Refinancing

If you’re a nurse thinking about refinancing your home loan, you’re in the right place.

Refinancing for Nurses: Tailoring Your Home Loan to Your Unique Needs

Understanding the Dynamic Nursing Lifestyle

As a nurse, your professional life and finances are unique. Shift work, varying income patterns, and the demanding nature of your profession require a mortgage that adapts to your lifestyle. Refinancing your home loan can be a strategic move to realign your biggest financial commitment with the realities of your nursing career.

6 Reasons Why Nurses Should Consider Refinancing

  1. Adapting to Income Fluctuations: Nurses often experience variable income due to shift allowances, overtime, or changing rosters. Refinancing can optimise your loan structure to suit these fluctuations.
  2. To Save money: With the ever-changing lending landscape, more favourable rates could be available now, which can significantly reduce your loan repayments and leave more in your account instead of giving it to the bank. They don’t need it!
  3. Consolidating Debts: Nursing can be a high-pressure job, and managing multiple debts adds to this stress. Refinancing can consolidate your debts into a single, manageable payment and save you significant money with a lower interest rate.
  4. Funding Home Improvements: Your home is your sanctuary. Refinancing can provide the funds needed for renovations, creating a comfortable space for relaxation after long shifts.
  5. Switching for Better Service: Many of our clients set up fixed rate loans when they were cheap. They get a fright when their bank puts them onto the “default variable rate” when the loan term expires. You should be able to do better than this.
  6. Investing in Your Future: Accessing home equity through refinancing can provide funds for further education, investment in property, or other financial goals.

Why Consider Partnering with Finance4Nurses

Nurse-Centric Approach

We understand the complexities of nursing income and career paths, ensuring our advice is tailored to your profession.

Expert Guidance

Our experience with nurse clients means we can navigate the refinancing process efficiently, securing terms that respect your profession.

Simplifying the Process

We know your time is precious. Our streamlined process minimises the time and effort required on your part.

Take the Next Step in Your Financial Journey

As a nurse, you dedicate your life to caring for others. Let us take care of your refinancing needs, aligning your home loan with your personal and professional aspirations. Reach out to explore how refinancing can work for you, and let’s take this important step together.

Your Proven process for your home purchase success

Step 1

Your Plan

Clarity on next steps to achieve your home ownership objectives.

Step 3

New Lender Approval

Unconditional loan approval from new lender.

Step 5

Settlement

All legal requirements are met
to transfer the mortgage to a new lender. Start saving $$.

Step 2

Internal Credit Assessment 

High confidence of loan approval before loan submitted or credit file impacted.

Step 4

Release Loan from Existing

Once loan with new lender is approved, discharge your mortgage from existing lender.

Step 1

Your Plan

Clarity on next steps to achieve your home ownership objectives.

Step 2

Internal Credit Assessment 

High confidence of loan approval before loan submitted or credit file impacted.

Step 3

New Lender Approval

Unconditional loan approval from new lender.

Step 4

Release Loan from Existing

Once loan with new lender is approved, discharge your mortgage from existing lender.

Step 5

Settlement

You plan for the move in while we handle the financial and legal work. Keep you updated through the process.

What Our clients say about Finance4Nurses

Juan Carlo Miranda
Juan Carlo Miranda
03/03/2024
Tim, Poonam and the team are great! We have use them for buying our 1st home back in 2018. Refinancing to get the best possible interest rate for our mortgage and we used them again this year to buy our dream home! They have great communication and will guide you from start until after your purchase.
Trent Miller
Trent Miller
18/12/2023
Tim and the team were fantastic with securing me with a home loan tailored to my rotating roster an penalties. Another nurse in a home thanks to Finance4Nurses! Very much appreciated, would recommend+++.
sally kerr
sally kerr
14/12/2023
Absolute 5 star experience!!, There were a few little huccups with my application but all of the team were amazing ! From my initial contact & throughout the entire process i felt supported & informed, they are honest and tell you what you need to do to achieve the dream, i settle me first home in 1 Week!! And im beyond excited, Big thank you to Tim and his team, I absolutely would not have been able to do this with out them!!
jessica luu
jessica luu
14/12/2023
I was referred to Finance4Nurses by a friend that had a amazing and great experience as a first time home buyer. my experience was amazing as well. They were available to contact whenever I needed help or had any concerns. The entire progress was smooth and I knew I was in safe hands with a team I trusted.
Krista Fox
Krista Fox
02/11/2023
Specializes with nurses, this is my second time refinancing with Tim and his team it's an easy first consult and discussion about current circumstances and then further communication is done via email and phone. Very easy and worry free. The team is very prompt to respond to emails and answer any questions. Also are great at communications what the need to process a smooth refinancing process.
Mardi Lucas
Mardi Lucas
01/11/2023
Fantastic experience! Very quick and efficient in answering calls, emails and my million questions! Aimed for quick settlement and received it. I’m now moved into my new home and enjoying life to the full. Living out in the middle of nowhere could have proved challenging but the team did fantastic in making my dream come true. Can not thank you guys enough. Highly recommended
Brooke berryman
Brooke berryman
29/10/2023
Super grateful that I found Finance4Nurses. The whole team, particularly Poonam, have been incredibly supportive in navigating my first home loan application experience. As a single applicant, they have held my hand through the entire process and took the time to completely understand my financial situation. Thank you, will recommend 100% to my colleagues.
Jordan Hill
Jordan Hill
29/10/2023
Tim and his team are amazing. Excellent communication and spot on with information. They always follow up and make sure you’re on track for every deadline and are so transparent. We have previously been told it would take us months to get a home loan and Tim and his team did the job with the best intent. The descriptions and breakdowns of everything was also great. We would recommend Tim and his team to anyone and everyone.
Nor Ilyana
Nor Ilyana
27/10/2023
I had gotten in touch with Finance4Nurses to understand the financial needs on buying my first home. Never thought it would have been possible but Tim and his team have clearly outlined and explained to me whats required and expected. They have been very transparent and is always reachable whenever I have questions. I put my 101% trust in them in processing my mortgage and I was obviously quite contented with the outcome. Moving on 6 months after my first contact with Finance4Nurses, I now have moved into my first own home successfully with minimal hurdles, definitely thanks to the team!

Frequently asked questions

How much deposit do I really need?
Definitely not 20%! There are a few possibilities for you to reduce the deposit required.

As First Homebuyers, many of our clients qualify for the Federal Government Home Guarantee Scheme. This means they only need a 5% deposit and do not have to pay Lenders Mortgage Insurance (LMI).

If you are a registered nurse (RN) or midwife, do not qualify for the guarantee, or are not a First Homebuyer, we have lenders who require a 10% deposit only and no LMI, even for investment properties.

What is the Federal Government Home Guarantee Scheme?
This scheme allows First Homebuyers to buy with a low deposit without paying LMI. A First Homebuyer is defined as someone who has not owned a property in the last 10 years. Note that this is different from State definitions, so you should always check your stamp duty requirements when fixing your budget.

Scheme allocation places are limited and reviewed and released on 1 July each year.

The deposit requirements range from as low as 2% for qualifying single parents to 5% for qualifying individuals and couples.

The property’s age and type do not matter. It can be well established or brand new.

However, the guarantee only applies to owner-occupied homes, and you must have lived in the home for at least 12 months. Investment properties are not eligible.

For single parents, the only ownership rule is that you do not currently have any interest in a property in Australia.

There are income and price caps to be aware of.

Regarding income caps, if you are single, you must have earned less than $125,000 before taxes in the previous financial year or less than $200,000 in total if you are a couple. This is based on your last Notice of Assessment.

Property price caps differ by region. See this link:
https://www.housingaustralia.gov.au/support-buy-home/property-price-caps.

For more details, you can refer to
https://www.housingaustralia.gov.au/support-buy-home/first-home-guarantee. Or you can just call us, and we will help you with your case.

What are the Federal and State Equity Schemes?
Although scheme caps and limits differ across States, the concept is pretty much the same.

The Government owns a share (‘equity’) of your home – for example, 30% for a 2% deposit.

You are allowed to use lenders for your mortgage, but note that lenders are limited to 2 or 3 per State.

Your financial position and property are reviewed each year to check whether you still qualify. If you do not – for instance, your earnings exceed the threshold – you need to raise funds to buy out the Government’s share.

Some of the income thresholds are very low. For example, in NSW, the maximum before-tax income cannot exceed $90,000 for singles or $120,000 in total for couples.

Even if you do not own the entire property, you have to pay 100% of the costs, such as rates and maintenance. This means if and when you sell the property, the Government takes its share of the capital gain even though you have paid all the costs.

What do you do for nurses?

That is a good question. Of course, you need to know what’s in it for you.

Working with us allows you to benefit in three ways:

First, we can help you understand your income and present it in the best light for lender approval.

Nurses have some of the most complex remuneration structures of any profession.

Additionally, there are many possible work arrangements. These include salary packaging, allowance, casual, agency, travel nurse, second job, or any mix of those.

Second, we can explain the lender policies that will work for you.
Because we specialise in working with nurses, we know which lenders to approach to maximise your loan approval and get you the best interest rate.

For example, if you are a travel nurse, two lenders (at the time of writing) will allow you to buy a property as an owner-occupied property in any State, regardless of where you are based. You do not even have to live in a particular State to get the full benefits of a First Homebuyer.

There are many more examples based on income type. The differences in lender policies and how they affect your borrowing capacity will surprise you.

Third, we offer an unmatched breadth of service.

One of the things we are proud of is we partner with you at every step – from the first call until you have your keys in your hand. And even beyond that, your lender will still provide you with the best arrangement.

Our core belief is that every nurse can and should own their own home.

We start with a plan for you. You just have to be a nurse with a genuine home-ownership goal. If that is the case, we will map out what you need to do to buy a property and work with you as you fulfil the requirements.

Many brokers and banks only get you pre-approval and wish you luck, but we go further. We subscribe to property reports and data services to help you learn more about the property you are interested in, compared to the general public.

We also have access to networks in all States to collect information about conveyancing/legal requirements, property inspections, and so on.

Furthermore, we will assist you with making your offer and going to an auction.

Think of us as your own project manager for your home purchase dream.

What home financing advantages do nurses have?
Many more than you think!

As a nurse, you might not have to pay any LMI even if you do not have a 20% deposit. This is possible through the Government Guarantee Scheme for First Homebuyers.

If you do not qualify for that, several lenders offer no LMI for RNs and require a 10% deposit only.

Looking at your income, some lenders will be more generous than others. However, we can get you qualified with only three months’ casual income (the standard requirement for non-nurses is 12 months), including all of your allowances (unusual for other occupations) and 100% overtime recognition.

Some lenders even offer a lower interest rate for nurses!
Rest assured we will find the best lender for you.

I have no idea where to start. What is the process?
The best way to start is to join this Facebook Group:
https://www.facebook.com/groups/austnurseshomebuyersforum.

At the same time, you can book a 10-minute phone call with us. Once we understand your situation, we can put together a plan that includes your next steps based on your objective.

You can book a time that suits you using this link:
https://fin4nurses.me/intro-call.

My partner is not a nurse. Can you help?
Yes, of course. We take both of your situations into account.
Even if your partner has a complex situation, we are experienced enough to have seen it all.

Many of our clients’ partners are self-employed or contracted. For instance, some work as tradies or independent drivers or have other occupations.

As long as one of you is a nurse, you can get favourable lender treatment for both of you.

Where are you based? Do you work with nurses from anywhere?
We have offices in Melbourne and Queensland. However, we serve nurses all over the country.

No matter where you are, we can have video meetings, know the State property rules, and have contacts to assist you with your legal and other requirements.

How much do you charge?
As a nurse, you pay us NOTHING!

We believe that all nurses should own their homes.

Even if you are a year or more from purchasing, we will work with you to get you into the best position to buy. Our only requirement is that you are committed to purchasing and willing to make the sacrifices to do that.

Nevertheless, we are not a charity. We will earn a standard commission when you buy a property. This is disclosed to you and is the same for all lenders.

It is also worth mentioning that lenders are not permitted to offer lower rates due to the structure of the mortgage broking industry and because we do a lot of the work for our clients.

My savings are low. How much do I need before you will work with me?
We believe that all nurses should own their homes.

Even if you are a year or more from purchasing, we will work with you to get you into the best position to buy. Our only requirement is that you are committed to purchasing and willing to make the sacrifices to do that.

We can create a plan for you so you know what to do next. Simply book a call with us, and we can put together some realistic targets.

I have a bad credit history score. What can I do?
Talk to us!

We need to know what is causing your low credit score so we can explain it to the lender.

The first thing we do is run your credit report that banks look at – with your written permission, of course. This does not impact your credit score, as we are subscribers to the credit companies, not credit providers.

Many banks perform automatic credit scoring. This means if your credit score is below 700, it will automatically be declined. We skip those.

Other lenders are more flexible and take into account the reason for the low score as long as it is explained well.

The weighting of a credit mark fades over time, so sometimes we advise a client to wait for a few months while their older credit applications drop off.

There are many options, so don’t be afraid to reach out!

How do I contact you?

Our Website
https://finance4nurses.com.au

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Speak to us about refinancing your home loan today

We always start our process with a quick, complimentary consultation. Click the button to book your call.