Westpac waives mortgage insurance from lenders for nurses and midwives
Westpac will extend its mortgage default insurance (LMI) waiver to registered nurses and midwives.
Starting Oct. 2, eligible nurses and midwives who apply for a home loan with a 10% down payment can avoid IMT if they earn more than $90,000 a year.
With the IMT waiver, a medical professional borrowing for a $550,000 property with only a 10% deposit ($50,000) could save about $16,250.
With the new changes, the following professions, subject to meeting specific criteria, will be eligible to receive Westpac’s LMI waiver:
- General practitioners
- Doctors employed in the hospital
- Practicing veterinarians
- Specialist doctors
- Occupational therapists
- Speech therapists
- Registered Nurses
See also: IMT Calculator
Chris de Bruin, managing director of Westpac Consumer and Business Banking, said the announcement was part of the bank’s initiative to support professions with high female representation in the workplace.
“Nurses and midwives provide an incredible service to our communities, so we’re thrilled to help them buy a home sooner by forgoing thousands of dollars in LMI,” said de Bruin.
“These occupations also generally attract a higher proportion of women, and we are passionate about helping more women buy their own homes.
“By extending our IMT waiver to a wide range of healthcare professions, our ultimate goal is to alleviate some of the challenges people face when buying a home so that more Australians can strengthen financial security and independence throughout their lives.”
See also: Home loan offers and good plans September 2022
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