By Antima Bisural Kandel – Mortgage Broker & Registered Nurse, Rayz Financial Services
Nurses are at the heart of our healthcare system — and lenders know it. That’s why some banks offer medico home loan packages that allow eligible healthcare professionals, including registered nurses, to buy with as little as a 10% deposit and no Lenders Mortgage Insurance (LMI).
At Rayz Financial Services, we’ve helped nurses all across Australia take advantage of these exclusive benefits — saving them tens of thousands of dollars and making homeownership possible much sooner.
What is a Medico Package Home Loan?
Traditionally, medico packages were designed for doctors, dentists, and specialists. But in recent years, some lenders have expanded eligibility to include registered nurses, midwives, and other AHPRA-registered professionals.
- Up to 90% LVR with no LMI (save $10,000–$40,000 in fees).
- Full recognition of overtime, allowances, and penalty rates when calculating borrowing power.
- Competitive interest rate discounts.
- Access to offset accounts, redraw facilities, and flexible repayment structures.
Why It’s a Game-Changer for Nurses
Nurses often have strong, stable incomes — but overtime and shift penalties can make income look irregular on paper. With a medico package, lenders may assess 100% of your overtime and allowances, giving you higher borrowing capacity.
Example:
- Standard loan policy might only use 60–80% of overtime income.
- Medico package policy can use the full amount, boosting your approved loan size.
Eligibility for Nurses
You may be eligible if you:
- Are a registered nurse or midwife with current AHPRA registration.
- Work full-time, part-time, or on a casual basis in a recognised healthcare setting.
- Meet standard credit and income requirements.
- Have at least a 10% deposit (plus costs like stamp duty).
Note: Some lenders apply minimum income thresholds (e.g., $90,000–$100,000+) for the no-LMI benefit. Requirements vary by lender and location.
Sydney Nurse Buys $1.2M Home with No LMI
A Sydney nurse dreamed of owning her first home but only had a 10% deposit. She relied heavily on overtime income, and a standard loan would have meant paying over $30,000 in Lenders Mortgage Insurance (LMI).
By using a medico lending package, we secured 90% LVR with no LMI, had 100% of her overtime recognised, and locked in a competitive rate with an offset account.
Her $1.08M loan was approved in just 10 days, and she saved $32,000 in LMI — turning her dream into reality much sooner than expected.
Newcastle Nurse Refinances and Unlocks $150k Equity
A Newcastle nurse wanted to renovate her home but didn’t want to take on a costly LMI bill.
We refinanced her under the medico package at 90% LVR, with no LMI and full recognition of overtime income.
The result? She unlocked $150,000 in equity, avoided thousands in LMI, and reduced her repayments — giving her the freedom to start renovations right away.
Why Work with Rayz Financial Services
- Access to lenders who offer medico packages for nurses.
- Knowledge of lender-specific income thresholds.
- Expert structuring to maximise borrowing power.
- Full support from pre-approval to settlement.
Take the Next Step
If you’re a nurse in Australia, you could be buying sooner — with no LMI and a higher borrowing limit.
📍 Get in Touch:
Antima Bisural Kandel
Mortgage Broker | Registered Nurse – Rayz Financial Services
🌐 www.rayz.com.au
📧 antima@rayz.com.au
📞 0452 065 138 | 02 6106 9988
📍 Based in Canberra | Serving clients Australia-wide
