Healthcare Professional Home Loan Guide
Home Loans for Registered Nurses & Midwives in Australia 10% Deposit. No LMI.
Eligible nurses and midwives can save between $10,000 and $30,000 in upfront costs. Most are never told about this benefit.
$30,000+
Maximum LMI saving
10%
Minimum deposit required
$90K
Minimum income threshold
450K+
Nurses eligible in Australia
Quick Answer
Registered nurses and midwives in Australia who earn a minimum gross income of $90,000 per year can access a home loan with a 10% deposit without paying Lenders Mortgage Insurance (LMI). This applies to both owner-occupied and investment properties through select lenders. Avoiding LMI can save eligible nurses and midwives between $10,000 and $30,000 in upfront costs.
The benefit explained
What is the LMI Waiver for Nurses and Midwives?
Lenders Mortgage Insurance (LMI) is a one-off premium that lenders charge borrowers who have a deposit below 20% of the property value. LMI protects the lender — not you — and can cost between $10,000 and $30,000 depending on the loan amount and deposit size.
The LMI waiver for registered nurses and midwives allows eligible healthcare workers to borrow up to 90% of the property value — meaning only a 10% deposit — without paying this cost. Lenders offer this because nurses and midwives are considered low-risk borrowers with stable employment, predictable income and strong job security across Australia.
Key fact
There are approximately 450,000 registered nurses and midwives in Australia. Most are unaware they qualify for a benefit that can save them tens of thousands of dollars in upfront costs.
Who qualifies
Eligibility Requirements for the LMI Waiver
Eligibility conditions vary between lenders. The standard requirements for registered nurses and midwives are below.
Profession
Registered Nurse or Registered Midwife listed on AHPRA (Nursing and Midwifery Board of Australia)
Minimum income
$90,000 gross per year — most lenders. Overtime and allowances may count toward this threshold.
Minimum deposit
10% of property value. Some lenders extend to 95% LVR for Registered Nurses, Midwives, Doctors and Dentists.
Registration
Current AHPRA registration is required at the time of application.
Property types
Owner-occupied and investment properties — not available at every lender for investment purposes.
Casual income
Calculated over 52 weeks. Overtime and allowances assessed differently by each lender.
Not all lenders apply the same policy. A mortgage broker compares eligibility across 50 plus banks and lenders to find the one that best fits your income structure and employment type.
Your saving
How Much Can You Save by Avoiding LMI?
The table below shows indicative LMI costs a registered nurse or midwife avoids by qualifying for the professional waiver.
Property value
Deposit (10%)
Loan amount
Approx. LMI saved
$500,000
$50,000
$450,000
$8,000 – $12,000
$700,000
$70,000
$630,000
$13,000 – $18,000
$900,000
$90,000
$810,000
$18,000 – $26,000
$1,200,000
$120,000
$1,080,000
$25,000 – $30,000+
Figures are indicative. LMI premiums vary between lenders and are based on LVR and total loan amount.
Example — Registered nurse buying her first home in Western Sydney
Emma is a 31-year-old registered nurse earning $97,000 per year. She had saved a 10% deposit of $82,000 on an $820,000 property. Without the LMI waiver, she would have paid approximately $20,000 in LMI on top of her purchase costs.
By working with a mortgage broker who identified the right lender and confirmed her AHPRA registration, Emma avoided LMI entirely. She used those savings to cover stamp duty, legal fees and building inspection costs — entering the market without depleting her emergency fund. Her loan also included an offset account, reducing interest from day one.
Property value
$820,000
Deposit paid
10% — $82,000
LMI saved
~$20,000
Outcome
Keys in hand
Income assessment
How Overtime and Allowances Are Counted
This is one of the most important and least understood aspects of home loans for nurses and midwives. Many healthcare professionals earn a base salary below $90,000 but receive regular overtime and allowances that push their total income above the threshold.
Lender approach
What it means for you
Lender accepts 80% of overtime
Only 80% of your regular overtime income is counted toward the $90K threshold
Lender accepts 100% of overtime
All regular overtime and penalty rates are counted particularly for front-line hospital staff
Casual income assessed over 52 weeks
Casual nurses must show consistent earnings across the full year — not just recent payslips
This is particularly relevant for nurses and midwives working in emergency departments, ICUs, midwifery with regular on-call income, or rotating shift rosters with consistent penalty rates.
The same nurse can receive a different borrowing capacity depending on which lender assesses the application. This is why working with a broker who knows each lender's specific policy produces better outcomes than applying directly to a bank.
Maximise your savings
Combine the LMI Waiver With Government Schemes
Nurses and midwives who are also first home buyers may be eligible to stack multiple benefits, significantly reducing total upfront costs.
LMI Waiver
$10K–$30K+
RN/Midwife earning $90K+. Both owner-occupied and investment properties at select lenders.
First Home Guarantee
LMI eliminated
5% deposit with no LMI. Federal government backed. Speak to your broker to confirm current eligibility.
First Home Owner Grant
Varies by state
One-off cash grant for buying or building a new home. Amounts and price thresholds vary by state.
Stamp Duty Concession
Up to $30K+
Full exemption or reduced stamp duty for eligible first home buyers. Varies by state and property value.
Exclusive benefit for healthcare professionals
Buy an investment property with a 10% deposit and pay NO LMI.
Combined maximum saving: $50,000 – $70,000+ possible
Not all benefits can be combined in every situation. Eligibility must be confirmed before signing a contract. A mortgage broker identifies the right combination for your specific income, registration and property type before you apply for anything.
Stamp Duty Concessions by State and Territory
Eligible first home buyers may get full or reduced stamp duty based on property value.
Savings can be significant, but rules and thresholds vary by state and change over time.
NSW
First Home Buyer Assistance Scheme — full exemption or concessional rates
VIC
First Home Buyer Duty Exemption or Concession
QLD
WA
SA
TAS
sro.tas.gov.au
First Home Owner Grant and duty concessions may apply
ACT
NT
Stamp duty concession thresholds and eligibility criteria vary by state and change regularly. Always confirm current conditions with the relevant state revenue office or a licensed mortgage broker.
The process
How We Help You Get Approved
Our service is free to you. Lenders pay our fee. You pay nothing extra.
Be prepared
Documents You Will Need to Apply
A standard application for a registered nurse or midwife seeking an LMI waiver will typically require the following.
Common questions
Frequently Asked Questions
Can I use the LMI waiver to buy an investment property as a nurse?
What if my base income is below $90,000?
Does the LMI waiver apply to newly graduated registered nurses?
Can a midwife and a non-healthcare partner apply jointly?
How do I confirm my AHPRA registration is acceptable?
Free assessment — no obligation
Find Out What You Qualify For Today
We check your eligibility across 50 plus banks and lenders at no cost. Most nurses who come to us have never been told about this benefit.
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Why use a broker
Why Use a Mortgage Broker Rather Than Going Directly to a Bank?
A bank can only offer its own products. A mortgage broker compares options across 50 plus banks and lenders and identifies the one whose specific policy best matches your employment type, income structure and deposit size.
This matters more for nurses and midwives than for most borrowers because:
Not all lenders offer the LMI waiver — the policy varies significantly between institutions
How overtime is treated differs between lenders — 80% or 100% — changing your assessed income considerably
Casual nurses and midwives require a lender who assesses casual income correctly over 52 weeks
Investment property eligibility for the LMI waiver is not available at every lender
Going to the wrong lender first and being declined creates a credit enquiry that can affect future applications
More than 75% of Australians now choose a mortgage broker — brokers are required by law to act in your best interests
K
Kishor Acharya — Principal Broker, Laxmi Home Loans
Kishor has been helping Australians secure home loans since 2015. Laxmi Home Loans is ranked in Australia's Top 20 Mortgage Brokers by RateMyAgent. The team works with 50 plus banks and lenders across all states and territories and speaks English, Nepali and Hindi.
Top 20 — RateMyAgent
MFAA Member
Est. 2015
Credit Rep 476974
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This page is general in nature and does not constitute financial advice. Laxmi Home Loans is an authorised credit representative (Credit Rep No. 476974) of Finsure Finance and Insurance, Australian Credit Licence 384704. Lender policies, eligibility criteria, income thresholds, stamp duty concessions and scheme conditions vary by state and territory and are subject to change without notice. Individual circumstances vary. LMI saving figures are indicative and based on publicly available lender information at the time of writing. Always confirm current eligibility with the relevant state or territory revenue office and a licensed mortgage broker before making any financial decisions.