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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