Whether you’re considering applying for a nurse home loan or you’ve already started your search, it’s good to know about any possible nurse loan discounts. We’ll explore that in this post.
Home Loans for Nurses
Nurses are essential workers; therefore, lenders consider nursing a low-risk career that entitles nurses to various home loan benefits. However, nurses don’t get access to special doctor home loan discounts. That’s where we can help you with.
Mortgage Broker Home Loans can get you the following home loan for nurses’ benefits:
- Lower interest rates and discounted fees
- Extra income
- No Lenders Mortgage Insurance (LMI)
You can waive your LMI when you borrow up to 85% of the property value. However, you need to prove your stable employment and a strong and consistent income.
Generally, for the discounted rates, you need to borrow over $250,000 or apply for a professional package.
If you have a high income and have been in the industry for over three years, you can get a 100% home loan with no LMI and no guarantor.
Finding the Right Home Loan for Nurses
Nurses may not qualify for the discounts available to doctors. However, since you’re still considered to be in a low-risk career, you may get other benefits.
You can borrow anywhere from 80% to 105% of a property’s value. However, if you have a deposit of less than 20% of the property’s value, you will need to pay for the LMI. Moreover, the higher your Loan to Value Ratio (LVR) is, the more you need to pay in LMI.
There are cases when lenders will let nurses apply for a mortgage with a deposit of 15 per cent and pay no LMI. Some may also offer LMI discounts to nurses.
If you really want to avoid paying for LMI, you can get the help of a guarantor. With their help, you can borrow as much as 105 per cent of a property’s value and pay no LMI.
Another thing to consider is the overtime income. Some lenders may consider between 50 per cent and 80 per cent of a borrower’s overtime income that can reduce the borrowing capacity. Nurses may get 100 per cent of their overtime income when they apply for a loan program.
You may also receive fringe benefits that may be credited to your bank account or directly deducted from your pay to help you pay for a mortgage.
In the case you’re working two jobs, you may get a benefit from this as well. However, the second job should be in the same line of work. Some lenders may only allow 50 to 80 per cent of this income towards your application.
Get Your Home Loan Today
As a registered nurse, you have an essential job. This is why it is also important to have a home that can provide for your needs and wants. Sometimes, this is easy for some nurses out there because they have the financial capability to purchase a home for themselves and their families. Meanwhile, others might need a little more help for them to meet their housing needs. This is where home loans for nurses come into play.
Let us help you with nurse home loans in Melbourne. Here at Mortgage Broker Home Loans, we work with several types of home loans. Call us!
