If you are a nurse, you already know your income can look different to a standard nine-to-five job. Penalty rates, overtime, night shifts, on-call, allowances, and salary packaging can all show up on your payslip. That can make planning a first home feel harder than it “should” be, even when you are doing everything right.
This guide to buying a first home is designed to turn the process into clear steps you can follow as a nurse first home buyer, with practical healthcare-based examples along the way. We will cover what usually happens first, what to prepare before you speak to a lender, and how to avoid the common traps that can cost time and money.
If you are searching for a mortgage broker in Sydney, it is often because you want clarity fast, not more confusing jargon. Many nurses also look for mortgage brokers in Sydney when they want help comparing lender policies around variable income and low deposit options.
Here is what we will walk through next, step by step, so you know where you are headed.
Step 1: Work Out Your “Borrowing Comfort Zone” Before You Shop
Before you open real estate apps, it helps to set two numbers.
- Your budget ceiling, the maximum purchase price you could consider based on repayments, living costs, and buffers
- Your comfort zone, a lower number that leaves room for rate changes, roster changes, or future plans
For nurses, this matters because fortnightly income can move around. A month of extra shifts can look great on paper, but it may not reflect what your roster will look like long term.
A simple way to start is to base your draft budget on your “usual” roster, then treat overtime and irregular allowances as a bonus, not a requirement. Depending on the lender, some types of variable income may be counted differently, and evidence requirements can vary.
One clear budget target now can save you weeks of backtracking later.
Step 2: Get Your Nurse Income “Application Ready”
For a nurse home loan application, lenders are usually trying to answer one question, is your income stable and likely to continue.
For nurses, the detail sits in the mix of payslip lines. Here are the income types that commonly come up.
Base income
This is usually straightforward, but lenders still want recent payslips and an employment letter or contract in many cases, depending on policy.
Penalty rates and shift loadings
Some lenders may take a view on how consistent these are over time. If your roster pattern is stable, you may be able to show a clear history that supports ongoing earnings.
Overtime
Overtime can help, but lenders often want evidence that it is consistent, not occasional. Depending on the lender, they may average it over a period, apply shading, or ask for a longer history.
Allowances and on call
Some allowances are treated differently depending on whether they are fixed, guaranteed, or variable.
Salary packaging
Salary packaging can reduce taxable income but increase take home pay. How it is assessed can vary. Some lenders look at gross income, some focus on net, and some want to see the packaging arrangement documented.
Nurse-friendly prep checklist
- Recent payslips that show the breakdown of base and variable pay
- Most recent PAYG summary or income statement, if available
- Employment contract or confirmation of employment, if relevant
- If casual or changing roles, a clear income history may help, plus bank statements showing deposits
Once your income story is clean and consistent, the rest of the application tends to run smoother.
Step 3: Understand The “Hidden Costs” Nurses Often Underestimate
Many first home buyers focus on the deposit and repayments, then get surprised by upfront costs. A few common ones include:
- Conveyancing and legal fees
- Building and pest inspections, where relevant
- Lender fees, depending on the loan
- Adjustments at settlement, such as council rates
- Stamp duty, if applicable
If you are buying in NSW, you may be eligible for stamp duty support under the First Home Buyers Assistance Scheme, depending on the contract date, price, and occupancy rules. Revenue NSW sets the thresholds and rules, and eligibility depends on your circumstances.
A realistic upfront cost plan can help you avoid choosing a property that is technically affordable, but practically stressful.
Step 4: Low Deposit Pathways: What Is Real, And What Is Risky
A 20% deposit is not the only pathway, but low deposit options come with trade-offs. The key is understanding what you are gaining, and what you are taking on.
Option A: The Australian Government 5% Deposit Scheme
The Australian Government’s “5% Deposit Scheme” is designed to help eligible home buyers purchase with a smaller deposit, and under the current scheme settings, this can mean no Lenders Mortgage Insurance, as long as the scheme conditions continue to be met.
An important detail that often gets missed: This is not a cash grant. It is a guarantee provided to the lender, and you are still fully responsible for the loan and repayments.
Option B: Help to Buy shared equity
The Australian Government Help to Buy scheme is a shared equity program where the Government contributes a share of the purchase price, and you take out a smaller loan for the remainder. The Government’s share is typically up to 40% for new homes and up to 30% for existing homes, subject to scheme rules, income caps, and property price caps.
With shared equity, you typically do not pay rent on the Government’s share, but you do share in gains and losses on that portion and you usually need to repay the Government’s equity over time or when the property is sold, depending on the scheme rules.
Option C: Using the First Home Super Saver Scheme for part of your deposit
The First Home Super Saver Scheme lets eligible first home buyers withdraw eligible voluntary contributions from super to help buy a first home, subject to rules and caps.
This may help some buyers boost their deposit savings over time, but it is not right for everyone, and the release process has steps and timing to follow.
Low deposit options can work well, but only when they match your cash flow and your longer-term plan.
Step 5: Choose Your “First Home Strategy” Before Your Suburb List
Nurses often buy around rostering realities, not just lifestyle preferences. Before you pick suburbs, it helps to decide which strategy you are using.
Strategy 1: Buy close to the hospital network you expect to stay in
This can reduce commuting fatigue and make shift work more sustainable. The trade-off is that inner areas can be more expensive.
Strategy 2: Buy a little further out, but protect your sleep and transport plan
If you are doing nights, the commute matters. A cheaper property is not always cheaper if it increases transport costs and burns you out.
Strategy 3: Buy for flexibility, not perfection
Some first home buyers aim for a “forever home” immediately. With nursing careers, many people change hospitals, wards, or even work arrangements over time. Buying something that works now, and still works if your roster changes, can be more practical.
Once your strategy is clear, your property search becomes tighter and less emotionally draining.
Step 6: Pre-Approval: What It Is and What It Is Not
Home loan pre-approval is a lender’s conditional indication, based on the information you provide and the lender’s checks at that time. It is not an unconditional guarantee.
For nurses, pre-approval becomes more important when your income includes variable components, because the lender’s assessment method can change the result.
Common reasons pre-approvals fail later include:
- The property valuation comes in lower than expected
- Your roster changes, and your income profile looks different
- New debts appear, even small ones
- The lender requests extra evidence, and the documents do not match
Pre-approval is still worth doing, because it gives you a framework to shop within for a first home loan, but you should treat it as conditional until settlement.
Step 7: Healthcare-Specific Examples, How Lenders May Interpret Payslips
Here are a few real world style examples that reflect what nurses often run into. These are general illustrations only, not personal advice.
Example 1: Permanent nurse with consistent penalties
You are a permanent part-time employee with a stable base, and you have done regular night shifts for the past 6 to 12 months.
- Some lenders may average penalties and include them, especially if your roster pattern is consistent
- Some lenders may apply shading or require a longer history
- Documentation needs can vary by lender and by your overall profile
The takeaway, consistency and a clear history often matter more than one strong pay period.
That is the pattern lenders usually want to see.
Example 2: Casual nurse with changing facilities
You have regular work, but across multiple facilities, and your fortnightly pay varies.
- Some lenders may accept casual income with a demonstrated history, but the required timeframe can vary
- They may ask for more payslips and bank statements to show continuity
- They may look carefully at gaps and recent role changes
The takeaway, your employment story needs to be easy to explain with documents.
A clean timeline can reduce back and forth later.
Example 3: Salary packaging and taxable income confusion
Your taxable income looks lower than expected because you salary package.
- Some lenders may request confirmation of the packaging arrangement
- They may assess affordability differently depending on their policy settings
- Your broker can help structure the application so the lender sees the full picture
The takeaway, salary packaging is normal in healthcare, but it needs a clear presentation.
Clarity upfront can prevent incorrect assumptions.
Step 8: Low Deposit Case Studies: How The Numbers Can Play Out
These are simplified case studies to show how low deposit options may work in practice. Figures are illustrative only and do not include all costs.
Case study A: 5% Deposit Scheme pathway
Scenario: A first home buyer nurse has saved a 5% deposit and wants to avoid LMI if eligible. They apply through a participating lender under the Australian Government 5% Deposit Scheme, subject to eligibility and the property price cap.
How this can help
- Potentially reduces the time needed to save a 20% deposit
- May mean no Lenders Mortgage Insurance under the scheme, if eligibility and scheme conditions are met
- Still requires serviceability checks and a suitable property
What to watch
- Property price caps apply, and the cap depends on the location
- Your loan size is larger with a smaller deposit, so repayments can be higher
- A buffer is important if your roster changes
This option can be useful, but it still needs careful budgeting.
Case study B: Help to Buy shared equity pathway
Scenario: A nurse wants to purchase sooner with a smaller deposit. Under Help to Buy, the Government contributes a share of the purchase price, and the buyer takes out a smaller loan for the rest, subject to income and property price caps.
How this can help
- Smaller loan amount may improve serviceability for some buyers
- Lower deposit requirements compared with standard lending in many cases
- You still own and live in the home under the scheme rules
What to watch
- The Government’s equity share must usually be repaid over time or when the property is sold, and you share gains or losses on that portion
- There are property price caps by state and region
- Scheme places can be limited, and participating lenders and processes can change
Shared equity can be powerful, but it is a long term structure, not just a short term shortcut.
Case study C: FHSS plus a smaller standard deposit
Scenario: A nurse makes eligible voluntary super contributions, then later applies to release eligible amounts under the First Home Super Saver Scheme to support the deposit, within the scheme limits.
How this can help
- May improve deposit growth using concessional tax settings in super, depending on your circumstances
- Gives a structured savings pathway, which some buyers find easier to maintain
What to watch
- The scheme has rules, caps, and a release process that takes planning
- Withdrawing from super has long term considerations
- Timing matters, you generally want to align your release with your purchase timeline
This pathway suits some buyers, but it is worth doing the homework first.
Step 9: The “Nurse Proof” Offer Workflow: How To Reduce Contract Stress
Once you find a property, the emotional pressure can spike, especially if you are also juggling shifts. A simple workflow can help.
- Confirm your budget limit based on the likely purchase price and expected repayments
- Review the contract with your conveyancer early
- Book building and pest inspections where relevant
- Keep your finance paperwork stable, avoid new debts and big account changes
- Check your settlement buffer, not just your deposit
If you are using a scheme, factor in the extra steps and timing. Some schemes require the lender to lodge or confirm details as part of the process, and timeframes can vary.
A steady workflow reduces the chance of last-minute surprises.
Step 10: Where A Broker Can Add Real Value For Nurses
At this point, most first home buyers have one main question, which lender will actually treat my income fairly.
This is where broker work is often practical, not salesy.
- Comparing lender policies around shift penalties and overtime assessment
- Helping you present salary packaging clearly
- Checking scheme eligibility, lender participation, and property caps
- Stress testing repayments against roster changes
- Managing documents and follow ups, so you are not chasing emails between shifts
This is also the point where Unconditional Finance is usually involved, helping nurses compare lender policies and explain the trade-offs, without pushing you toward a one size fits all option.
The goal is not to “sell a loan”, it is to help you make a decision you can live with.
Important Policy And Market Notes To Keep In Mind Right Now
Home lending rules and risk settings can change, sometimes quickly. For example, Australia’s banking regulator APRA has announced a cap on a portion of new high debt to income home lending from February 2026, aimed at reducing higher risk lending. This does not mean you cannot get a loan, but it is a reminder that lender assessments can tighten or shift.
Government schemes also change over time. Always check the current rules, places available, and participating lenders before you rely on a scheme for your plan.
A good plan is one that still works even if the rules move a little.
A Calmer Finish Line: How To Move From Planning To Keys In Hand
Buying your first home as a nurse is rarely just about saving harder. It is usually about structuring your income properly, choosing the right pathway for your deposit size, and keeping the process simple enough to manage around shift work.
If you would like to see what options may be available for your situation, Unconditional Finance can help you compare lender policies, explain low deposit pathways like the Australian Government 5% Deposit Scheme or Help to Buy where relevant, and guide you through the next steps at a pace that fits your roster.
Disclaimer: This information is general in nature and does not take into account your objectives, financial situation, or needs. Home loan eligibility, lender policies, interest rates, fees, and government scheme rules can change without notice and vary between lenders and applicants. Consider seeking personal advice from a licensed mortgage broker, and independent legal or financial advice where appropriate.
Frequently Asked Questions (FAQs)
Genuine savings usually means money you have saved over time, often shown by regular deposits into a savings account. Some lenders may accept alternatives such as a gift from an immediate family member, depending on the lender and the rest of your application. Evidence requirements can vary, so it helps to check early.
It might. Many lenders factor HECS or HELP into serviceability because it can affect your take-home pay once your income passes the repayment threshold. The impact depends on your income level and the lender’s assessment method.
Some lenders may consider multiple income sources if they are consistent and can be verified through payslips and bank statements. They may also look at how long you have been receiving the second income and whether the hours are ongoing. How it is treated can vary depending on the lender’s policy.
Sometimes. Some lenders may be comfortable with role changes within the same industry, especially if you remain employed as a nurse and your income is stable. Others may want to see a longer history in the new role, particularly if your employment type changed from permanent to casual or vice versa.
Yes, it can. Lenders typically review your living expenses and spending patterns using bank statements and application declarations. Discretionary spending is not wrong, but high or inconsistent spending may reduce borrowing capacity, depending on the lender.
Auction purchases are usually unconditional once the hammer falls, so finance and conveyancing checks generally need to happen before auction day. Many buyers arrange a thorough pre-approval review, confirm their deposit is accessible, and have the contract reviewed by a conveyancer first. Your lender’s timing and valuation process can also matter.
It is often worth considering, especially in NSW, where strata records can reveal levies, sinking fund balance, building works, and potential issues affecting future costs. Some lenders may also consider aspects of the building when assessing the security property. If you are unsure what to order or when, a broker like Unconditional Finance can usually explain the typical sequence alongside your conveyancer’s checks, without giving legal advice.