What LMI Avoidance Is Actually Worth
On a 90% LVR purchase, avoiding LMI through either pathway commonly saves in the order of $10,000–$20,000+.
On a higher-value property at 90% LVR, the LMI premium alone can exceed $20,000, and can push past $40,000 at 95% LVR.
That’s money that stays toward your deposit, your offset account, or simply out of the bank’s pocket instead of yours.
Total time from first conversation to settlement is commonly 8–14 weeks, though this varies with the property market, the lender, and how quickly documents come together with shift rosters included.
Special Situations for Health Professionals
New Graduate & Student Nurses
A short work history doesn’t rule you out. Lenders generally want to see you’re now in an ongoing role, and the First Home Guarantee has no minimum time-in-role requirement — it’s built around standard first-home-buyer criteria, not tenure.
Casual, Agency & Locum Nurses
Casual, agency and locum income can all be used in a home loan application. The main factor is consistency — lenders want to see a clear pattern, usually 6–12 months, showing the income is reliable rather than one-off.
Moving from Casual to Permanent Mid-Application: if your employment status changes while you’re applying, tell your broker straight away — it can work in your favour (permanent income is generally viewed more favourably) but the lender will usually want updated payslips or a new employment letter before proceeding.
HECS/HELP Debt & Borrowing Power
Many nurses are still repaying HECS/HELP debt from their nursing degree. This is treated as an existing liability in a lender’s serviceability calculation and does reduce borrowing capacity to some degree — but it does not disqualify you, and it’s factored in alongside everything else, not treated as a red flag on its own.
State Grants & Stamp Duty Concessions You Can Stack
The First Home Guarantee can typically be combined with other first-home-buyer support, which can meaningfully change what’s achievable:
- First Home Owner Grant — a one-off state government payment for new homes; amounts and eligibility vary by state (for example, Queensland has offered $30,000 for new homes under specific contract dates)
- Stamp duty concessions or exemptions — most states offer reduced or nil stamp duty for eligible first home buyers under a property value threshold
- First Home Super Saver Scheme (FHSSS) — lets you make voluntary extra contributions into your super and later withdraw up to $50,000 toward a first home deposit
Because these are state-based and change with each budget, we confirm current figures for your state at the time of your application rather than relying on a fixed number here.
