Paramedic pay often includes shift penalties and overtime, so the full picture of your income matters when planning a purchase. The RBA raised the cash rate by 0.25 percentage points to 4.85% on 3 November, and the ABS reported annual inflation of 4.3% in the year to September. Grants, concessions and insurance options can reduce the cash and insurance you need upfront, and this guide covers what is available to paramedics and ambulance officers.
Key takeaways
- The 5% Deposit Scheme has no income caps, no place limits and no mortgage insurance premium, so check it first.
- Each state and territory has its own grants and stamp duty concessions, and the rules differ, so confirm them with the relevant revenue office.
- Lenders assess penalty rates and overtime differently, so ask early.
- You can often combine a grant, a concession and a super release, so check each one's conditions.
Federal help: deposit schemes and super
Three federal options can lower the deposit or tax cost of buying your first home: a government-backed low deposit scheme, shared equity and a super release. Each one has trade-offs, and some can't be combined.
5% Deposit Scheme
The 5% Deposit Scheme lets you buy with a deposit as low as 5%, or 2% for single parents and legal guardians, with no mortgage insurance premium. The government backs part of the loan instead. It has had no income caps and no limit on places since 1 October 2025, and Treasury says property price caps rose at the same time.
It is designed for first home buyers, with a 2% deposit stream for single parents and guardians with a dependent. Confirm your eligibility with a Participating Lender.
You apply through a Participating Lender as part of a home loan application, not directly. After pre-approval you have 90 days to find a home and sign a contract. Price caps vary by location, so check the price cap tool for your area. You must live in the home as an owner-occupier, or the lender may require mortgage insurance or other costs.
Help to Buy
Help to Buy is a shared equity scheme, which means the government owns part of your home alongside you. It contributes up to 30% of an existing home's price, or up to 40% of a new home's, and you need a deposit of at least 2%. When you sell or buy out the government's share, it shares in any gain or loss in proportion to its contribution.
The income caps for 1 July 2026 to 30 June 2027 are:
- $103,000 for a single applicant
- $165,000 for single parents and joint applicants
Applicants must be Australian citizens aged 18 or over who don't own property in Australia or overseas, and must live in the home. It can't generally be combined with other government help for the purchase, such as another shared equity scheme or a state or territory loan. Stamp duty concessions and grants are still allowed.
First Home Super Saver Scheme
The First Home Super Saver Scheme lets you release voluntary super contributions to buy a first home. The ATO allows up to $15,000 a year, to a total of $50,000. Non-concessional contributions release in full and concessional contributions release at 85%, both with associated earnings.
The assessable amount goes in your tax return with a 30% tax offset, so speak with an accountant about how it affects you. You must request an ATO determination before ownership transfers, which is generally before settlement. The ATO also requires you to move in as soon as practicable and live there for at least 6 of the first 12 months. Eligibility is individual, so each partner can use their own contributions for the same property.
On rotating rosters, ask each lender how they assess shift penalties and overtime, because policies vary.
State and territory grants and stamp duty
Every state and territory has its own rules, and grants and concessions change between budgets. Check the figures, thresholds and dates with the relevant state or territory revenue office before you rely on them.
| State | What to check |
|---|---|
| NSW | First home owner grant and stamp duty thresholds, and the dates they apply |
| VIC | First home owner grant, stamp duty concessions and residency rules |
| QLD | First home owner grant, concessions for new and established homes, and citizenship or residency rules |
| WA | Homes to $800,000: no duty up to $600,000, then $16.15 per $100 to $800,000. Confirm the grant amount and caps with the WA Department of Treasury and Finance |
| SA | First home owner grant, stamp duty relief and prior ownership rules |
| TAS | Duty relief may have ended on 30 June 2026. Confirm the grant amount and start date with the Tasmanian State Revenue Office |
| ACT | Stamp duty concessions, income thresholds and prior ownership rules |
| NT | Grant amounts, contract dates and stamp duty, with NT Treasury |
Prior ownership rules matter more than most buyers expect. Several states exclude you if you or your partner have owned a home before, which can catch people who owned a share in a home before a separation.
Grants and concessions depend on the state where you buy, which may differ from the state where you work.
Five ways to avoid or reduce LMI
Lenders mortgage insurance (LMI) usually applies when you borrow more than 80% of a property's value, and it protects the lender, not you. The loan to value ratio (LVR) is your loan as a percentage of the property's value, and at 20% equity LMI generally doesn't apply.
- Use the 5% Deposit Scheme, which removes LMI on a deposit as low as 5%, subject to price caps and a Participating Lender.
- Qualify for a profession LMI waiver, where LMI would normally apply but isn't charged because of your job.
- Choose lender-paid LMI, where the loan is still insured but the lender pays the premium, which is reflected in the pricing.
- Pick a no-LMI product, which some lenders offer to any borrower at up to 85% or 90% LVR.
- Save a larger deposit.
A waiver saves the LMI cost, but compare the rate, fees and features too, because risk fees, lender-paid LMI and different pricing can sometimes cost more over time than paying LMI. Each lender sets its own conditions on repayment type, loan size and income. Lender criteria change often and all lending is subject to credit approval.
Can paramedics avoid paying LMI?
Some lenders waive LMI for paramedics, which means LMI would normally apply but isn't charged because of your job. Others offer lender-paid LMI, where the loan is still insured but the lender pays the premium, which is reflected in the pricing. Here is an example available at the time of writing, and a lender missing from this list may still have an option, as not every lender has been reviewed.
Lenders that waive LMI for paramedics
- People First Bank: up to 90% LVR under its Essential Services Professionals Package, for loans up to $1.2m.
How to compare them
- Eligibility differs, so check each lender's income, registration, work history and employment conditions against your situation.
- Several options are for buying an established home, so check this against what you plan to buy, as new homes, off-the-plan purchases and construction may be excluded.
- A waiver saves the LMI cost, but compare the rate, fees and features too, and weigh it against the 5% Deposit Scheme on total cost.
Lender criteria change often, and a broker can check which options you qualify for. All lending is subject to credit approval.
Find out which grants, concessions and LMI options you qualify for in one conversation.
How to combine the options
Work through the options in order, because an early choice can rule out a later one.
- Check federal eligibility first: the 5% Deposit Scheme and Help to Buy suit different buyers, and Help to Buy can't generally be used alongside other government help for the purchase.
- Add your state or territory support: the grant, the stamp duty concession and whether the home needs to be new.
- Start a super release early: contributions are made in advance and an ATO determination is needed before settlement.
- Match your situation to an LMI option and compare it against the 5% Deposit Scheme on total cost, not just on LMI.
- Check prior ownership and residency rules: most programs require you to live in the home as an owner-occupier, and several exclude people who have owned before. Check each program's residency period. The 6-of-12-month rule applies to the First Home Super Saver Scheme.
Price caps and income caps decide more outcomes than the headline amounts, and rules, caps and dates apply on your contract date, so confirm them for the exact property and your income before you sign.
Frequently asked questions
Do lenders count shift penalties and overtime?
Lenders vary in how they assess them. A history of regular shifts and recent payslips can help.
Can I use the 5% Deposit Scheme and a paramedic LMI option together?
The scheme removes LMI on its own, so compare the two on total cost. See the LMI sections above for the detail.
Are grants available for established homes?
Mostly no, as most grants are for new homes. Stamp duty support covers established homes in some states, so check with the relevant revenue office.
Small steps taken early can give you more options later. [Book an appointment] at a time that suits you, and bring your recent payslips, registration details and savings records.
This article is general information only and doesn't consider your personal circumstances. Grants, concessions and lender policies change, and all lending, including any LMI waiver, is subject to lender criteria and credit approval. Speak with your accountant about tax.
Frequently Asked Questions
Do lenders count shift penalties and overtime?
Lenders vary in how they assess them. A history of regular shifts and recent payslips can help.
Can I use the 5% Deposit Scheme and a paramedic LMI option together?
The scheme removes LMI on its own, so compare the two on total cost. See the LMI sections for the detail.
Are grants available for established homes?
Mostly no, as most grants are for new homes. Stamp duty support covers established homes in some states, so check with the relevant revenue office.
