Not all lenders offer benefits to nurses, but we have built long-term relationships with lenders that offer salary sacrifice benefits.
During your consultation with us, we will discuss:
Nurses and healthcare workers in Australia now have access to more favourable home loan policies that can help make their home-buying journey easier. These benefits include Lenders Mortgage Insurance (LMI) waivers on deposits of 10%, discounts on LMI up to 25%, annual fee waivers, special interest rate discounts, cashback deals for refinance home loans up to $6,000, and other favourable policy themes such as difference between lenders’ requirements.
Many banks and lenders offer fee waivers on annual costs associated with getting a nurse home loan, such as application fees and ongoing service fees, saving nurses thousands of dollars overall. Additionally, some lenders offer cashback bonuses or other incentives when refinancing from another provider. which could be worth up to $6,000 depending on the lender.
When applying for nurse home loans, all lenders will ask potential borrowers to provide proof of income (such as payslips or PAYG statements), evidence of current employment status with a healthcare provider or hospital, and proof of sufficient savings (generally around 5%-10%) over 2-3 years before they can apply for a mortgage. Other documents such as identification papers may also be required by some lenders, so be sure you check their specific requirements beforehand.
Not all banks offer home loans specifically designed for nurses, but many do offer discounted rates and other benefits like waived annual fees or cashback opportunities, which can help lower costs and make financing easier overall. It’s worth researching different providers and comparing what they have available before committing to one particular deal! Here at Q Financial, we can give you access to lenders that offer great home loans for nurses and healthcare workers. We can also get you preferential lending treatment!
Generally speaking, no specific restriction applies to the types of properties that nurses and midwives can purchase with their home loan. However, some lenders may impose certain criteria as part of their credit assessment process, which may limit the types of properties that can be approved. It is best to check with your lender before you make an application.
Depending on who you take out your loan from, there are sometimes special interest rates available, which are lower than standard market rates. These are usually offered by banks/lenders that want to encourage people from particular professions (such as nurses and healthcare workers) into taking out finance products from them. This is because they understand that demographics often come back year after year seeking additional services, which helps them create loyal customers.
The timeframe in which an application is processed can vary depending on several factors, such as the complexity of the transaction, availability of supporting information, and whether conditions have been met by all parties involved in the transaction process. On average it typically takes around 4-6 weeks for an application to be fully assessed by all relevant parties.
We are passionate about helping people who spend their lives helping others.
We have built significant expertise to understand which lenders look most favourably on home loan applications for nurses. We know how to present the application to them for the best chance at approval success. We have achieved a 97% approval rate compared to a significantly lower industry average.
Great experience with Q Financial. We have re financed several times over the years and these guys are the best. They went above and beyond to make sure that the process was as smooth as possible. Highly recommend them
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Excellent service and ongoing advice when buying our first home. Absolutely recommended!
Quinto and the team were amazing. They answered all our questions and made sure the product we were getting was the right one for our circumstances. Michael kept us up to date with the progress and was so lovely to deal with.
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We recently used Q financial to purchase our first home. Quinto and Michael are fantastic to deal with. Very professional and personable. They made the process very easy and were there for us every step of the way. I highly recommend Q financial.
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We have been very happy with Quinto. He has been helpful and informative and made the experience of purchasing a first home not so daunting.
Quinto and Michael were very helpful from the very beginning. Always contactable and explaining information in an easily digestible way. Would recommend to anyone.
I'm so excited I got a loan from a lender who helped me with my loan. It was amazing how I got a loan... I tried a different service but I could never get a loan from that service. Some of them will ask me to fill out a lot of documents and at the end of the day it will not end well. But I'm happy after meeting with KURT. I was able to get my loan of $200,000. now my business is going well and I want you all to know this today because they are fast and 100% reliable. Now I'm paying the loan I got from the company from uni-credit loans all over the world. Get in touch with them and don't waste time with those lenders: send an email to elmamilitansapla@gmail.com via WhatsApp to: +1(217)290-6702
The people at Q-Financial are great. I got to work with Michael and Quinto, both are highly professional, knowledgeable and personable. You can tell that they genuinely care about you getting the best possible outcome and work tirelessly to help you out. Highly recommend using them if you want some people that will go the extra mile and take on the extra stress so you can focus on finding your perfect home. Thanks guys for all your hard work!
Michael and Quinto were so great at helping us with our home loan. As first home buyers we has no idea where to start, they were able to help with all our questions, find great rates and get the most for us. The communication was great as they were able to schedule important calls with us, that fit in with our busy lifestyles. They made the process painless. Working with these guys meant I wasn't worried about the home loan so we could focus on finding our first home, which we did!!. Thanks Michael and Quinto!!
Michael and Quinto were very helpful throughout the process of applying for a mortgage. They were very knowledgeable and easy to communicate with. Would definitely recommend
Quinto and Michael at Q Financial were exceptional with helping us to purchase our home. They were incredibly prompt and professional, as well as being accomodating and flexible with our busy schedule. Being a doctor, Quinto was able to liase with the bank regarding loans specific for health professionals. I couldn't recommend more highly.
Best in the business, we are going through the construction loan process and due to the current industry climate have had so many changes in circumstances weather it be building companies going into liquidation or the interest hikes to name a couple these guys have stuck by us and guided us every part of the way cannot recommend them highly enough.
Great service would highly recommend for anything mortgage related! Quinto and Michael are the best in the business and go over and above to help, thank you :)
Q goes the extra mile. Great work.
Quinto and the team provided me with top notch service when it was time for refinancing my home. Not only did they guide me through taking over sole title of my property but also securing a great rate. I was grateful that I had a direct line to Quinto and Michael when questions came up opposed to customer service at a big bank. Cheers
Q financial was amazing! We were referred to them by a friend after the first broker we used got flaky. They took the time to make sure we understood everything, compared all the best loans and saved us thousands! They were on top of everything for the whole process even when our settlement got moved forward! Michael and quinto are amazing I can’t recommend them highly enough!!
Quinto and Micheal from Q Financial made refinancing our mortgage very easy and helped us get a very competitive interest rate. We were kept up to date the whole way through the process. I would highly recommend Q Financial.
Quinto and Michael have been fantastic to work with. They were able to simplify financial terms, give well-researched recommendations and advice. I loved how easy it was to communicate with the team throughout the process. I'd highly recommend them to anyone in need of their service.
Quinto and Michael have been excellent to work with. They were able to simplify financial terms and help me understand all the logistics and paperwork throughout the process. Would 100% recommend to anyone looking to buy or refinance.
Q financial were super helpful and walked us through everything Highly recommend using them
Best in the business. Quinto & his amazing team are outstanding. Such great people to work with. They're communicative at every step of the way and worked hard to get the best outcome for us. I work in financial services and deal with A LOT of brokers. Q Financial are by far the best in the industry. You're in safe hands, highly highly recommended. Unbeatable service. So much more than a typical broker, they checked in with us every step of the way, they do goal setting and Financial plans, they even do annual reviews to make sure you're always in the best product - just the best!
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Amazing team at Q Financial! Communication is great & and he even made time after hours (once the kids were in bed) to chat with us! Would highly recommend Quinto!
Great experience working with Q Financial. Quinto and the team got our loan approved, assisted us to find a competitive loan from an ethical provider and are fantastic communicators. Would definitely recommend to anyone.
As we are first home buyers, Quinto and Michael made the daunting process much easier. They were always available and very responsive with any questions we had. Very happy cusomers and would highly recommend to anyone needing professional lending advice and services. Happy home owners now thanks to the both of them
Quinto and Michael did a fantastic job with very short notice to get finance approved for a very short settlement. They went above and beyond battling through extremely complex business structures and coordinating with the banks.
Quinto and Michael were so helpful in providing mortgage advice and helping us achieve our goal of remortgaging an investment property and purchasing our dream house. Highly recommended!
We've worked with Quinto and his team to purchase 3 properties so far and intend to use them when we purchase our next property. They make the process so easy and stress free and provided a service that is individualised and suited to our needs. As a Trainer in adult education, I don't really have flexibility in my work day for meetings, but Quinto had always been flexible to suit my schedule. I would highly recommend Q Financial to anyone looking to purchase a property. They are awesome!!
Quinto & Team are informative, prompt, professional & dedicated. Can recommend highly !
Quinto and his team did an absolutely outstanding job in helping us secure a home loan and buy our first property. Professional, experienced and so easy to communicate with. Couldn't recommend them enough!
As first home buyers, Q Financial made the entire process of getting a loan straight forward. They accommodated our needs, were knowledgeable and professional. We highly recommend their service!!
Had such a great experience with Quinto and the team at Q Financial. We bought our first property with them after being recommended by a friend. They guided us through every step of the process and can’t recommend them enough.
Quinto and Michael were extremely helpful when assisting my partner and I to buy our first home. We are based in Melbourne so they organised zoom meetings to find out our needs and talked us though our options. If I ever had any questions, Michael was only one call away. They went above and beyond other brokers I had spoken with previously. Thanks Guys!
Quinto and Michael were extremely helpful when assisting my partner and I to buy our first home. We are based in Melbourne so they organised zoom meetings to find out our needs and talked us though our options. If I ever had any questions, Michael was only one call away. They went above and beyond other brokers I had spoken with previously. Thanks Guys!
Q financial were such great mortgage brokers to deal with. From start to finish the whole process was very streamline and both Quinto and Michael made us feel very comfortable with their extensive knowledge of the industry, by explaining every daunting detail thoroughly, and making each step of the way easy to understand. Will definitely be working with them for future investments and refinancing. Thanks a lot guys!
Quinto and the team made the process of buying my first place really easy. Great communication and enabled me to borrow with an ethical bank that doesn't invest in fossil fuels. Highly recommended.
Great experience with Q Financial. We have re financed several times over the years and these guys are the best. They went above and beyond to make sure that the process was as smooth as possible. Highly recommend them!
Quinto & Michael were so helpful, were always ready to look after us and explained the process to my partner and i every step of the way. They helped us achieve our goal securing a home loan and i couldn't recommend their service more!
Quinto made what was a tedious process talking to banks into something easy and understandable. My partner and I will be talking to Quinto for any future loan requirements. Thanks for all your help Quinto!
What A Service! Quinto made what could be a daunting and complex process like a walk in the park. We had a few challenges that we were up against (self employed, time & low deposit) and Quinto came up with a solution that worked. Thank you for getting our family in our own home. 5 STARS ⭐️⭐️⭐️⭐️⭐️
Quinto's service is second to none. We were looking for finance faced with 3 major challenges (self employed, short time frame, low deposit). Quinto found an amazing solution and turned what was a stressful situation in to an easy process. I would encourage anyone looking for finance to give Quinto a call..... AMAZING!
We recently purchased our first home in Australia, I can't thank Quinto enough it was a smooth, hassle free process, Quinto explained everything clearly. Being self-employed a home loan can be hard to achieve but he helped guide us through with efficiency and a calm approach. I would 100% recommend Quinto to anyone looking for finance. Thank you Quinto..
Quinto is always willing to work with you to get you the best deal for your situation. He's always easy to talk to and a pleasure to deal with, plus he's one of the most genuine people you'll meet! Thanks again!
Great guy and great at what he does
