After years of long shifts, late nights, and saving where you can, the idea of buying your first home finally feels within reach. For many nurses, that next step starts with understanding how first-home buyer loans and government programs really work, and what steps can help you apply confidently.
At Swish Mortgages, we work with nurses across Victoria and Australia who want to understand their nurse home loan options, what’s realistic, and how to prepare safely.
This nurses first-home guide explains everything you need to know, from lender rules and deposit options to grants and credit preparation, to help you make informed decisions about your first home purchase.
Understanding First-Home Buyer Loans for Nurses
There isn’t a separate category of first-home buyer loans for nurses in Australia, but some lenders may offer flexible lending policies for essential service workers and healthcare professionals. These can include more generous treatment of certain income types or a reduced deposit requirement.
For nurses, this flexibility often comes down to how your income is structured. Some lenders may take your full-time, part-time, or even casual employment history into account, provided it’s stable and supported by consistent payslips. Others may be more conservative and only use your base salary when calculating borrowing power.
Because lenders’ criteria differ, the same nurse could be approved for different amounts depending on the bank or lender. That’s why comparing policies through a mortgage broker for nurses can be helpful. It helps you find lenders that recognise the realities of shift work and overtime, rather than treating your income as irregular.
Reducing Upfront Costs: The 5% Deposit Scheme and LMI Waivers
Saving for a deposit and paying Lenders Mortgage Insurance (LMI) are often two of the biggest challenges for nurses first-home buyers in Australia. Luckily, there are programs that may help reduce these upfront costs, but they work in very different ways.
The 5% Deposit Scheme (formerly Home Guarantee Scheme)
As of 1 October 2025, the Australian Government has introduced the new Australian Government 5% Deposit Scheme, replacing the previous Home Guarantee Scheme.
Key updates include (Eligibility and lender participation still apply):
- No income caps and no place limits, meaning more Australians can access the scheme.
- Available for both new and existing homes, subject to property price caps that vary by region.
- Administered through Housing Australia and participating lenders.
In practice, if your property is within the applicable price cap and you have at least a 5% deposit, the government guarantee can remove the need for Lenders Mortgage Insurance (LMI). You still need to meet the lender’s credit and serviceability criteria, and the scheme could reduce upfront costs.
LMI waivers or discounts for essential workers
Some lenders also have their own nurse LMI waiver policies for specific essential service professions, including registered nurses and midwives. These are not government programs; they’re internal lender initiatives designed to recognise the stability of certain careers.
Eligibility may depend on your role, registration with AHPRA, and your total loan amount. For example, some lenders may waive LMI up to a certain loan-to-value ratio for eligible applicants, subject to their policy and risk settings.
The key difference is that LMI waivers come from the lender, while the 5% Deposit Scheme is a government guarantee. A broker can help determine which single pathway is available for you, as some lenders do not permit combining a scheme guarantee with an internal LMI waiver.
Government Grants and Stamp Duty Concessions in Victoria
While deposit schemes help reduce upfront insurance costs, grants and concessions directly reduce how much you need to pay the government when buying. In Victoria, nurses can access the same assistance available to all eligible first-home buyers.
First Home Owner Grant (FHOG)
- Provides $10,000 for eligible buyers who purchase or construct a new home valued up to $750,000 in Victoria.
- Available for houses, townhouses, apartments, and some off-the-plan properties.
- The property must serve as your primary residence for at least 12 months after settlement.
Stamp Duty (Land Transfer Duty) Concessions or Exemptions
- For eligible first-home buyers, no duty applies up to $600,000.
- Between $600,001 and $750,000, a reduced duty (concession) applies.
- These savings can be significant, especially in metro Melbourne.
First Home Super Saver Scheme (FHSS)
- Allows eligible first-home buyers to release up to $50,000 of eligible voluntary super contributions (plus associated earnings) to help fund a deposit, subject to ATO rules and timing requirements.
- Managed through the ATO, it helps first-home buyers use pre-tax savings more efficiently.
These programs may be used alongside the 5% Deposit Scheme, but you should check each program’s rules, timing and documentation requirements before applying. You can find current details at Housing Australia and the State Revenue Office Victoria.
Deposit Options Explained (2%, 5%, 10%+)
Your deposit size not only affects your eligibility for certain programs, but also influences the lender’s perception of your risk.
- 2% deposit: May be available to eligible single parents or legal guardians under the Family Home Guarantee pathway within the broader 5% Deposit Scheme settings. It is designed to remove the need to pay LMI, subject to eligibility and lender approval.
- 5% deposit: May be possible for eligible first-home buyers under the government’s 5% Deposit Scheme without paying LMI.
- 10% or higher: Some lenders may require a higher deposit for nurses with variable income or if they prefer to avoid LMI without a scheme.
Even with low-deposit options available, showing genuine savings remains important. Many lenders prefer to see at least three months of steady contributions to prove financial discipline. A broker can help you calculate how much deposit you’ll realistically need based on your goals and location.
How Employment Type Affects Loan Approval
Nursing often involves varied rosters and pay structures. Because of this, lenders assess your income type carefully to ensure it’s stable and sustainable.
- Full-time nurses: Usually the simplest to assess. Your base salary, confirmed via payslips, group certificates, and employer verification, forms the basis of your application.
- Part-time and casual nurses: Some lenders may consider your income if you can demonstrate consistent hours and ongoing employment. They may ask for three to six months of payslips or bank statements to confirm patterns.
- Contract or agency nurses: Assessment depends on contract length and renewal history. Some lenders may also accept ABN income if you’ve worked under similar arrangements for at least six to twelve months.
- Overtime and allowances: These can often form a significant part of a nurse’s income. Some lenders may include them if they are regular and evidenced over several months.
Because no two lenders treat income the same way, the same application could yield different borrowing outcomes depending on who assesses it.
Realistic Borrowing Power for First-Home Buyer Nurses
Your nurse borrowing power is an estimate of how much you can borrow without financial stress. It depends on your income, ongoing expenses, existing debts, and lifestyle spending.
Some lenders may include salary packaging, uniform allowances, or loading pay, while others may exclude them. Debts such as HECS or HELP can also reduce your borrowing limit, though not all lenders treat them the same way.
Interest rate stress testing applies a serviceability buffer that is currently three percentage points above the loan rate, which affects how much you can borrow. This ensures you can still meet repayments if rates rise.
Because of these factors, borrowing power is rarely a fixed number. It’s best used as a guide to plan your budget before house-hunting. A nurses mortgage broker can run multiple lender scenarios to show how your borrowing capacity changes under different policies.
Step-by-Step: Preparing for Your First Home Loan Application
Preparing early helps you feel in control when you’re ready to apply for a nurses loan. Here’s how to get started:
- Check your credit score and history. You can access your free report through Equifax, Experian, or Illion. Correct any errors before applying.
- Build genuine savings. Regular contributions to a separate savings account demonstrate good financial habits.
- Reduce unnecessary debts. Paying down credit cards or personal loans can improve borrowing capacity.
- Keep your paperwork ready. Lenders usually ask for ID, recent payslips, bank statements, tax returns, and proof of savings.
- Set a realistic price range. Use conservative borrowing calculators or speak to a broker to confirm what may be achievable before attending open homes.
- Stay consistent with employment. Lenders prefer stable income, so avoid major job changes during your application process if possible.
These nurses home loan preparation steps not only help your application but also strengthen your financial foundation over time.
From First Shift to First Home – A Realistic Path Forward
Buying your first home as a nurse may be achievable with clear planning and the right information. With the 5% Deposit Scheme, occasional lender offers, and Victorian government support, there are practical pathways into the property market.
Focus on what’s within your control: your savings, your paperwork, and your understanding of how lenders work. When you’re ready, we can help you compare lender policies, navigate the 5% Deposit Scheme, and prepare for a well-documented first-home application process.
If you’d like to understand what options may be available for your situation, our team at Swish Mortgages can help you understand lender policies and prepare your application with confidence.
Disclaimer: This is general information only and does not take your objectives, financial situation or needs into account. It is not financial or credit advice. Lender policies, product features and eligibility criteria can change without notice. You should consider seeking independent financial, legal, tax, or credit advice from a licensed professional or mortgage broker before making any decisions.
Frequently Asked Questions (FAQS)
Yes. Having a HECS or HELP debt doesn’t stop you from getting a home loan for nurses, but it can reduce your borrowing capacity because repayments are counted as part of your ongoing commitments.
Some lenders may assess this differently, so it helps to understand how each lender calculates these deductions before applying.
Yes, policies vary.
Some lenders may include shift loadings, penalty rates, or overtime if they’re consistent and appear regularly on your payslips. Others might only use your base income. It’s important to provide several months of income history so the lender can see a clear pattern.
You’ll typically need recent payslips, bank statements, identification, and tax returns.
If you work casually or under contract, lenders may also ask for three to six months of consistent income records. Keeping your employment and savings documents organised helps streamline the process.
Absolutely.
Joint applications are common, and lenders assess the combined income and expenses of both borrowers. The same lending criteria apply, but having two incomes can improve borrowing capacity if both applicants meet credit and affordability standards.
Some lenders may accept applications from nurses still in probation if they’ve worked in the same field previously or moved between similar roles.
Others might prefer you to complete the probation period first. Policies vary, so timing your application carefully can make a difference.
Scheme eligibility depends on the government’s criteria, and your lender still needs to confirm income stability and serviceability under its own policy.
Some lenders may accept casual or agency income if you can show consistent earnings over several months. Consistent work history and regular deposits are key.
Applications are sometimes declined due to insufficient savings history, high existing debts, or inconsistent income evidence.
Lenders may also reject loans if credit reports show recent defaults. Working with a broker such as Swish Mortgages can help identify potential issues early and improve your readiness before applying.