Effective 2 October, eligible registered nurses and midwives applying for a home loan with a 10% deposit can avoid LMI if they earn over $90,000 per annum.

With the LMI waiver, a health professional borrowing for a $550,000 property with only a 10% deposit ($50,000) could save around $16,250.

With the new changes, the following professions, subject to meeting the specific criteria, will be able to receive Westpac’s LMI waiver:

  • Dentists
  • General Practitioners
  • Hospital Employed Doctors
  • Optometrists
  • Pharmacists
  • Veterinary Practitioners
  • Medical Specialists
  • Audiologist
  • Chiropractors 
  • Occupational Therapists 
  • Osteopaths
  • Physiotherapists
  • Podiatrists
  • Psychologists
  • Radiographers
  • Sonographers
  • Speech Pathologists
  • Registered Nurses
  • Midwives 

See Also: LMI Calculator

Westpac consumer and business banking chief executive Chris de Bruin said this announcement is part of the bank’s initiative to support professions with strong female workplace representation.

“Nurses and midwives provide an incredible service to our communities, so we are delighted to help them buy a home sooner by waiving thousands of dollars in LMI,” Mr de Bruin said.

“These professions also typically attract a larger proportion of women, and we are passionate about helping more women buy their own homes.

“By extending our LMI waiver to a broad range of health professions, our ultimate goal is to ease some of the challenges people face when buying a home so more Australians can build financial security and independence over their lifetime.”

See Also: Home loan offers and deals September 2022

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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Image by Darko Stojanovic via Pixabay



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