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- January 13, 2023
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Home Loan For Nurses
Do banks offer nurse home loan discounts?
Nurses don’t automatically get access to special doctor home loan discounts but, with some creativity, you can still get a great deal:
Waived Lenders Mortgage Insurance (LMI) when borrowing up to 85% of the property value: You need to prove that you have stable employment with a strong and consistent income.
Discounted interest rates: You generally need to be borrowing over $250,000, or applying for a professional package.
Waived LMI For Nurses
Lenders are offering waived LMI on a 90% home loan for nurses.
To qualify for no LMI on a 90% home loan:
You must buy a residential property (Only Category 1 and 2 locations accepted)
You need a minimum of $5,000 genuine savings over six months. Rent paid via lease agreement is accepted as genuine savings.
One lender has a minimum income requirement of $90,000, while another lender does not have a minimum income requirement.
You do not require a university degree
The maximum loan amount is $1.35 million for metro locations and $1 million for non-metro locations.
Either applicant can be a nurse to qualify for waived LMI.
