Calling all nurses: make your money work harder with these five tips

If you’re a nurse, you know what hard work looks like (and feels like!) Thinking about your finances at the end of a long shift can feel, well, too much like more hard work!

The good news is, improving your financial fitness could take less effort than you’d imagined. Here are five quick tips to help you get started:

Tip 1: Take advantage of salary packaging

Nursing is one of the few professions in Australia that qualifies for salary packaging – a term that sounds confusing but is actually pretty straightforward. In a nutshell, it means nurses can pay less tax and spend more of their hard-earned salary on things like groceries, meals and entertainment. Even better, nurses can use salary packaging to pay their mortgage repayments out of their pre-tax income.

And if you choose a lender who understands how salary packaging boosts nurses’ overall income, you could find yourself in a better financial position than you thought. Read more about boosting your savings with salary packaging.

Tip 2: Speed up your savings

For nurses, being more savings-savvy can make a big difference to your overall financial health. Making the most of overtime payments, avoiding high bank fees and using free tools like budget planners can put you on the right track. Learn more about smart savings strategies for nurses.

Tip 3: Make the most of your overtime

Not all professions offer overtime but in nursing, your overtime earnings can add up quickly. Putting these payments towards a home deposit can be a great way to get ahead financially. Find out more about how overtime can help nurses buy a first home faster.

Tip 4: Take advantage of your fluctuating wage

Because of the nature of shift work, overtime and penalty rates, many nurses’ earnings vary from pay cheque to pay cheque. This can make it hard to borrow money for a home, because some lenders will only assess your borrowing capacity based on your base salary. Finding a lender who includes your extra income when calculating your borrowing capacity can help you take advantage of your fluctuating wage. Learn more.

Tip 5: Refinance to pay off your home faster

With interest rates at historic lows, refinancing an existing home loan could be the easiest – and smartest – thing you do this year! Find out how a Melbourne nurse benefitted from refinancing her home loan with BankVic: the bank dedicated to health workers!

BankVic is proud to serve Victorians working in health, emergency services and policing. Pop in and see us at one of our hospital branches or call us on 13 63 73 to find out how our savings and lending products are tailored to meet the unique needs of nurses and other health workers.

This article was published on 25 May 2021 and the information was current at that time. Normal lending criteria apply to all loan applications. The information in this article is general in nature and does not take into account your personal situation or needs. Please consider whether it is appropriate for you before acting on this information.