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Fundamental Information You Need to Have About Home Loans for Nurses in Australia
When compared to doctors, nurses do not enjoy as many benefits. It would be critical to read on to have some of the necessary information a nurse would need to know before going for a home loan.
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 may be wise for one to ask for assistance in the application process of a home loan to avoid making mistakes. It would be essential to make sure that you do not violate loans policies. You may also need to ensure a credit assessment even before you get to the stage of applying reducing chances of decline even further.
It would be wise also to take time to understand the maximum loan you can access as a nurse. You would need to note that the max funding tends to range between 80 to 95 per cent. In a case where a home is $1,000,000 for example, you would need to have about $200,000 deposit and then borrow $800,000.
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 may be amazed to note that you can be eligible for a home loan as a nurse with as low as 5 percent of the property value. You may also need to note that you may incur costs such as LMI fee and the government fee. You may need to check for guarantors home loans especially in a case where you do not have enough deposit. You would need to remember that your savings would need to be about 10 percent to reduce chances of having your application delined.
It is also essential to note that most lenders tend to consider nurses as low-risk professionals. As a result, most of the nurses tend to qualify 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. You may also need to note that you qualify a home loan of a maximum of $1,500,000. You would also need to check whether the lenders tend to consider an extra income from a different hospital.

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