Westpac Group has updated the list of health professions that are eligible for its lenders mortgage insurance (LMI) waiver.
From Oct. 2, eligible registered nurses and midwives with a 10% deposit can avoid the additional upfront expense of LMI across all Westpac brands if they earn over $90,000 per annum in gross salary.
“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,” said Chris de Bruin, Westpac consumer and business banking chief executive.
De Bruin added that the two professions typically attract a larger proportion of women, and that it would help more women buy their own homes.
“Australians work hard to achieve the dream of owning their own home but saving for a deposit and paying LMI remains a huge challenge,” he said. “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.”
Other professions covered by the LMI Waiver eligibility, subject to minimum income threshold, were dentists, general practitioners, hospital employed doctors, optometrists, pharmacists, veterinary practitioners, medical specialists, audiologists, chiropractors, occupational therapists, osteopaths, physiotherapists, podiatrists, psychologists, radiographers, sonographers, and speech pathologists.
