Home loans · Emergency services
Home Loans for Paramedics
Paramedic pay does not arrive in a neat, flat salary, and that is exactly where a lot of home loan applications trip up. Between shift penalties, overtime and allowances, a big slice of your income sits outside your base pay. On top of that, you may now be eligible for an LMI concession that a lot of paramedics do not know exists.
Two things drive a paramedic's borrowing power. First, how much of your shift and overtime income a lender is willing to count. Second, whether you can access one of the newer essential worker or health professional waivers. Both come down to picking the right lender.
Making your real income count
Your base salary is counted in full everywhere. The parts that vary are where the lender choice does its quiet work.
- Shift penalties for nights, weekends and public holidays are often counted at 80 to 100 percent.
- Overtime is commonly averaged, frequently around 80 percent, over 12 to 24 months.
- On-call and other allowances depend on the type and how they appear on your payslip.
- A steady history of penalties and overtime lets the right lender count far more of it.
Some lenders simply ignore your extra income
The gap here is bigger than most people expect. One lender counts almost all of your penalties and overtime. Another shades it hard or drops it entirely. On a paramedic's pay that difference can move your borrowing power by tens of thousands. It is the first thing I sort out.
LMI concessions for paramedics
There are two paths worth checking. Some lenders offer an essential worker LMI concession that includes paramedics alongside police, firefighters and nurses. A smaller group now recognise paramedicine as a registered health profession, through the AHPRA Paramedicine Board, and fold it into their medical waiver. The pool of lenders is tighter than it is for doctors, so it is worth having someone find the ones that apply. My guide to lenders mortgage insurance explains what you would be saving.
If you are buying your first place, you may also be eligible for government schemes that reduce the deposit you need. Start with my first home buyer support and read up on the NSW first home buyer schemes.
Make every shift count
Book a free call and I'll find the lender that treats your shift and overtime income the way it should be, and check any waiver.
Frequently asked questions
Will a lender count my shift penalties and overtime?
Many will, especially where it is regular and you can show a history. How much counts varies a lot by lender, which is why I compare rather than take one bank's answer.
Do paramedics get an LMI waiver?
Some lenders include paramedics in an essential worker concession, and a few now recognise registered paramedicine within their health professional waiver. The pool is smaller than for doctors, so I check what currently applies to your situation.
Can I buy my first home on a smaller deposit?
Possibly. Between shift income being counted properly, any waiver, and first home buyer schemes, you may get in sooner than you think. Book a call to run the numbers.
Important information
This information is general in nature and does not take your personal objectives, financial situation, or needs into account. It is not credit assistance or a recommendation to enter into any particular credit contract. Consider whether it is right for you and seek advice before acting. Lending is subject to a lender's eligibility and approval criteria. Terms, conditions, fees, and charges apply.
Greenwood Finance · ABN 23 671 049 693 · Credit Representative No. 551942.
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