Home loans for nurses
Nurses buy homes on the same terms as anyone else, with two things that can work in your favour. If you're a registered nurse or midwife earning $90,000 or more, the Westpac Group banks can lend you up to 90% of the price with no lenders mortgage insurance (LMI), on their conditions. And St.George can count all of your overtime and allowances, not just your base pay.
What being a nurse can get you
No LMI with a 10% deposit
Westpac, St.George, Bank of Melbourne and BankSA waive LMI up to 90% for registered nurses and midwives earning at least $90,000, on principal-and-interest loans. Bank First does the same for healthcare workers buying their first home, on loans up to $800,000.
Your overtime counted in full
St.George says nurses can have 100% of their overtime and allowances assessed as income, once they've been with the same employer for six months.
Salary packaging
If you work for a public or not-for-profit hospital, part of your pay can be packaged tax-free. That can lift what a lender sees you as able to repay.
Which banks waive LMI for nurses?
On their policy documents, only two of the lenders we checked waive LMI for nurses. Most professional waivers are written for doctors, lawyers and accountants, and nurses are left out by name.
| Lender | Waives LMI for nurses? | Who and on what terms |
|---|---|---|
| Westpac, St.George, Bank of Melbourne, BankSA | Yes, to 90% | Registered nurses and midwives earning at least $90,000 before tax from nursing. Principal and interest. |
| Bank First | Yes, to 90% | Healthcare workers buying their first home. Loans up to $800,000. Not for building. |
| CommBank | No | Its professional waiver excludes nurses. |
| NAB | No | Its medical waiver doesn't include registered nurses. |
| Bankwest | No | Its medical waiver excludes nurses. A nurse employed directly by the federal Health department at APS6 may qualify under its government group. |
| Suncorp | No | Medical practitioners only. |
| ANZ | No | Nurses aren't in its professional groups. |
| Macquarie | No | It has withdrawn its professional waiver. |
| ING, AMP | No | LMI applies above 80%. |
| Teachers Mutual Bank group | No | No professional waiver; LMI applies above 80%. |
People First Bank's own website offers registered nurses up to 90% with no LMI, on loans up to $1.2 million (read 29 September 2026). The Westpac Group banks and People First name registered nurses, not enrolled nurses. Bank First doesn't list roles, so ask before assuming a waiver applies.
What skipping LMI is worth
Take a first home at $600,000 with a $60,000 deposit. The loan is $540,000, or 90% of the price. On one insurer's first home buyer rates, LMI on that loan would be about $11,178.
With a nurse waiver, that cost is gone. It's an illustration from one rate card (checked 1 October 2026), not a quote.
Worth knowing: the waiver only helps if the lender suits you otherwise. A better rate or a better fit elsewhere can outweigh it over the life of the loan.
How lenders count a nurse's pay
Your base pay is the easy part. What changes your borrowing is how a lender treats everything else on your payslip, and lenders differ.
Overtime and allowances.
St.George can count all of it once you've been with the same employer for six months. Casual nurses and PAYG contractors can have it counted too; self-employed nurses can't. Without six months' history, St.George says an application may still be referred for consideration.
Penalty rates.
Weekend, night and public holiday rates are part of how nurses are paid. Lenders differ on how much of them they count, so bring payslips that show them.
A second job or agency shifts.
Each lender sets how much history it wants before counting it.
Grad year, part-time or parental leave.
Each lender handles these differently. Tell us early, because it decides which lenders to look at first.
What to bring: your last two payslips, last year's income statement, and your roster if your hours vary.
Salary packaging at public hospitals
Nurses at public and not-for-profit hospitals, and at public ambulance services, can package up to $17,000 a year of their pay without fringe benefits tax. At public benevolent institutions and health promotion charities the cap is $30,000. Both are grossed-up amounts, per employee (ATO, last updated 19 June 2024).
Packaged pay is tax-free, which can raise what you can borrow. Lenders don't all treat it the same way, so bring your packaging statement along with your payslips.
Four ways to buy with less than 20%
Nurse LMI waiver
10% deposit, no LMI. Registered nurses and midwives at the Westpac Group banks; healthcare workers buying a first home at Bank First.
5% Deposit Scheme
5% deposit, no LMI. For first home buyers, with the government guaranteeing part of the loan. There are no income caps, but there are price caps by area.
Family guarantee
A parent puts up part of their home's equity, so you can buy with a smaller deposit. It's a real commitment for the person who signs.
Help to Buy
The government takes a share in your home, so you borrow less. You need at least 2% saved.
You can also pay LMI and buy sooner. Which way works out best depends on your price, your savings and your pay.
How much can a nurse borrow?
It comes down to three things: what a lender counts of your pay, your debts, and your living costs. Banks then check you could still make the repayments if rates were 3 percentage points higher, the buffer APRA has set since October 2021.
That's why the same nurse can get quite different answers from two lenders. One that counts all your overtime can lend more than one that counts part of it.
Nurse home loan questions
Can a nurse buy a home with a 10% deposit and no LMI?
Yes, at some lenders. Westpac, St.George, Bank of Melbourne and BankSA waive LMI up to 90% for registered nurses and midwives earning at least $90,000, on principal-and-interest loans. Bank First waives it for healthcare workers buying their first home, on loans up to $800,000 (Money Brain, lender policies checked 1 October 2026; Bank First 3 October 2026).
Does CommBank waive LMI for nurses?
No. CommBank's professional LMI waiver excludes nurses, as do NAB's, Bankwest's and Suncorp's (Money Brain, checked 1 October 2026).
Does the $90,000 include my partner's income?
No. It's your own pay before tax from nursing and midwifery work, added up across your jobs. A partner's income doesn't count toward it.
Can enrolled nurses get the LMI waiver?
The Westpac Group banks name registered nurses and midwives, not enrolled nurses. Bank First's waiver is for healthcare workers and doesn't list roles, so it's a question to put to Bank First directly.
Can casual or agency nurses get the waiver?
St.George says its waiver can apply to casual and self-employed professionals in the listed jobs. Counting all your overtime and allowances is open to casuals and PAYG contractors, but not the self-employed.
Can I use the nurse waiver to buy an investment property?
St.George says its offer can apply whether you're buying to live in or to invest. Bank First's waiver is for first home buyers only.
Do nurses get cheaper home loan rates?
At Westpac and St.George, a 90% nurse loan is priced at their 80% rate, as their business development manager has told us.
Three facts, and I'll do the checking
Tell me your role, your pay before tax and roughly what you want to spend. I'll come back with which lenders fit, what each would count of your pay, and whether the waiver, the 5% Deposit Scheme or another route comes out ahead.
I reply within the hour in business hours, and by 9am the next business day after hours.
Sources
- 1
Westpac Group (Westpac, St.George, Bank of Melbourne, BankSA): LMI waiver policy for professionals, Medico Group B. Checked 1 October 2026.
- 2
St.George: Home loan options for healthcare and trade professionals, stgeorge.com.au/personal/home-loans/profession-home-loans. Read 30 September 2026.
- 3
Bank First: LMI waiver for healthcare and education workers. Checked 3 October 2026.
- 4
CommBank, NAB, Bankwest, Suncorp, ANZ: professional LMI waiver policies. Checked 1 October 2026.
- 5
Macquarie, ING, AMP, Teachers Mutual Bank group: no professional LMI waiver. Checked 1 October 2026.
- 6
People First Bank: Essential Services Package, peoplefirstbank.com.au. Read 29 September 2026.
- 7
LMI premium: one insurer's published rate card, first home buyer rates. Checked 1 October 2026.
- 8
ATO: Fringe benefits tax, exempt organisations (QC71166), last updated 19 June 2024. Read 30 September 2026.
- 9
APRA: serviceability buffer of 3 percentage points, October 2021.
- 10
- 11
- 12
Westpac and St.George: pricing of 90% nurse loans, confirmed by their business development manager to Money Brain, 1 October 2026.
Updated 1 October 2026