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As a nurse, you may be eligible for special offers when it comes to lending. This is because nurses are considered to be low-risk borrowers by some lenders. As a result, you may qualify for LMI waivers with specific lenders.
Some of the benefits that nurses may be eligible for include waived Lenders Mortgage Insurance (LMI) for up to 90% of the property value, 100% of overtime used for servicing purposes and more. The minimum income required to qualify for these benefits varies depending on the state you live in and the lender you are applying through.
Not all lenders will have special policies and exceptions for nurses, and discounts can change based on several other application-specific factors such as the property being used as security, the size of the loan against the value of the property, the borrowing capacity and more. It is important to research and compare the options available to find the best deal for your needs, or engage a mortgage broker to do this for you.
Did you know…
Home loans for nurses offer a wide range of financial benefits such as waived LMI
Who Is Eligible For These
Home Loan Deals
There are many different types of medical professions that qualify for these special home loans deals.
As each lending institute will have different types of criteria, it’s a good idea to partner with a mortgage broker to help you navigate the many options and save time on distinguishing the key points of difference.
What To Consider Before Applying
Like any big ticket purchase, applying for a home loan usually requires a significant amount of paperwork – particularly if you actually want to get approved. From payslips to proof of identification, banks don’t give out loans to just anyone without doing at least a bit of background research into you first.
Above all, the primary concern of any lending provider is mitigating their exposure to risk. If you’re able to present yourself as a favourable candidate for a home loan, it makes the process of getting pre-approved relatively straightforward and things like a sizable deposit, a history of regular savings and a clean credit report will all work wonders in improving your application.
Applying for these doctor loans are very similar to any other home loans, with one extra piece of documentation required:
Industry Verification
In order to establish your eligibility for home loans for nurses, you will need to provide evidence of your employment status. This can be accomplished by presenting a payslip that confirms your registration as a qualified nurse.
Common FAQs
Linked To Home Loans For Nurses
While the potential perks of home loans for doctors can be lucrative, the nature of these types of financial products mean that they do come with many more variables and rules than a standard mortgage. To help solve a few of the most common conundrums, we’ve covered a few of the most frequent FAQs that are often tied to home loans for doctors and other relevant medical professionals.
What Are The Keys Benefits Of Special Home Loans For Nurses?
Nurses are typically high earners with a steady source of income, meaning lenders tend to see them as low risk borrowers, which can open up certain special benefits with home loans. As a nurse, you could be able to borrow a higher amount than the average person (up to 90% in some circumstances) without having to pay Lender’s Mortgage Insurance (LMI).
I Earn A Lot Of Over Time, Do The Banks Consider This As Income?
Recognising the demanding nature of your frontline profession, most lenders understand that overtime is a regular component of your job. It is crucial to work with a mortgage broker who comprehends the lenders that are most suitable for nurses like yourself. At Madd, we specialise in this area and can guide you accordingly.
Do You Do Appointments Outside Of Normal Hours To Accommodate Nurses?
At Madd Home Loans, we recognise that nurses often work extended hours and irregular shifts. That’s why we are dedicated to providing convenient service by being open six days a week. Upon your request, we can arrange meetings as early as 6:30 AM or as late as 6:30 PM, including weekends, to accommodate your schedule.
Should I Use A Mortgage Broker To Apply For Home Loans For Nurses?
In short, yes. A mortgage broker service is designed to remove the stress and hassle of finding a home loan, whilst providing access to specialist products and rates designed specifically for your profession. Given the complex nature of home loans for nurses and other specialised health professionals, every lending institute has different sets of criteria you must meet.
Instead of spending hours – if not, days or even weeks – navigating your options between each lending provider, a mortgage broker is an experienced industry professional who already knows which bank will be the ideal fit based on your circumstances. In turn, they are then able to leverage your application in a way that secures the most favourable loan terms.
Once you’re ready to start exploring your options, making an appointment with a reputable mortgage broker should be your first port of call. A mortgage broker only has an allegiance to their customers and not a particular bank, so they will first collect as much information as they can about you before launching into their loan product recommendations.
Although each bank has a slightly different application process and relevant criteria that needs to be met, most will generally need to see documentation such as photo identification, bank statements, proof of savings, lists of assets and existing debts, proof of income and a breakdown of your current living expenses.
As they can compare multiple lending providers, mortgage brokers are able to help steer you in the right direction and ‘package’ your application to a loan product that best meets your needs, before helping you secure the all important pre-approval to start making offers on your ideal property – whatever that might look like for you.
Partnering With
The Home Loan Professionals
Home loan navigation can be challenging, particularly when you’re unsure about the right choice for your needs. Fortunately, teaming up with a mortgage expert ensures that you have a knowledgeable ally to guide you through the process.
If contemplating your financial future resonates with you, now may be the perfect time to consult with a professional. Whether you’re seeking mortgage solutions or in need of a financial fairy godmother, the cohesive team at Madd works collaboratively to transform your aspirations into actual
achievements.
Partnering With The Home Loan
Professionals
Home loan navigation can be challenging, particularly when you’re unsure about the right choice for your needs. Fortunately, teaming up with a mortgage expert ensures that you have a knowledgeable ally to guide you through the process.
If contemplating your financial future resonates with you, now may be the perfect time to consult with a professional. Whether you’re seeking mortgage solutions or in need of a financial fairy godmother, the cohesive team at Madd works collaboratively to transform your aspirations into actual
achievements.