Maybe it’s your first place close to work, or a home with room to grow. Wherever you’re heading, how you’re paid can shape what a lender offers. Penalty rates, overtime, part-time hours and agency shifts are normal in nursing. Some lenders assess them well and some don’t. I’m a registered nurse and mortgage broker, and I help you find lenders whose policies fit the way you actually get paid.
I’m a full-time mortgage broker and a registered nurse, and I still pick up the occasional casual shift. I know how penalty rates, night duty and shift loadings work, and why a nurse’s payslips can change from fortnight to fortnight. So when we talk about your income, you won’t need to explain any of it. That’s why nurses are a dedicated part of Blue Guide Finance, not just a line on a services page.
Many lenders treat anything other than a flat base salary as “irregular income.” They may count only part of it, or leave it out. For nurses, that can mean a real chunk of what you earn doesn’t make it into the lender’s numbers.
Policies differ a lot from lender to lender. Knowing which ones look at nursing pay more fully, and whether you meet their rules, is where a broker who understands your job can help. Being assessed on more of your income may mean you can borrow more, but it also means higher repayments, so we’ll look at what feels comfortable for you, not just the maximum.
Some lenders count more of your penalty rates and shift loadings than others. Many want to see a regular pattern over time.
Overtime is often counted at a reduced rate, or only if it’s been regular. Rules vary by lender.
Many lenders want you to have been casual or agency for a set period. How long, and how they average your pay, depends on the lender.
Here’s what lenders generally look at in common nursing situations. The real answer always depends on the lender and your own circumstances.
Some lenders may consider you while you’re still on probation or in your grad year, especially once you’re registered with Ahpra. Others want you to finish probation first. Your contract and how long it runs can matter too.
Lots of nurses work part-time hours and pick up extra shifts. Some lenders count only your contracted hours. Others may count regular extra shifts if your payslips show a steady pattern.
Casual and agency pay can be assessed well by some lenders and poorly by others. Your time in the role, your year-to-date income and your tax returns may all come into it.
Enrolled nurses, midwives, doctors and allied health workers are welcome too. Much of what’s on this page may apply to you as well, depending on your role and the lender.
These can all affect a nurse’s home loan. Who qualifies for what depends on the lender and your role, so I check what actually applies to you.
Lenders Mortgage Insurance (LMI) is a cost some lenders charge when your deposit is under 20%. A small number of lenders may waive or reduce it for eligible health workers. Which roles qualify, the minimum income, deposit and maximum loan size all vary, and some waivers are limited to certain professions. Keep in mind: a smaller deposit means a bigger loan, higher repayments and less of a buffer if interest rates rise or property values fall.
Many health workers salary package. Lenders don’t all treat it the same way. Some add the packaged amount back into your income, and some don’t. I make sure it’s shown correctly in your application. For questions about the tax side of packaging, speak with your packaging provider or a tax professional.
A HECS/HELP debt can reduce what a lender thinks you can afford, because repayments come out of your pay. Lenders work this out differently, so it’s worth checking how yours would be treated.
Every lender asks for slightly different things, but most nurses will need some or all of these:
Short answers first. The full answer usually depends on the lender and your situation.
For most nurse-specific policies, yes. Some lenders also look at how long you’ve been registered or working.
It’s possible with some lenders, particularly for registered nurses. Others want you to finish probation first. It depends on the lender and your contract.
Often some of it can. Many lenders count penalty rates and overtime at a reduced rate, or only if your payslips show a regular pattern over time.
Some lenders may waive or reduce LMI for eligible nurses, but not all do, and many waivers are limited to certain roles. Conditions such as minimum income and deposit apply. I check the current rules for your role.
Not always. A special policy is one part of the picture. The interest rate, fees, loan features and how the loan fits your plans all matter too.
Tell me your role (RN, EN, midwife or other), whether you’re full-time, part-time, casual or agency, and roughly what your roster looks like. I’ll check what options may be available to you.
