Nurses ask us one question more than any other: "Is there a special home loan scheme for nurses?" The honest answer in 2026 is yes — but not the one most websites still talk about. The NSW Government's key worker shared equity scheme has closed, while the genuinely valuable support now comes from lender policies and federal schemes. Here's the current, accurate picture.
First, the one that's gone: NSW Shared Equity Home Buyer Helper
Many articles still promote the NSW Shared Equity Home Buyer Helper, which let key workers — including nurses and midwives — buy with a 2% deposit while the state took an equity share. That scheme was a two-year pilot and closed to new applications on 30 June 2024. Existing participants continue to be supported, but nurses can no longer apply. If a website tells you otherwise, its information is out of date.
The good news: what's replaced and outlived it is arguably more useful for most nurses.
Nurse LMI waivers: borrow 90% and skip a $15,000+ cost
Lenders Mortgage Insurance normally applies when you borrow more than 80% of a property's value, and on a $600,000 purchase it can run well past $15,000. Because nurses have exceptionally stable employment, several lenders waive LMI entirely for them:
- Westpac publicly waives LMI for registered nurses and midwives borrowing up to 90% — meaning a 10% deposit with no LMI — for applicants earning at least $90,000 a year with current AHPRA registration.
- Several tier-2 and mutual lenders run essential-worker packages with similar waivers or discounted rates. These change frequently, which is exactly what a broker tracks.
- Be aware that some major banks' "medico" LMI programs cover doctors and dentists but explicitly exclude nurses — knowing which lender does what saves wasted applications.
The shift-penalty bonus: some lenders count only 80% of overtime and shift allowances when assessing income; others count 100% for essential workers. For a nurse whose penalties make up a quarter of their pay, that single lender-policy difference can move borrowing power by tens of thousands of dollars.
First Home Guarantee: 5% deposit, no LMI, no income cap
If you're buying your first home, the federal First Home Guarantee usually beats even a nurse LMI waiver: just a 5% deposit, no LMI, and since October 2025 there are no income caps and unlimited places. Property price caps apply — $1.5 million in Sydney, Newcastle, Lake Macquarie and the Illawarra, with lower caps in other regional areas. Nothing about it is nurse-specific; it's simply available to nurses like everyone else, and it stacks with NSW stamp duty exemptions (zero duty up to $800,000) and the $10,000 First Home Owner Grant on new builds. Our First Home Buyer Guide covers the full stack.
Help to Buy: the shared equity option that replaced the NSW scheme
The federal Help to Buy scheme opened in December 2025 and fills the gap the NSW pilot left. The Commonwealth contributes up to 40% of a new home's price (30% for existing homes) as an equity share, and you can enter with as little as a 2% deposit. The trade-offs:
- Income caps apply: $103,000 for singles, $165,000 for couples and single parents — based on your ATO notice of assessment.
- Only 10,000 places per year nationally, so timing matters.
- Currently available through a small panel of lenders (initially Commonwealth Bank and Bank Australia, with more joining during 2026).
- The government shares in your home's capital growth, and you're expected to buy back its stake over time as your circumstances allow.
For a single nurse on a base salary under the cap, Help to Buy can dramatically lower both the deposit hurdle and the monthly repayment — at the cost of sharing future growth.
So which path fits which nurse?
| Situation | Usually strongest option |
|---|---|
| First home buyer, any income, 5% deposit saved | First Home Guarantee (+ stamp duty exemption + FHOG if new build) |
| Income under $103k single / $165k couple, small deposit | Compare Help to Buy against the First Home Guarantee — the equity share vs. owning 100% |
| Not a first home buyer, earning $90k+, 10% deposit | Nurse LMI waiver (Westpac or tier-2 equivalents) |
| Heavy shift penalties and overtime | Whichever lender assesses 100% of penalty income — often worth more than any scheme |
These aren't mutually exclusive decisions made from a table — deposit size, base versus penalty income, buying alone or with a partner, and property location all shift the answer. That comparison is precisely what we do in a free consultation.
What you'll need to apply
- AHPRA registration — every nurse-specific concession requires current general registration at application time.
- Income evidence — recent payslips showing base and penalties separately, plus your latest payment summary; lenders treat these components differently.
- Deposit evidence — savings history, or gift documentation if family is helping.
- For Help to Buy — your ATO notice of assessment for the previous financial year, since eligibility is assessed on taxable income.
Frequently asked questions
Is there still a NSW government scheme specifically for nurses?
No. The NSW Shared Equity Home Buyer Helper, which included nurses as key workers, closed to new applications on 30 June 2024. In 2026 the main support for nurses comes from lender LMI waivers, the federal First Home Guarantee, and the federal Help to Buy shared equity scheme.
Do nurses get cheaper home loans?
Not automatically cheaper rates, but registered nurses and midwives can access LMI waivers at up to 90% borrowing with some lenders (a saving often exceeding $15,000), and some lenders assess 100% of shift penalties and overtime as income, which increases borrowing power.
Can a nurse use Help to Buy and the First Home Guarantee together?
No — they're alternative pathways, not stackable. Help to Buy suits lower deposits and incomes under the caps ($103,000 single / $165,000 joint) but shares your home's growth with the government; the First Home Guarantee has no income cap and leaves you owning 100%. Which wins depends on your deposit, income and long-term plans.
Do casual or agency nurses qualify for these options?
Often yes, but lender policies differ on casual income — most want 6 to 12 months in the role, and some annualise casual hours more generously than others. AHPRA registration is required for nurse-specific waivers regardless of employment type. This is a situation where lender selection matters more than usual.
This guide is general information only and is current as at July 2026. It does not take into account your objectives, financial situation or needs, and is not credit advice or an offer of credit. Lender policies, scheme rules and price caps change frequently — confirm current details with Housing Australia, Revenue NSW or your lender, or speak with us before acting. Northstar Mortgage Advisory Pty Ltd, Credit Representative No. 579651, authorised under Australian Credit Licence 384324.