First Home Buyer Schemes for Nurses: What to Check First

For many nurses across Melbourne and Australia, buying a first home can feel like a balancing act. You may be managing shift work, rotating rosters, or variable income, while also trying to save a deposit in a market where property prices and living costs remain high.

It is understandable that first home buyer schemes for nurses attract attention, particularly in the current housing and lending environment. Programs such as the Australian Government 5% Deposit Scheme, the Help to Buy Scheme, and state-based concessions are often discussed as pathways into the market. In theory, they can reduce upfront costs or lower the deposit needed to buy.

In reality, these schemes are not stand-alone solutions. They work within the boundaries of lender credit policies and responsible lending obligations. Before you rely on any scheme as part of your plan, it is important to understand what lenders will still assess and where schemes may fall short.

As brokers who regularly assist nurses, we often see strong applications delayed or reshaped because a scheme was relied on too early, without checking how it aligned with real-world lending rules. This article focuses on what to check first, so you can approach finance for nurses with clarity rather than assumptions.

Why first home buyer schemes often appeal to nurses

Nurses are commonly drawn to first home buyer schemes because saving a traditional 20% deposit is not always realistic in the short term. Even with stable employment, variable income components such as penalties, overtime, or agency work can make cash flow unpredictable.

Schemes may appear attractive because they can:

• Allow entry with a smaller deposit
• Reduce or remove lenders mortgage insurance in some cases
• Lower upfront purchase costs, such as stamp duty
• Create the impression that buying sooner is possible
  

These benefits can be helpful in the right circumstances. However, what is often overlooked is that schemes do not change how lenders assess risk. Understanding this distinction early can prevent disappointment later.

How first home buyer schemes sit within lender assessments

A critical point to understand is that government schemes operate alongside home loans for nurses, not instead of them.

Even if you meet the eligibility criteria for a scheme:

• The lender still assesses your income, expenses, liabilities, and credit history
• Serviceability buffers still apply
• Responsible lending obligations under ASIC guidelines still apply
• Each lender’s internal policy still determines whether they approve the loan
  

In practice, a scheme may assist with how a purchase is structured, but it does not influence whether a lender believes the loan is affordable and sustainable for you.

This is why relying on a scheme without checking how lender requirements apply to you can lead to false confidence.

Current first home buyer schemes nurses commonly ask about

The following national schemes are current and active, but each comes with conditions that matter when planning, as outlined in the First Home Buyers resources provided by the Australian Government.

Australian Government 5% Deposit Scheme

This scheme supports eligible buyers to purchase with a lower deposit and without paying lenders mortgage insurance. Property price caps apply, and not all lenders participate. Availability and participating lenders can change over time, and lender credit assessment still applies in full.

Australian Government Help to Buy Scheme

This is a shared equity scheme where the government may take an equity interest in the property. This can reduce the amount you borrow upfront, but it also affects ownership structure, future equity, and exit rules.

First Home Super Saver Scheme

This scheme allows eligible buyers to use voluntary super contributions toward a deposit. It helps with savings accumulation but does not affect borrowing capacity or lender assessment.

In addition, state-based grants and stamp duty concessions apply depending on location and purchase price. These reduce upfront costs but do not influence serviceability.

What to check before you rely on a scheme for finance as a nurse

This is where lender reality matters most. Before relying on any scheme, nurses should carefully consider the following checkpoints.

1. Whether your income structure fits the lender policy, not the scheme rules

Schemes do not assess income. Lenders do, based on their income verification and assessment policies.

Nurse income often includes:

• Base salary
• Overtime
• Shift penalties
• Allowances
• Agency or casual income
  

Some lenders may average variable income over time, while others may apply minimum history requirements or only accept certain components. A scheme will not change the outcome if a lender discounts or excludes part of your income under their assessment policy.

This means your nurse borrowing capacity may be lower than expected, even if you are eligible for a scheme.

2. How your employment type is viewed across different lenders

Permanent, part-time, contract, and casual nursing roles are assessed differently depending on the lender, particularly for nurses working in casual or agency roles.

Some lenders may:

• Accept shorter employment histories for nurses
• Require consistent payslips over a set period
• Apply stricter rules to casual or agency income
  

If your role changes or your hours fluctuate, this can affect serviceability. A scheme does not override these assessments.

3. The real impact of HECS or HELP debt on borrowing capacity

Many nurses carry HECS or HELP debt. While some lenders assess this more favourably than others, it is still considered a liability in serviceability calculations.

A scheme may help with the deposit, but it does not reduce assessed repayments. This can materially affect how much you can borrow, especially at higher interest rate buffers.

4. Whether property price caps align with realistic buying options

National and state schemes often include price caps based on location. In Melbourne, this can restrict suburb choice, property type, or long-term suitability.

It is important to confirm:

• The maximum purchase price allowed
• Whether new, existing, or off-the-plan properties are permitted
• How caps interact with market prices in your preferred areas
  

Relying on a scheme before confirming property eligibility can lead to compromises later.

5. How scheme timing interacts with lender approvals

Some schemes operate continuously, while others have conditions that affect timing.

Lenders still require:

• Formal pre-approval
• Valuations
• Document verification
  

Delays in any of these steps can affect whether a scheme remains available at the time of purchase. Planning around a scheme without allowing for lender timelines can increase stress and risk.

What first home buyer schemes do not solve for nurses

This is an important reality check.

First home buyer schemes:

• Do not increase borrowing capacity
• Do not soften lender serviceability rules
• Do not guarantee approval
• Do not remove the need for income stability
• Do not suit every nurse or every life stage
  

When treated as a safety net rather than a planning tool, schemes can create unrealistic expectations.

How nurses typically use schemes more effectively

From what we see in practice, nurses who benefit most from schemes tend to:

• Confirm borrowing capacity first, before focusing on scheme eligibility
• Understand how their income will be assessed by different lenders
• Treat schemes as support, not the foundation of the plan
• Keep savings buffers beyond minimum requirements
• Remain flexible on property choice and timing
  

This approach reduces reliance on any single program and aligns more closely with lender decision-making.

Where broker guidance adds clarity for nurses

Our role as nurse first home buyer brokers is to interpret lender policy in real terms, not just list available schemes.

We look at:

• How different lenders assess nurse income and employment types
• Which lenders participate in which schemes
• How scheme conditions interact with borrowing capacity
• Whether a scheme actually improves the outcome for your situation
  

This helps nurses understand what is realistic before they rely on a scheme as part of their finance for nurses strategy.

Moving forward with informed expectations

First home buyer schemes can be useful when they align with lender policy and your broader financial position. The key is understanding their limits before building plans around them.

If you’d like to see what options may be available for your situation, our brokers at Swish Mortgages can help you compare policies and guide you through the next steps with clarity and care.

Disclaimer: This information is general in nature and does not take into account your personal circumstances. Lending criteria, government schemes, and eligibility requirements vary between lenders and may change without notice. You should consider seeking independent advice before making financial decisions.