Nurses and Midwives in Australia Can Buy Homes With Just 10% Deposit — Many Still Unaware

Thousands of nurses and midwives across Australia may be eligible to buy a home with just a 10% deposit — without paying costly Lenders Mortgage Insurance (LMI) — but many don’t even know the option exists.

According to mortgage broker Kishor Acharya from Laxmi Home Loans, Australia the benefit is widely underused despite potentially saving buyers tens of thousands of dollars. “If you are a registered nurse or midwife, there is a home loan benefit available to you that most people in your profession have never heard of,” he said.

What’s the benefit?

Normally, homebuyers in Australia need a 20% deposit to avoid Lenders Mortgage Insurance — a one-off fee that can easily cost between $10,000 and $30,000. But under special lending policies, eligible nurses and midwives can buy with a 10% deposit, borrow up to 90% of the property value and avoid LMI completely.“Avoiding LMI can save eligible nurses and midwives between $10,000 and $30,000 in upfront costs,” Acharya said.

Why nurses?

Lenders consider nurses and midwives to be stable, low-risk borrowers due to strong job security and consistent demand across Australia. “They have stable employment, predictable income, and strong job security,” Acharya explained. That makes banks more willing to offer flexible lending terms compared to other professions.

Who can qualify?

In most cases, applicants need to be a registered nurse or midwife and hold current AHPRA registration. They have to earn around $90,000 or more annually. However, income isn’t always straightforward. Many nurses earn additional income through overtime, night shifts, and allowances and this can play a big role in eligibility. “Some lenders take 80% of overtime into account, while others may accept 100%, especially for hospital based roles,” Acharya said.

Even bigger savings for first-home buyers the savings can go even further when combined with government schemes such as:

• First Home Guarantee (5% deposit, no LMI)

• First Home Owner Grant

• Stamp duty concessions

“Some buyers may be able to combine multiple benefits and significantly reduce their upfront costs,” Acharya said.

In some cases, total savings can exceed $50,000 depending on the property and location.

Still flying under the radar

Despite the financial advantage, many healthcare workers remain unaware of the opportunity. “Many of them came to me not knowing this benefit existed,” Acharya said, adding that he has helped hundreds of nurses enter the property market. With around 450,000 nurses and midwives in Australia, experts say awareness could make a significant difference in improving home ownership rates within the sector.

A word of caution

Experts warn that not all lenders offer the same benefits, and policies can vary widely. “Choosing the wrong lender can impact your borrowing capacity, especially when overtime and income are assessed differently,” Acharya said.

Disclaimer: This article is for general information only and does not constitute financial advice. Readers should seek professional advice before making financial decisions.