Paramedic and Ambulance Officer Home Loans

As a paramedic or ambulance officer, you work under pressure, with purpose, and often without thanks. But when it comes to buying a home, you’re entitled to more than gratitude, you’re eligible for real financial advantages. Since February 18, 2020, updates to lending policy have meant full recognition of your overtime income, waived Lenders Mortgage Insurance (LMI), and home loan options tailored for essential workers. Not everyone gets access to these perks. But you do. Here’s how to make the most of them. Keep reading.

Borrowing Options For Paramedics And Ambulance Officers

As valued front-line workers, paramedics and ambulance officers can access exclusive home loan products designed to support essential service employees. These options provide flexibility and cost savings, making homeownership more achievable:

• Up to 105% of the purchase price with a guarantor loan, covering the full property cost plus additional fees like stamp duty.
• Up to 90% of the purchase price with no LMI, a standout offer from a lender on our panel that eliminates a major upfront cost (details below).
• Up to 80% of the purchase price with exclusive interest rate discounts, reducing monthly repayments and long-term loan costs.

90% LVR Waived LMI Home Loan

One of the most benefits for paramedics and ambulance officers is the 90% home loan with waived LMI, offered exclusively by a lender on our panel. LMI is a fee typically charged when borrowing more than 80% of a property’s value, protecting the lender against potential default. By waiving this cost, you can save thousands upfront, making homeownership more affordable.

Eligibility For No-LMI 90% Loans

To qualify for this offer, you must meet the following criteria:

• Property Type: Purchase a residential property in Category 1 or 2 locations (metro or select non-metro areas, covering major cities and certain regional hubs).
• Savings: You’ll need to show at least 5% genuine savings equal to 5% of the property price held over three months. Rent paid through a lease agreement is accepted as genuine savings, making this accessible for renters.
• Occupation: At least one applicant must be a paramedic or ambulance officer.
• Credit History: Maintain a clean credit report with no defaults, bankruptcies, or adverse listings.

LMI Savings Breakdown

Here’s how much you could save on LMI with a 90% loan, based on Home Loan Experts’ LMI calculator for a new home purchase in New South Wales as a primary residence:

Note: Results from our Home Loan Experts’ LMI calculator, based on a new purchase of a home as a primary place of residence in the state of New South Wales.

Are you ready to save thousands of dollars on your home loan? Call us on 1300 889 743 or enquire online today.

Emergency Services Credit Policy

Since February 18, 2020, the Emergency Services Credit Policy has been updated to enhance borrowing capacity for permanent front-line workers. The key change is the 100% assessment of non-base income, such as overtime, shift allowances, and penalty payments, up from the previous 80%. This adjustment recognizes the stability of these income sources, enabling you to qualify for larger loans.

Eligible applicants include:

• Permanent front-line workers: Paramedics, ambulance officers, firefighters, police officers, nurses, or defense personnel actively serving at their duty stations.
• Employment Continuity: Employed by the same employer for the current and previous financial year. If you’ve changed employers, your previous role must be in the same industry or a higher role, with a PAYG summary from the prior employer to verify income consistency.

• Exclusions: Casual employees and non-front-line administrative staff (e.g., office-based roles) are not eligible.

What Income Types Are Serviceable At 100%?

As an emergency services employee, the income types that are serviceable at 100% for you are:

• Overtime compensations
• Shift allowances
• Penalty payments
• Industry-specific payments
• Vehicle allowances

Please note that the following non-base incomes will still be assessed at 80%:

• Interests earnings
• Bonuses
• Dividend income

Also, any pre-tax or salary deduction will also be assessed as per the previous standard practice.

Documentation Requirements

To apply for a home loan under this new policy, you will require one of these two documents:

• Two consecutive payslips showing base and non-base income, or
• One year-to-date (YTD) payslip covering at least two pay cycles.

Plus, one of these documents:

• PAYG summary from the previous financial year, or
• Tax return with ATO Notice of Assessment (NoA) from the previous financial year.

Credit Report:

• A clean credit history with no defaults, bankruptcies, or late payments.

Case Study: Increased Borrowing Capacity

Gene is a dedicated paramedic who regularly puts in long hours to serve his community. His base salary is $85,000, but with consistent overtime, he earns an additional $25,000 each year, bringing his total income to $130,000, as shown in his PAYG summary. Despite this, under the old lending policy, only 80% of his overtime is considered, limiting his serviceable income to $105,000. That restriction holds him back from borrowing as much as he realistically can afford, making it harder to compete in the property market.

Now, things are different. A new policy allows 100% of Gene’s overtime income to count toward his borrowing assessment. His serviceable income rises to $110,000, a $5,000 increase that could unlock $30,000 to $40,000 more in borrowing power. For Gene, this change opens new doors. It means he can look at better homes in better suburbs, with the confidence that lenders are finally recognising the full value of the work he puts in every day.