Home loan benefits for nurses
As a nurse, you’re in a unique position to save on your home loan.
Discounted interest rates
These are often available if you use a home loan package, or work for an employer partnered with a bank.
Waived Lenders Mortgage Insurance (LMI)
This means you can borrow up to 90% of the property value without paying LMI, which can save you thousands.
Who offers a 0.15% discount off home loan rates for nurses?1
You might think a 0.15% difference in interest rates is too small to matter, but even small reductions can lead to big savings over time. Let's look at an example...
Outstanding balance
$800,000
Current interest rate
6.14% p.a
Monthly repayment
$4,869*
Total interest payable (30 year term)
$952,713*
Now, if the interest rate dropped by just 0.15% to 5.99%, your new monthly repayment would be $4,792*. However, if you continue to make the same repayments at $4,869*, the savings are significant:
Total interest payable
$878,095 over 28 years, 9 months*
Total savings
$74,618 over the life of your loan - and you pay it off faster!
Did you know, you may be eligible for a home loan discount
If you’re an employee of a Bank First Partner (St Vincent’s, Mercy Health, Alfred Health, Southern Cross Care or St John of God Health Care), you could be eligible for up to 0.15% p.a. off our advertised variable home loan rates.1
Who offers LMI waivers for nurses?
Lenders Mortgage Insurance, or LMI, is a one-off insurance premium that protects the lender if the borrower can’t repay their home loan. It’s typically required when the borrower has less than a 20% deposit for their property – often adding thousands to the cost of buying a home. By having your LMI waived, you could save big! For example...
Property value | Loan amount (90% LVR) | LMI premium saved** |
|---|---|---|
$700,000 | $630,000 | $16,695 |
$800,000 | $720,000 | $19,080 |
$900,000 | $810,000 | $22,275 |
$1,000,000 | $900,000 | $24,750 |
There are also other ways to reduce your LMI costs:
Lower your loan amount: Borrowing just a little less can save you hundreds in LMI.
Adjust your LVR (loan-to-value ratio): If you can stay just under 90% or 95%, LMI can be much cheaper.
Choose the right bank: Different banks have different policies and premiums, so finding the right one is key.
Save for a 20% deposit: If you can save up a larger deposit, you can avoid LMI altogether.
Did you know, you may be eligible for a LMI waiver
Bank First waives LMI for eligible first home buyer nurses borrowing up to 90% of a property’s value2. By not having to pay that little bit extra, you can start paying down your mortgage sooner – and ultimately, build wealth for the long term.
Why these savings matter
Every dollar counts when it comes to buying your home. By reducing or waiving LMI and securing a discount on your interest rate, you’re freeing up more money for your day-to-day life, or perhaps putting it towards your next financial goal. Even if the numbers seem small at first, they can add up in a big way over the long term.
Bank First is entirely customer-owned. Our customers (we call them members) are our owners. That’s why we’re doing what we can for those who give their all for others. Lower rates, special benefits, versatile products and the information you need to make ‘the money stuff’ easy.
Curious about a home loan discount, waived LMI, or a $1,000 e-gift card offer for refinances?
Our team specialises in helping nurses make the most of their home loan benefits. Let us guide you through the process and answer any questions you have about rates, incentives, or getting started.
*Monthly repayment amounts should be used as a guide only. The estimated results are based on the information inputted into Bank First’s Loan Repayments Calculator on 27 November 2024. Results are based on a 30 year loan term. The disclaimers for Bank First’s Loan Repayment Calculator apply and can be viewed via the website.
**This LMI premium saved amount should be used as a guide only. The estimated results are based on the information inputted into Loan Calculator Australia’s LMI Calculator on 27 November 2024. Results are based on a 30 year loan term. The calculation does not consider a number of factors which influence Lenders Mortgage Insurance, such as a borrower’s financial situation and assets, and the security property type.
1Promotional interest rates are per annum, effective 15 November 2024 and are subject to change without notice. Conditions, Fees and Charges and Credit Criteria apply.
Offer is available via Bank First’s direct channel only. Not available in conjunction with any other offer. Bank First reserves the right to amend or withdraw this offer at any time.
The Partner Offer is a discount off the standard advertised home loan interest rate and is available to any new or existing Owner Occupied Principal and Interest loans, Investment Principal and Interest; or Investment Interest Only loans. You must contact Bank First for the offer to be applied to your home loan. Applicant eligibility must be demonstrated via payslips and if there are multiple applicants to the loan, only one applicant needs to be employed by a Bank First partner. Available to full-time, part-time, contracting or casual employees. Applicants salary must be credited into a Bank First transaction account.
Discount is available for the life of the loan unless variations are made to the loan. Variations include product switches, repayment type changes (eg. interest only to principal and interest), interest rate type changes (eg. variable interest rate to fixed interest rate). If a variation occurs, the member must advise Bank First to re-apply the discount and at this point the member must still be employed by a Bank First partner to be eligible.
To qualify for these offers you must be an employee of a Bank First Partner and the relevant, valid promotional code must be quoted at time of customer application
2Lenders Mortgage Insurance waived for a loan-to-value ratio up to 90%. Available for First Home Buyer Owner Occupier loans and to applicants employed within the Education and/or Healthcare sectors. Excludes equity release with refinanced loans, off-the-plan and Construction Loans. Postcode lending restrictions may apply. Credit criteria applies.
This information is general in nature and does not consider your objectives, financial situation or needs. Credit applications are subject to approval. Terms and conditions, credit criteria, fees and charges apply. You should firstly consider the appropriateness of this information and refer to the Terms and Conditions, relevant Target Market Determination, or the relevant Product Disclosure Statement (PDS) before acquiring any product. These documents are available at our branches or by contacting us on 1300 654 822.