The Little-Known Home Buyer Incentives for Healthcare Workers, Defence Force Members and More

 

If you’ve ever dreamed of owning your own home but felt like the financial hurdles were too big to overcome, you’re not alone. Many Australians, particularly first-home buyers, struggle to save for a deposit or navigate the complexities of home loans. But did you know that specific incentives and support programs could make your home-buying journey easier? If you’re a healthcare worker, a Defence Force member, or in another eligible profession, there may be grants, discounts, or schemes available that could save you thousands and fast-track your path to home ownership.

I’m Jack McKenna, founder of North Brisbane Mortgage Brokers and a proud local. Before diving into the world of mortgages, I served in the Defence Force, so I understand the unique opportunities available to those in our armed services. I’ve also helped countless professionals take advantage of incentives tailored to their industry.

Let’s explore the various home buyer incentives available in Australia, focusing on benefits for healthcare workers, Defence Force members, and others. You might just find a program that’s perfect for you.

Why Are There Profession-Specific Incentives?

Some industries receive extra perks to acknowledge the contributions of their workers. Healthcare professionals and Defence Force personnel, for example, play critical roles in our communities. Offering financial assistance or making home ownership more accessible is one way to give back.

Another reason for these incentives is to encourage stability. By helping professionals settle into their own homes, the government and lenders aim to strengthen communities and provide security for essential workers.

1. Incentives for Healthcare Workers

If you work in healthcare—whether you’re a nurse, paramedic, doctor, aged care worker, or allied health professional—you may be eligible for special home-buying benefits. These incentives reflect the vital role you play, especially in recent years as frontline workers.

Healthcare Worker Home Loan Discounts

Certain lenders offer reduced interest rates, waived Lenders Mortgage Insurance (LMI), or higher loan-to-value ratios (LVRs) for healthcare professionals. For example:

• Nurses and midwives may qualify for loans with a deposit as low as 5% without needing to pay LMI.
• Some lenders extend these benefits to paramedics, aged care staff, and occupational therapists.

First Home Owner Grant (FHOG)

If you’re a first-time buyer purchasing a new property, you may qualify for the First Home Owner Grant. In Queensland, this offers $15,000 to eligible applicants. While this applies to all first-home buyers, it’s an important benefit to consider.

2. Incentives for Defence Force Members

As someone who has served, I know how challenging home ownership can be with frequent relocations and deployments. Fortunately, there are several programs designed specifically for ADF personnel.

Defence Home Ownership Assistance Scheme (DHOAS)

DHOAS helps eligible ADF members and veterans by subsidising home loan interest. The longer you serve, the greater the subsidy.

• Eligible members with four or more years of service can apply.
• The scheme offers flexibility, whether you’re buying your first home or upgrading.

Lenders Mortgage Insurance (LMI) Waivers

Many lenders recognise the financial stability of Defence Force members and offer LMI waivers for loans up to 90% or 95% of the property’s value, saving you thousands in upfront costs.

ADF Relocation Support

If you’re posted to a new location, you may qualify for financial assistance for moving, housing, or purchasing a home in your new area.

3. Incentives for Teachers

Teachers also benefit from special home loan discounts due to their stable income and essential role in the community.

• LMI Waivers – Some banks allow teachers to borrow up to 90% of a property’s value without paying LMI.
• Discounted Interest Rates – Select lenders offer lower interest rates for teachers.
• Flexible Lending Criteria – Some banks accept income from casual or contract teaching roles, making loan approval easier.

If you’re an educator, it’s worth exploring these options with a mortgage broker who understands the best lenders for your profession.

4. Incentives for Emergency Services Workers

Firefighters, police officers, paramedics, and other emergency responders may qualify for exclusive home loan benefits.

Home Loan Discounts and LMI Waivers

Like healthcare workers and teachers, emergency service personnel can access LMI waivers and special interest rate discounts. Lenders value the financial stability of these professions, making home loans more accessible.

Government Grants and Schemes

In addition to standard first home buyer grants, some state and local governments offer extra incentives. For example, regional councils may provide relocation bonuses to encourage emergency workers to live and work in certain areas.

5. Incentives for Other Professionals

Several other industries benefit from profession-specific home loan policies.

Legal and Accounting Professionals

• Many banks provide LMI waivers for lawyers and accountants borrowing up to 90-95% of a property’s value.
• Some lenders offer lower interest rates due to the perceived financial stability of these professions.

Engineers and IT Professionals

• Certain lenders extend LMI waivers and favourable interest rates to engineers and IT professionals.
• Some banks consider higher borrowing power based on future earning potential.

Mining and FIFO Workers

• Some lenders offer home loan products tailored to FIFO (fly-in, fly-out) workers with variable pay structures.
• Special low-deposit loans may be available in major mining hubs.

How to Find Out If You Qualify

With so many incentives available, the key is knowing where to look. Here’s how to get started:

• Speak to a mortgage broker – Not all lenders advertise these deals, but an experienced mortgage broker can help you find the best options.
• Check government grants and schemes – These change frequently, so staying updated is essential.
• Compare lenders – Different banks offer different benefits, and some tailor their policies to specific professions.
• Prepare your documents – Some discounts require proof of employment, such as an industry-specific ID or an employment contract.

My final say…

If you’re a healthcare worker, Defence Force member, teacher, emergency services worker, or part of another eligible profession, you could be missing out on valuable home loan benefits. With the right guidance, you can save thousands, secure a better loan, and fast-track your way to home ownership.

At North Brisbane Mortgage Brokers, we specialise in finding the best home loan solutions for professionals like you. Whether you need an LMI waiver, a special interest rate, or advice on government grants, we’re here to help.

Ready to explore your options? Get in touch today and let’s find the best path to your dream home.