Home Loans for Nurses

Potentially, yes. Many nurses work in casual or contract roles, and some lenders may take healthcare employment patterns into account. Depending on the lender, you may be asked to demonstrate:

• A minimum of around 6 months of employment history (some lenders may consider shorter periods, such as 3 months)
• Consistent shifts or regular contract renewals
• Evidence suggesting ongoing demand within your nursing specialty
• Bank statements showing relatively regular income deposits

Different lenders assess casual nursing income in different ways, and outcomes may vary depending on individual circumstances.

In some cases, yes. Certain lenders may consider shift penalties, overtime, or allowances as part of assessable income, although this can depend on how consistent the income has been and how it is documented. This may involve:

• Demonstrating that shift penalties are paid regularly rather than occasionally
• Showing overtime income over a period such as 3–6 months
• Providing employer or payroll documentation outlining allowances

How this income is treated can vary between lenders, and any impact on borrowing capacity will depend on your overall financial profile.

Timeframes can vary depending on the lender, property details, and how quickly documentation is provided. A general guide may look like:

• Initial consultation: around 30–60 minutes
• Loan recommendation and application preparation: a few days
• Lender assessment: approximately 5–10 business days
• Approval to settlement: often around 4–6 weeks, depending on the purchase timeline

Overall, some applications may complete within 6–8 weeks, although individual circumstances can result in shorter or longer timeframes.

Documentation requirements can vary by lender, but commonly requested documents include:

Essential documents for most applicants:

• Photo ID (such as a driver’s licence or passport)
• Recent payslips (often the last two)
• 3–6 months of bank statements (all accounts)
• Employment contract or employment letter
• Credit card statements (if applicable)
• Existing loan statements (if applicable)

Additional documents that may be relevant for nurses:

• Payroll or employer letter explaining shift penalties or allowances
• Rosters or evidence of recent shifts to demonstrate consistency
• Enterprise Agreement (if applicable)
• Tax returns (often required for contracting or agency work)

Requirements differ between lenders, and additional documents may be requested based on your situation.

Pre-approval (also called conditional approval):

• A lender reviews your financial information
• Provides an indication of how much you may be able to borrow
• Often valid for around 3–6 months
• Does not usually require a specific property to be selected

Full approval (formal approval):

• Requires a specific property to be chosen
• Includes a lender valuation of the property
• Confirms final loan terms
• Allows the loan to proceed toward settlement

Obtaining pre-approval may help provide guidance before property searching, although it does not guarantee final approval.

It depends on the nature of the credit history and the lender’s policies. Some lenders may take a more flexible view, particularly where applicants can demonstrate:

• Stable employment
• Clear explanations for past credit issues
• Evidence of improved financial behaviour over time
• A larger deposit, which may help in some cases

In certain situations, taking time to improve credit history before applying could potentially lead to different lending outcomes.

In many cases, mortgage broking services are paid via commission from the lender if a loan settles, rather than directly by the client. This often means:

• No upfront consultation fees
• No direct application fees charged by the broker
• No cost if the loan does not proceed

Commission structures and arrangements can vary, and it’s important to understand how a broker is remunerated.

New graduate nurses may be eligible for home loans with certain lenders, depending on their circumstances. Factors that may help include:

• Holding a permanent or fixed-term contract
• Evidence of completing a nursing qualification
• Stable income expectations under a graduated pay scale
• Lower living expenses, which may support serviceability

Eligibility and loan outcomes can vary depending on lender criteria and individual financial details.

This decision can depend on your personal circumstances, preferences, and tolerance for changes in repayments.

Fixed rates may offer:

• More predictable repayments
• Some protection against rate increases
• Easier short-term budgeting

However, fixed loans may also:

• Limit extra repayments
• Involve break costs if you refinance or sell early
• Prevent you from benefiting if rates fall

Variable rates may offer:

• Greater flexibility for extra repayments
• Potential benefit if rates decrease
• Access to features like offset accounts or redraw

However, variable rates can also:

• Increase if interest rates rise
• Make budgeting less predictable

Split loans (part fixed, part variable) are sometimes used to balance flexibility and certainty, depending on individual preferences and circumstances.