Client Profile
Ana, a registered nurse working in a busy Melbourne private hospital, earns $118,000 annually. With 7 years of experience, her income included base pay, penalty rates, and consistent overtime. She had saved $40,000 and was ready to buy her first home but didn’t want to wait years to hit a 20% deposit target.
The Challenge
Her bank told her she could only borrow $570,000 because they excluded her penalty rates and overtime. On top of that, she thought she would need to save a 20% deposit to avoid Lenders Mortgage Insurance, which would have delayed her plans by years.
Our Strategy
- Leveraged the First Home Guarantee scheme so Ana could buy with just a 5% deposit and avoid paying LMI
- Used recent payslips and latest Income Statement to prove her penalty rates and overtime were consistent
- Chose a lender with a nurse-friendly income policy that included her full earnings in the borrowing assessment
The Result
- Boosted her borrowing capacity from $570,000 to $620,000
- Secured approval with only a $31,000 deposit, thanks to the First Home Guarantee scheme
- Pre-approved in just 4 business days with a sharp interest rate
Conclusion
Ana purchased her first townhouse close to her hospital with only 5% deposit, saving her from paying LMI and cutting years off her savings timeline. At Zenith, we’re experts helping nurses secure a home loan that suits their needs. We guide you through every step of the journey, making sure they have the right strategy, the right structure, and the confidence to secure their first home.
