First Home Buyer Loans for Nurses

The “best” loan fits your budget, risk tolerance, and plans. Most first-timers compare a basic variable or fixed (or a split), prioritising low fees, a competitive rate, and useful features like an offset account. If you have a smaller deposit, check how the lender treats Lenders Mortgage Insurance (LMI) and first-home incentives.

It depends on your debts, living costs, dependants, and the assessment rate. A rough rule: lenders in Australia often cap total borrowings around 4–6× gross income (and “stress test” repayments). Many households would need roughly $85k–$125k+ combined income to service a $500k loan with minimal other debt, but your situation may vary.

Minimum deposits are often 5% plus costs (≈$35,000 + costs) with LMI. A 20% deposit to avoid LMI is $140,000 (plus stamp duty and other costs unless exempt).

Many lenders accept 5% genuine savings for first-home buyers (subject to credit and LMI). Some government-backed places or a guarantor can reduce or remove the cash deposit requirement, but criteria apply.

Repayments depend on the interest rate. As examples (principal & interest, 30 years): at 5% ≈ $1,073/month; at 6% ≈ $1,199/month; at 7% ≈ $1,331/month. Rates change, so check current quotes.

They’re not inherently riskier, but smaller deposits mean higher LVRs and LMI, which can increase your costs and sensitivity to interest-rate rises. Build a buffer and avoid stretching your budget.

Very case-by-case. As a broad guide, many lenders land somewhere around $400k–$600k on $100k gross income, assuming minimal other debts and standard expenses. Pre-approval gives a firmer number.

Yes. Pre-approval clarifies your budget, strengthens offers, and surfaces issues early. It’s still conditional—don’t make unconditional commitments until full approval.

It depends on deposit size and debts. With a 20% deposit, the loan is $520k; many households would need roughly $90k–$130k+ combined income to service that comfortably, but lender assessments vary.

Possibly, if the purchase price is modest and you qualify for low-deposit options or a guarantor. Remember stamp duty and other costs unless you’re eligible for exemptions or assistance.

“Good” means you’re in the good/very-good bands for your credit bureau and your overall profile is strong. Many lenders can consider mid-600s and up; higher scores usually get better terms.

Generally no. Lenders prefer “genuine savings.” Some allow gifts or a guarantor; borrowing your deposit via another loan usually harms serviceability and may be declined.

No-deposit loans are rare. A common path is a family-guarantor loan or eligible first-home schemes that reduce the effective deposit. You must still cover buying costs unless exempt.

Share income, expenses, debts, and ID with a lender or broker for an estimate. Pre-approval requires documents (payslips, bank statements, ID, etc.) and a credit check.

5–10% gets you into the market (often with LMI). 20% avoids LMI and reduces repayments. The “best” deposit balances speed to buy vs. comfort with repayments and buffer savings.

It depends on loan size after your deposit. If you borrowed ~$180k, many households might need roughly $35k–$55k+ income with low other debts, but lender calculators differ.

Higher scores can unlock sharper rates and more lender options. Lower scores limit choices and increase costs. On-time payments and low credit-limit usage help.

A quick maths rule: 72 ÷ annual return (%) ≈ years to double your money. E.g., at 8% return, money doubles in about 9 years.

Undisclosed debts, recent payday/BNPL use, missed repayments, unstable income, unusual cash deposits, or unrealistic spending all raise concerns for lenders.

Buy when you’re financially ready: stable income, emergency buffer, manageable repayments after a rate-rise buffer, and a home you plan to keep long enough to outlast fees and short-term volatility.

A common guideline (varies by lender) is 2 years of employment history, 2 active credit accounts, and 2 years of on-time payments. Not a hard law, but steady history helps.

It’s challenging but not impossible at lower price points with a guarantor or eligible schemes. You still need to meet servicing and cover purchase costs.

Typically no—unless you use a family-guarantor structure that can effectively fund up to 100% (and sometimes costs). You must meet credit and servicing rules.

Very dependent on debts and expenses. A rough range is ~$130k–$180k+ household income for many borrowers, but lenders assess differently—get a tailored pre-approval.

Never hide debts, gambling, or unstable income. Avoid guesses—provide accurate documents. Transparency helps you get the right product and approval.

There’s usually a small, temporary impact from a hard enquiry. Good behaviour (on-time payments, low utilisation) typically restores scores.

No single number applies to all lenders. Mid-600s and up can be enough with a strong profile; higher is better and can improve pricing and choice.

About $40,000 for a 5% minimum (plus costs and LMI), or $160,000 for 20% to avoid LMI. Check eligibility for concessions.

“Middle class” isn’t a formal bracket. Many people use incomes around the median (which changes over time) as a rough marker. Focus on your budget and buffers more than labels.

It varies by land prices, build costs, and location. Buying can be quicker; building can tailor features and sometimes save on stamp duty for the dwelling—but factor in time, variations, and rentals while you build.

A bigger deposit reduces repayments and LMI, but waiting risks price/rate changes. Run both scenarios and choose the path that leaves you with the strongest buffer.

Often 5% (≈$15,000) plus costs with LMI. A 20% deposit is $60,000 and avoids LMI.

Large cash deposits can trigger source-of-funds checks. Keep clear records (wages, sale proceeds, gifts with statutory declarations) to satisfy AML/CTF requirements.

No guarantees. Fastest levers: pay every bill on time, reduce card balances/limits, fix report errors, avoid new credit, and keep accounts open to preserve history.

Expect a small, temporary dip from enquiries and new debt. With on-time repayments and stable balances, scores often recover over the following months.

Undisclosed borrowed funds, unverifiable cash, or funds from prohibited sources. Lenders usually require genuine savings or acceptable alternatives (gifts/guarantor) with documentation.

Depends on rate and term. Examples (principal & interest): about $323/month over 3 years at 10% p.a., or about $212/month over 5 years at 10% p.a. Check personal-loan rates for accuracy.

Generally discouraged and often unacceptable. It reduces serviceability and may be declined. Consider genuine savings, gifts (documented), or a guarantor instead.

Usually a simple, low-fee product with a competitive rate and an offset (if you’ll keep spare cash). Decide between fixed, variable, or a split based on your need for certainty vs. flexibility.

It can be. $30k is 5% of $600k. You’ll also need to budget for costs (and LMI if under 20%). Eligibility for concessions can help.

About $25,000 for 5% (plus costs and LMI) or $100,000 for 20% to avoid LMI.

About $37,500 for 5% (plus costs and LMI) or $150,000 for 20% to avoid LMI.

There’s no single winner. Fixed offers repayment certainty; variable offers flexibility and features; a split gives a bit of both. Match the loan to your cash-flow needs and risk appetite.

The better loan is the one you can comfortably repay with room for rate rises, low fees, and features you’ll actually use. Compare total cost, not just the headline rate.

Yes—before making offers. It sets a clear price range and reveals any issues early.

Often yes as a minimum with LMI (subject to eligibility). A bigger deposit lowers risk and cost.

Varies by lender and whether it’s secured/unsecured. Mid-600s+ with stable income and low debts is commonly competitive; stronger profiles get better rates.

Full-doc loans with lower LVRs (larger deposits) at mainstream lenders are typically easiest. Clean credit, stable employment, and simple structures help.

No fixed threshold, but a good/very-good score with steady income and low debts is ideal. Lenders assess the whole picture.

Don’t omit debts, liabilities, or changes to income. Be accurate—misstatements can derail approval. If unsure, ask your broker how to present documentation.

Late payments, overdrawn accounts, BNPL or payday activity, high credit-card limits/usage, and frequent job changes without a clear rationale.

Each hard enquiry can slightly reduce your score in the short term. Responsible credit use typically restores it over time.

Pay every bill on time, reduce credit limits/balances, save a buffer, stabilise employment, gather documents, and avoid new debts. Check your credit report for errors.

Yes—pre-approval is conditional. Changes to income, debts, credit, property valuation, or living expenses can cause declines at full assessment.

About $40,000 (5%) plus costs with LMI, or $160,000 (20%) to avoid LMI.

There’s no single best bank. Compare several lenders on rate, fees, features, turnaround times, and policy fit. A broker can shortlist options for your profile.

Consider a family-guarantor loan or eligible first-home schemes. You still need to meet serviceability and cover non-lender costs unless exempt.

Depends on rate/term. As examples (5-year personal loan): at 8% ≈ $507/month; 10% ≈ $531/month; 12% ≈ $556/month. Check actual quotes.

Loan size isn’t tied to a single score. Lenders look at income, debts, expenses, LVR, and property. A good/very-good score with strong serviceability is key.