Buying Off the Plan (Safely): A Guide for Healthcare Workers

Healthcare Home Loans
Sep 15
3 min read

For many healthcare workers, nurses, doctors, midwives, and allied health professionals, buying property can feel like a huge step, especially when juggling shift work, HECS debt, and family commitments. One increasingly popular option is buying off the plan.

This strategy lets you secure a property before it’s built, often at today’s prices. But while the benefits are real, so are the risks. The good news? With the right approach, you can buy off the plan safely and set yourself up for long-term success.

What Does “Buying Off the Plan” Mean?

Buying off the plan means purchasing an apartment, townhouse, or house that hasn’t been completed yet. You’ll agree on a contract price based on plans and renders, and settlement occurs once construction finishes, sometimes years later.

For healthcare workers with unpredictable hours, this option can be appealing because it gives more time to save, plan, and organise your finances.

The Benefits for Healthcare Professionals

1. Secure Today’s Prices

With property prices on the rise, locking in a purchase now means you benefit if the property value increases before completion.

2. Time to Save

You usually only need to pay a deposit upfront (often 10%). Settlement isn’t due until the property is built, giving you time to grow your savings or pay down debts like credit cards.

3. Brand-New Homes

Buying off the plan means moving into a fresh, modern property with new appliances, warranties, and lower maintenance costs, perfect if you don’t want to spend time on renovations while managing a busy healthcare schedule.

4. Potential Tax Benefits

For those looking at investment properties, depreciation benefits on new builds can reduce taxable income.

The Risks You Need to Know

While the benefits are attractive, healthcare professionals should approach off-the-plan purchases with eyes wide open.

1. Valuation Risk

When your property is finished, the bank re-values it. If the market has dipped, your property may be worth less than the contract price, leaving you to cover the gap.

2. Builder and Developer Risk

If the developer runs into financial trouble, construction can be delayed or cancelled. Choosing a reputable builder is crucial.

3. Changing Circumstances

Settlement might be 1–3 years away. If your income, credit profile, or lending rules change, your borrowing capacity could shift.

4. Contract Complexity

Off-the-plan contracts are lengthy and full of fine print. Without the right legal and financial guidance, you could miss key clauses around defects, timelines, or exit terms.

How Healthcare Workers Can Buy Off the Plan Safely

1. Work With a Specialist Broker

Lenders assess healthcare income differently. A broker who understands nurses’ shift penalties, locum work, or private practice income can structure your application to maximise borrowing power.

2. Do a Developer Health Check

Research the builder and developer’s track record. Have they successfully delivered similar projects on time and at the promised quality?

3. Plan for Valuation Buffers

Save a little extra as a buffer in case the bank values the property lower than your contract price at settlement.

4. Get the Contract Reviewed

Engage a solicitor or conveyancer experienced in off-the-plan contracts. They’ll check for hidden risks, sunset clauses, and your rights if delays occur.

5. Think Long-Term

Choose a location and property type that will appeal to both you and future buyers or renters. Proximity to hospitals, public transport, and schools can increase long-term value.

A Realistic Example

Imagine a nurse and an allied health worker couple buying a $700,000 off-the-plan apartment with a 10% deposit. They pay $70,000 now, then continue saving during the 18 months of construction. By settlement, they’ve cleared a credit card, built an extra savings buffer, and the apartment is valued at $740,000.

Instead of chasing the market, they’ve secured a property, grown their equity, and reduced their debt, all while managing family life and shift work.

Key Takeaways

Off-the-plan purchases can be a smart move for healthcare workers, but they come with unique risks.
Protect yourself by choosing the right developer, reviewing contracts carefully, and working with a healthcare-focused mortgage broker.
With the right strategy, buying off the plan can be a safe way to enter the property market and build wealth for the future.

Ready to Explore Your Options?

At Healthcare Home Loans, we help doctors, nurses, and allied health professionals make safe, smart property decisions, including off-the-plan purchases.

📞 Book a free strategy call today, and let’s make your home ownership journey safe, achievable, and stress-free.