Nurse couple’s shift from hospitals to home ownership

These healthcare workers are on a steep recovery curve after being burnt by their first property investment.

Nurse Gracious Dantas and his wife Lucilia Gomes are building a new house outside Brisbane. Picture: Steve Pohlner

Brisbane nurse Gracious Dantas and his wife, Lucilia Gomes, describe their first property investment as an “absolute disaster”.

The couple faced a devastating $100,000 shortfall when their house in regional Victoria was revalued, but the experience only strengthened their resolve to take control of their financial future.

Now, they are building a new family home in Ipswich after a recent interstate move.

The couple’s property journey began with the purchasing their own home in Wollongong, NSW, followed by a house-and-land package outside Melbourne.

The couple have set their sights on building a property portfolio. Picture: Steve Pohlner

“Being a nurse, I work hard, starting at 7.30am and finishing at 6pm most days,” said Mr Dantas, 38.

“It takes a big toll on your family life, and while I love my job, it dawned on me that we needed to leverage our assets to achieve financial freedom.”

But they were naive in their early investment.

“We were taken advantage of by a so-called expert — some black shark who came and gave us sugar-coated advice.

“When the valuation came back on the Victorian property, it was disastrous. It hurt us financially and emotionally, but we came to understand that what glitters is not always gold.”

Registered nurses are one of the occupation groups with the highest number of property investors

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Determined not to repeat their mistake, Mr Dantas spent his spare time analysing market data — “numbers don’t lie” — and with the help of Finance4Nurses, an industry-specialised mortgage broker, they were secured another investment property on the Sunshine Coast.

“I’m new in this investment game, but I’m on the long-term goal of retirement. We were burned, but not beyond recovery,” he said.

Mr Dantas said real estate was a viable option for registered nurses, who often benefit from lender incentives, but understanding the basics was vital to success.

“One, make sure you understand the date, secondly, cashflow is king, and third and most important, the right mortgage broker makes all the difference.”

They were burned by their first investment outside Melbourne. Picture: Steve Pohlner

Nurses, teachers, truckies and cops are ranked among the nation’s top property investors, debunking the myth Queensland’s landlords come from the highest-paying professions.

Data compiled from latest ATO statistics reveal a typical landlord is far from the stereotype of the greedy landlord, prompting property insiders to warn political attacks aimed at investors were most likely to hurt essential workers.

While general managers and CEOs were the most prolific investors, registered nurses came in at an impressive third place, numbering 55,519.

Mortgage broker Tim Boyle, of Finance4Nurses, said nurses generally recognised the value of getting into the market early to secure their financial future.

“Nurses skew toward the younger demographics, allowing them to work hard and earn more with fewer financial dependants than many 35-year-olds,” Mr Boyle said.

“They recognise the need for additional income and wealth to avoid tough shift work later in life. As one nurse recently said to me, ‘I don’t want to be working 12-hour night shifts in my 50s’.”

Many nurses recognised the value of getting into the market early, mortgage broker Tim Boyle said

Mr Boyle said remuneration within the sector was often complex, comprising significant overtime and other allowances which weren’t always recognised by banks and lenders in determining borrowing capacity.

While most nurses prioritised owning their own homes first, strong market growth over the last four years in Queensland in particular had enabled many to leverage equity into buying additional properties.

“We’re seeing a shift where many nurses are compromising on location, and/or opting for townhouses and apartments instead of free-standing homes as investments.

“The strong rental returns and shortage of rental properties in all major Queensland populations centres mean they are enjoying good rental income with a very low risk of vacancy,” Mr Boyle said.

Originally published as Nurse couple’s shift from hospitals to home ownership