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


Advertisement

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Lender

VariableMore details
Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
Online ExclusiveUp To $4K Cashback

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
VariableMore details
Refinance OnlyApply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Refinance OnlyApply In Minutes

Unloan – Variable Rate Home Loan – Refinance Only

  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
VariableMore details
Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Unlimited Redraws

ubank – Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
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 March 4, 2024. View disclaimer.

Image by Darko Stojanovic via Pixabay





Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy