Westpac Group today announced it is extending its Lenders Mortgage Insurance (LMI) waiver across all brands to include registered nurses and midwives.
The change, effective 2 October 2022, means eligible registered nurses and midwives with a ten per cent deposit can avoid the additional upfront expense of LMI if they earn over $90,000 per annum (gross salary).
Without the waiver, LMI is required when customers take out a home loan with a deposit that is less than 20 per cent of the value of the property.
“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 Lenders Mortgage Insurance. These professions also typically attract a larger proportion of women, and we are passionate about helping more women buy their own homes,” said Westpac Consumer and Business Banking Chief Executive Chris de Bruin.
The extended LMI Waiver eligibility builds on Westpac’s announcement in June, when it outlined a range of initiatives to further support women. These included increasing its female workforce across home and business lending, adding a further eight health professions to its LMI waiver eligibility, and improved access to finance for childcare operators.
“Australians work hard to achieve the dream of owning their own home but saving for a deposit and paying LMI remains a huge challenge. Women can also face financial setbacks during their lifetime, such as taking time out of the workforce to care for children, and gender pay gaps.
“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,” Mr de Bruin added.
Westpac Group LMI Waiver
The recently expanded LMI Waiver eligibility in Westpac’s allied health policies, subject to meeting the minimum income threshold, includes the following professions:
- General Practitioners
- Hospital Employed Doctors
- Veterinary Practitioners
- Medical Specialists
- Occupational Therapists
- Speech Pathologists
- Registered Nurses