By Steve Chin - June 2026 - 5 min read
Lenders view certain professions as lower risk. Nurses, doctors, and other healthcare professionals have high job security, stable income trajectories, and low default rates. As a result, several lenders offer benefits that are not available to the general public - the most significant being LMI waivers.
Normally, if you borrow more than 80% of a property's value, you pay Lenders Mortgage Insurance. On a $600,000 property with a 10% deposit, LMI could cost $8,000-$15,000. Several lenders waive this entirely for eligible medical and professional occupations - even at 90% LVR.
This means a nurse buying with a 10% deposit could save over $10,000 compared to a borrower in a non-eligible profession buying the same property.
Each lender has its own eligibility list. What qualifies at one lender may not qualify at another. This is where a broker adds real value - we know which lenders offer waivers for your specific profession.
Nurses, paramedics, and other shift workers often earn a significant portion of their income from overtime, penalty rates, and shift allowances. Most lenders will include this income if it is regular and documented on your payslips over the last 6-12 months.
However, the treatment varies. Some lenders use 80% of your overtime, others use 100%. Some average the last 3 months, others the last 12. The difference can add $30,000-$50,000 to your borrowing capacity.
Adelaide has major hospitals across the city - RAH, Flinders, WCH, Modbury, Lyell McEwin. If you work in healthcare, book a free chat and we will check which LMI waivers and income treatments you qualify for. It could save you thousands.
Not exactly special rates, but several lenders waive Lenders Mortgage Insurance for nurses and other medical professionals. This can save $8,000-$20,000 on a typical purchase. Some lenders also offer higher borrowing limits for medical professionals based on expected income growth.
It varies by lender. Common eligible professions include registered nurses, doctors, dentists, pharmacists, physiotherapists, optometrists, lawyers, accountants, engineers, and some IT professionals. Each lender has its own list. Lendology knows which lenders offer waivers for which professions.
Yes, with conditions. Most lenders will include regular overtime and shift allowances if you can demonstrate consistency over 6-12 months. Some lenders are more generous than others with how they treat shift income. A broker can match you with the lender that treats your income most favourably.