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Essential Aspects You Would Need to Know Before Taking a Loan for a Nurse in Australia
Nurses do not enjoy most of the benefits doctors tend to enjoy and hence may not qualify for a home loan faster than a doctor would do. It would be critical to read on to learn some essential information you need to have before going for a home loan as a nurse.
In a case where you go for a good nurse’s home loan, you would start by ensuring that your home loan application is not declined. One of the reasons most nurses do not get approved of their home loans is due to the fact that they make mistakes in the application process. It would be critical for a nurse to make an effort of working with someone who can guide her in the process of application to ensure that there are no chances of the home loan being declined. It would be crucial to ensure that you go for a lender conversant with the loans policies. It may be critical also to run a credit assessment to prevent wastage of time.
It would be wise also to take time to understand the maximum loan you can access as a nurse. As a borrower, you would need to make savings of about 20% of the home you need to buy and then convince a lender to lend you the rest. You would, for example, need to have a deposit of about $200,000 for you to get a loan of up to $1,000,000.
Among other things you would need to work on when planning to acquire a home loan as a nurse in Australia include having a good credit history, minimal debt as well as a reasonable salary. You would also qualify with as low as 5 percent of the property value as a nurse in Australia. Among the costs you may incur include the government fee, and LMI. Even when you do not have enough deposit, you would also need to check for other home loans packages such as a guarantor home loans. You would need to remember that your savings would need to be about 10 percent to reduce chances of having your application delined.
It may be critical to remember that most of the lenders tend to perceive nurses as low-risk professionals. In a case where you do not have any other problems as a nurse, there are high chances that you will be eligible for waived LMI. Even when you qualify for over 80 percent funding, you would need to take note of additional requirements. It may be critical for you to be in your current job for more than two years for you to qualify. It would be critical to also have reasonable income. Your loan is also limited to $1,500,000. You may also need to check what your overtime income can do for you in your home loan, how to reduce LMI premiums as well as how additional income from different hospitals affect your loans.

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