Last updated: November 2026.
Two nurses with the same roster and the same payslip can get borrowing limits tens of thousands of dollars apart from two banks. The difference is how each lender reads penalties, overtime, casual shifts and salary packaging.
If you only want the LMI waiver detail, our LMI waiver for nurses guide covers it lender by lender.
Can nurses get a home loan in Australia?
Yes. Nurses get home loans on standard terms, and several lenders give registered nurses better treatment than most borrowers: some count 100% of overtime and allowances, and some waive lenders mortgage insurance (LMI) at up to 90% of the property value. What decides your result is how your income is documented and which lender's policy fits your pay structure.
Our healthcare and medico home loans team matches nurses to the lender whose income policy suits their roster, not just the lowest advertised rate.
How do lenders assess nurse income?
Lenders split your pay into parts and decide how much of each to count. Common treatment looks like this:
| Income type | Common treatment | What helps |
|---|---|---|
| Base pay (full time or permanent part time) | Counted at 100% | Payslip plus employment letter |
| Shift penalties (nights, weekends, public holidays) | Usually counted if regular, sometimes shaded | Six to 12 months of history in the same pattern |
| Overtime | Often shaded (for example, 80% counted) or excluded if irregular | Consistent history, or a lender with a healthcare overtime policy |
| Allowances (on-call, qualification, uniform) | Varies by lender and allowance | Evidence the allowance is ongoing |
| Casual hours | Averaged over a period, often 6 to 12 months | Stable hours, same employer |
| Salary packaging | Added back, sometimes grossed up | Payslip showing the packaged amount |
Some lenders publish better treatment for healthcare workers. Westpac and St.George both say nurses can have 100% of overtime and allowances assessed as income (St.George excludes self-employed applicants). For a nurse doing regular overtime, that can lift assessable income by thousands of dollars.
How penalty rates, overtime and casual shifts are counted
Penalty rates and shift allowances
Most lenders accept penalties if they are regular and you can show a history. A rotating roster with nights and weekends usually qualifies. A one-off run of night shifts to cover leave usually does not.
Overtime
Overtime is where lenders differ most. Many count only part of it, and some ignore it without 12 months of history. If overtime is a big part of your income, choose the lender before you apply, not after a decline.
Casual and agency nurses
Casual nurses can borrow. Lenders typically want to see 6 to 12 months of casual work, ideally with the same employer or in the same field, and they average your income over that period. Westpac's healthcare policy annualises casual income over 52 weeks for LMI waiver applicants.
Agency work depends on how you are paid. Paid as an employee with tax withheld, you are usually assessed like any casual. Invoicing on your own ABN, most lenders treat you as self-employed and want tax returns. Our self-employed home loan guide explains that path.
The 2026 NSW pay rise and backpay
In April 2026 the NSW Industrial Relations Commission awarded public health system registered nurses and midwives a 16% pay increase over three years: 10% in the first year, then 3% in each of the next two. Enrolled nurses got 18% and assistants in nursing got 28%. Backpay to 1 July 2025 was paid from May 2026.
This helps your borrowing power, but watch how it shows up on paper:
- Backpay is a one-off. Lenders generally do not count a backpay lump sum as ongoing income, and it inflates your year-to-date figure.
- Use the new rate. Your latest payslip shows the higher hourly rate. That is the number to work from.
- Redo old pre-approvals. One based on your old rate probably understates what you can borrow.
Run your new numbers through our borrowing power calculator to see the difference.
NSW Health salary packaging and your home loan
Most NSW Health employees can salary package up to $9,010 of living expenses each fringe benefits tax year (1 April to 31 March), plus meal entertainment. You can pay your mortgage or rent with packaged money, which lowers your tax.
Some lenders add the packaged amount back to your income. Some gross it up, because it is tax free. A few ignore it. Make sure your payslip shows the packaged amount clearly, and ask us which lenders gross it up. Our income gross-up calculator shows what your tax-free packaged amount is worth in pre-tax terms.
Worked example: same nurse, three lenders
Say you are a registered nurse at Norwest Private Hospital. Your base pay is $100,000, shift penalties add $14,000 and regular overtime adds $8,000. You also package $9,010. This is a hypothetical example showing how policy changes the number a lender uses.
| Lender A (standard) | Lender B (healthcare policy) | Lender C (conservative) | |
|---|---|---|---|
| Base | $100,000 | $100,000 | $100,000 |
| Penalties | $14,000 | $14,000 | $14,000 |
| Overtime | $6,400 (80%) | $8,000 (100%) | $0 (under 12 months history) |
| Salary packaging | Added back | Grossed up | Ignored |
| Assessable income | Higher | Highest | Lowest |
Same payslip, three different answers. Picking the right lender first means one application and one credit enquiry. Our Norwest mortgage broker team is a few minutes from the hospital if you want to go through your payslips in person.
Deposit options for nurses
The 5% Deposit Scheme. If you are a first home buyer, or have not owned property in Australia in the last 10 years, you can buy with a 5% deposit and no LMI. There have been no income caps and no limit on places since 1 October 2025, and the cap is $1.5 million in Sydney. This is often the best route for early career nurses. See our first home buyer loans.
An LMI waiver. Westpac, St.George and Bank of Melbourne publish an LMI waiver for registered nurses and midwives earning at least $90,000 a year, at up to 90% of the property value. NAB's and ANZ's published waiver lists do not include nurses. The full lender list and dollar savings are in our LMI waiver for nurses guide, and other occupations are in our LMI waiver for professionals list.
A guarantor. A parent can use equity in their home as extra security, so you can borrow more than 80% without LMI. Read our guarantor home loan guide.
Documents to get ready
- Two to three recent payslips showing year-to-date income, penalties, overtime and any packaging.
- An employment letter confirming your role, classification, hours and start date.
- Your latest income statement or tax return (two years if self-employed).
- AHPRA registration, if you are applying for an LMI waiver or healthcare policy.
- Three months of bank statements showing savings and expenses.
- Photo ID and details of any debts, including HECS-HELP.
When you have these, book a free strategy call or contact us and we will go through them with you.
Talk to a broker who reads nurse payslips every week
RyRo Loan Centre works with nurses and healthcare workers across Sydney and the Hills District. We break down your payslip the way each lender will, find the policy that counts the most of it, and handle the application through to settlement.
Book a free strategy call, call us on 1300 11 7976, or see how our RyRo home loans process works.
This article is general information only and is not financial advice. It does not consider your objectives, financial situation or needs. Lender policies and scheme rules change often, so confirm current details and get advice for your circumstances before you act. All loans are subject to lender approval.
Quick answers
Frequently asked questions
Yes, through the Australian Government 5% Deposit Scheme. You must be a first home buyer, or not have owned property in Australia in the last 10 years, and buy at or below the cap, which is $1.5 million in Sydney. There are no income caps and no lenders mortgage insurance. You still need to pass the lender's normal credit assessment.
Most lenders count regular shift penalties, usually with six to 12 months of history. Overtime is less consistent: many lenders count only part of it, and some exclude it without a long history. Westpac and St.George both publish that nurses can have 100% of overtime and allowances assessed, which can lift your borrowing power.
Yes. Most lenders want 6 to 12 months of casual work, ideally with the same employer or in the same field, and they average your income over that time. Some healthcare policies are more generous. Westpac, for example, annualises casual income over 52 weeks for nurse LMI waiver applicants. Steady hours and a letter from your employer both help.
It depends on how you are paid. If the agency pays you as an employee with tax withheld, you are usually assessed like a casual employee. If you invoice on your own ABN, most lenders treat you as self-employed and want one to two years of tax returns. Mixed arrangements need a lender that will assess both income streams.
Usually not, if the lender handles it well. Packaging lowers your taxable income on paper, but many lenders add the packaged amount back, and some gross it up because it is tax free. A lender that ignores it will understate your income. Make sure your payslip shows the packaged amount, and ask your broker which lenders gross it up.
Westpac, St.George and Bank of Melbourne publish an LMI waiver for registered nurses and midwives earning at least $90,000 a year, at up to 90% of the property value. NAB's and ANZ's published waiver lists do not include nurses. Lender policies change often. Our LMI waiver for nurses guide has the full list and the dollar savings.
Not always. Published LMI waivers name registered nurses and midwives, so enrolled nurses usually sit outside them. Enrolled nurses can still use the 5% Deposit Scheme or a guarantor to avoid LMI, and some lenders' overtime and allowance policies refer to nurses more broadly. Check your AHPRA classification before you choose a lender.
Generally not as ongoing income. Lenders usually treat a lump sum of backpay as a one-off, and it can inflate your year-to-date figures. The useful part is your new, higher hourly rate, which should show on recent payslips. If your pre-approval used your old rate, ask about redoing it.
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