Do you know what to plan before you apply?

Lock in your income documentation first

You need two years of payslips, tax returns, and group certificates to confirm your full earning capacity. Paramedics typically earn penalty rates, overtime, and allowances that sit on top of base pay, and lenders need consistent proof that this income is stable and ongoing. If you've only been qualified for 18 months, some lenders will still assess your application using 12 months of documented income and confirmation from your employer that your role is permanent.

Consider a buyer working three years as a qualified paramedic with a service like Queensland Ambulance Service, earning a base salary plus regular night and weekend penalties. That buyer provides 24 payslips showing consistent penalty income, two PAYG summaries, and an employer letter confirming permanent full-time status. The lender assesses the buyer's total income including penalties at 100%, which lifts borrowing capacity by around 18% compared to using base salary alone. The buyer applies for loan pre-approval and receives conditional approval within 48 hours, then starts attending auctions with confidence that the finance will settle.

Work out what you can borrow before you start looking

Your borrowing capacity depends on your total income, existing debts, living expenses, and the deposit you have available. Lenders assess your ability to service a loan at an interest rate buffer above the actual rate you'll pay, typically between 2.5% and 3%. If you're carrying credit card limits, personal loans, or buy-now-pay-later accounts, those commitments reduce what you can borrow even if the balances are paid off each month.

In our experience, paramedics who close unused credit accounts and clear short-term debt before applying can increase their borrowing capacity by $50,000 to $80,000. Use a borrowing capacity calculator to get an estimate, then book a call to confirm how your specific income structure will be assessed. If you're planning to use the Australian Government 5% Deposit Scheme, confirm that your preferred property type and location fall within the relevant price cap for your state.

Choose your deposit source and confirm it meets lender requirements

You need genuine savings, a gifted deposit from a family member, or equity from an existing property. Genuine savings are funds you've accumulated over at least three months in your own account, such as regular pay deposits into a savings account or term deposit. A gifted deposit must be accompanied by a signed statutory declaration from the person giving the funds, confirming the money is a gift with no expectation of repayment.

If you've been salary sacrificing into super under the First Home Super Saver Scheme, you can apply to the ATO to release up to $50,000 of eligible contributions to use toward your deposit. You'll need an FHSS determination before you sign a contract. Most lenders will combine FHSS funds with your other savings to meet the minimum deposit requirement. If you're buying with a 5% deposit under the federal scheme, you won't pay Lenders Mortgage Insurance, but you still need to show you can cover stamp duty and settlement costs from genuine savings or a gift.

Decide whether a fixed or variable rate suits your income pattern

A variable rate gives you full access to an offset account and unlimited additional repayments. A fixed rate locks your repayment amount for a set term, usually between one and five years, but typically restricts extra repayments to around $10,000 to $30,000 per year depending on the lender. Paramedics working rotating rosters with fluctuating pay often benefit from the flexibility of a variable loan with an offset, because you can park your pay in the offset during high-income periods and draw it down when rostered hours drop.

A split loan structure lets you fix a portion of your loan for rate certainty and keep the rest variable for flexibility. You'll pay two sets of fees and deal with two loan accounts, but you get both stability and access to features. If you expect overtime or penalty income to vary across the year, keep at least 50% of your loan variable so you can make additional repayments without hitting a cap.

Gather your paperwork before you apply

You'll need photo identification, proof of income, bank statements covering the last three to six months, and evidence of your deposit. If you're applying for a state grant or stamp duty concession, check the eligibility requirements early because some states require you to apply before settlement and others assess your eligibility at the time of contract. For example, in New South Wales you can access a full stamp duty exemption on properties valued up to $800,000, but you must move into the home within 12 months and live there for at least 12 continuous months.

In Victoria, the first home buyer duty exemption applies to properties up to $600,000, with a concession available up to $750,000. Queensland offers a full transfer duty concession on new homes with no price cap, but the concession for established homes phases out at $800,000. Confirm the current thresholds and residency requirements in your state before you sign a contract, because the rules differ depending on whether you're buying new, established, or vacant land.

Apply for pre-approval and set your search boundaries

Pre-approval gives you a conditional loan offer based on your income, deposit, and credit profile. It's valid for three to six months depending on the lender and lets you make offers or bid at auction without waiting for finance approval. Lenders assess your application using the same criteria they'll apply at final approval, so the main difference is that they haven't yet valued the specific property you intend to buy.

Once you have pre-approval, you know your limit and you can focus your search on properties within your range. If you're using the Home Guarantee Scheme or a state-based shared equity program, confirm your pre-approval is structured to include the relevant scheme, because not all lenders participate in every program. When you find a property, your broker will request final approval and order a valuation. If the property meets lender criteria and the valuation supports the purchase price, your loan moves to unconditional approval and you're ready to settle.

Call one of our team or book an appointment at a time that works for you.

Frequently Asked Questions