Nurse Home Loans: How to Qualify for a Mortgage With Less Than 20% Deposit
Nurses are the quiet achievers of our community – working long hours, juggling shift work, and holding it all together for others. But when it comes to getting a home loan, many nurses don’t realise they may be eligible for special lending options, including the ability to buy a home with less than a 20% deposit.
At XploreFS, we specialise in helping nurses and healthcare professionals navigate the home loan process with confidence, clarity, and the right strategy. Here’s what you need to know.
Why Nurses Are Viewed Favourably by Lenders
Lenders evaluate risk – and nurses often rank near the top when it comes to borrower reliability. With stable employment, predictable income, and strong job security across Australia’s public and private healthcare systems, nurses are seen as low-risk applicants. That means better rates, more flexible policies, and in some cases, waived fees that the average borrower would normally have to pay.
The respect lenders have for the profession isn’t just symbolic. It translates to real financial advantages. Many banks and non-bank lenders have specific internal policies that allow registered nurses access to benefits traditionally reserved for high-income professionals like doctors, dentists, and lawyers.
Understanding the 20% Deposit Myth
The 20% deposit benchmark is often seen as a hard line. Anything less, and borrowers are told to expect Lenders Mortgage Insurance (LMI) – an added cost that protects the bank, not you. But in recent years, lenders have begun offering LMI waivers or reductions to certain professions, and nurses are increasingly on that list.
It’s possible for an eligible nurse to secure a mortgage with just a 10% deposit, or even as low as 5%, without triggering LMI. These opportunities aren’t widely advertised. That’s why working with a broker who understands lender policy and the fine print is critical.
Shift Work and Casual Employment Don’t Disqualify You
Many nurses assume that being on rotating rosters, casual contracts, or split hospital/agency work makes them ineligible for a home loan. That’s simply not true. While some lenders may hesitate, others recognise the structure of healthcare employment and are willing to accept it – as long as your income is consistent and verifiable.
At XploreFS, we help clients present their financial picture in the best possible light. This often includes providing evidence of stable hours, regular payslips, and when needed, a letter from your employer outlining your employment history. The key is to work with a broker who can package your application in a way that builds trust with the lender.
What LMI Actually Is - and Why Nurses Can Avoid It
Lenders Mortgage Insurance is often misunderstood. It’s not life insurance, nor is it something that protects you. It’s a fee charged by the lender when they feel your deposit is too small to cover the risk.
But for nurses, this perception of risk is softened. Some lenders have internal arrangements that allow them to bypass LMI if the borrower works in a trusted profession, even if the deposit is under 20%. The savings here can be huge – often in the tens of thousands. The trick is knowing which lenders offer this, and under what criteria. That’s where broker insight becomes invaluable.
Why Going Through a Broker Matters
You could walk into your bank tomorrow and ask for a home loan. But unless that bank offers LMI waivers to nurses (and unless the staff you speak to know the internal exceptions) you’re likely to miss out on the benefits.
A broker acts as your advocate, not just your messenger. At XploreFS, we don’t just submit your application. We match you with lenders that value your profession, structure your submission for approval, and negotiate terms that work in your favour. It’s not just about getting the loan – it’s about getting the best version of the loan.
As a nurse, you’ve likely helped thousands of people feel safe, seen, and supported. When it comes time to secure your own home, you deserve that same care and consideration. Whether you’re a new graduate or a seasoned practitioner, the right strategy could get you into a home sooner – and save you thousands in the process.
If you’re curious whether you qualify for low deposit options or LMI waivers, get in touch. We’ll walk you through it, no obligation.
Frequently Asked Questions About Nurse Home Loans
Do all nurses qualify for waived LMI?
Not always. It depends on your income, registration status, credit history, and the lender’s policy. We’ll help assess your eligibility.
How much deposit do I actually need?
Some nurses can secure a home loan with as little as 5% deposit, though 10% is more common for LMI waivers.
Can I apply if I’m a casual nurse?
Yes, if you’ve been consistently employed and can show regular income, many lenders will consider your application.
Is this only for first home buyers?
No – these benefits can apply to both first home buyers and existing homeowners looking to refinance or upgrade.