Nurses & midwives. Westpac backed.
Home is where the heart is
To thank you for being the beating heart of Australia, we’re here to help you own your home sooner.
Don’t quite have 20% deposit?
If you’re a registered nurse or midwife earning at least $90k a year, you could get a home loan with a 10% deposit (an LVR up to 90%), without having to pay thousands in lenders mortgage insurance.
Your home loan experience
- Apply online and you could get conditional approval in one business day.
- One lender, from application to settlement.
- Unlimited extra repayments on variable home loans with the option to switch to fixed or Interest Only^, with no switch fee.
- Up to $30k extra repayments on fixed home loans with no break cost1.
Who’s eligible?
Our LMI waiver offer is open to:
- Registered nurses
- Registered midwives
A home loan that changes with you
Choose from our full range of home loans.
Flexibility
You can redraw any extra repayments you’ve made with no redraw fee2, and you may be able to apply for:
- You can apply if you’re a registered nurse or midwife earning over $90k annually.
- Any casual income is calculated over 48 weeks.
- If you're a front-line Emergency Services worker (e.g. hospital employed Nurse or Specialist), you could have 100% of your overtime and allowances assessed as income^^^.
- Self-employed? If you're borrowing under your own name you can apply for the same Westpac home loans, offers and rates as salary-earners. And if you qualify for our self-employed Fast Track assessment, all you need to provide is your two most recent personal ATO Notices of Assessment.
- The most you can borrow is $5m, or $7.5m if your LVR is over 80%.
Which other professions are also eligible?
Here are the emergency services and healthcare practitioners who can apply for our LMI waiver with a maximum LVR of 90-95%*.
Minimum incomes
A $90k per year minimum income is needed for these professions (casual income’s calculated over 48 weeks), with a maximum LVR of 90%:
- Audiologist
- Chiropractor
- Midwife
- Occupational Therapist
- Osteopath
- Physiotherapist
- Podiatrist
- Psychologist
- Registered Nurse
- Radiographer
- Sonographer
- Speech Pathologist
- Optometrists
- Pharmacists
- Veterinary Practitioners
No minimum income needed for these professions, with a maximum LVR of 95%:
- Dentist
- General Practitioners
- Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist)
- Medical Specialists (as per the Medical Board of Australia)
Overtime inclusion
Eligible Emergency Services front-line employed applicants could have their overtime and allowances assessed at 100%^^^. Eligible applicants include:
- Hospital employed Nurse, Doctor, Surgeon or Specialists
- Front-line Ambulance Officer or front-line Paramedic
- Front-line Fire Officer or front-line Firefighter
- Front-line Police Officer
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent, professional tax advice on any taxation matters before making a decision based on this information.
1Break costs on fixed loan prepayments and switching: customers can make total prepayments of up to $30,000 (cumulative) for fixed loans, without costs or fees applying. You may incur a break cost and administration fee if your prepayments exceed this threshold, or if at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type.
2Redraw facility: if you have ‘available funds’ (you’ve made extra home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Up to $100k will be available to redraw from your variable loan online or over the phone each day (unlimited in-branch). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our Home Loan Redraw Authority form (PDF 66KB) for full details.
*LMI waiver up to 90% LVR (min 10% deposit) for registered nurses and registered midwives earning a minimum annual income of $90,000. LMI waiver up to 95% LVR (min 5% deposit) may also apply to listed medical practitioners.
^^^Overtime and allowances: Payslips and PAYG Payment Summaries/Income Statements/Tax Returns and an ATO NOA need to evidence the same employer for the full financial year. Where this isn’t the case, the application can be referred for consideration if you’ve been employed in the same role with different employers.
Note: Office based emergency services staff, casual employees, self-employed, contractors and non-hospital based employment positions (e.g. nurses/doctors) are ineligible for this policy.
+LVR stands for the loan-to-value ratio. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and won’t change during the life of the loan as the LVR changes.
#Premier Advantage Package: Conditions of Use and $395 annual package fee applies. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
Premier Advantage Package Conditions of Use (PDF 200KB)
- Reduced loan repayments: reduction of up to 50% available for up to 6 months on variable home loans held with us for over 12 months. It’s important to understand that at the end of the reduced repayment period, the repayment amount will increase to adjust for the reduced repayments. This ensures that the loan is still repaid within its original term. Read the disclosure documents for your selected product or service before deciding if this option is right for you.
- Mortgage repayment pause: available for up to 6 months on variable home loans held with us for over 12 months.
- Parental leave: if you’ve held your variable home loan with us for over 12 months, you could be eligible to reduce your home loan repayments up to 50% for up to 12 months while on maternity or paternity leave, subject to approval.
- Switching to Interest Only repayments : it’s important to understand that interest rates for loans with Interest Only repayments are higher. Your repayments will increase at the end of the Interest Only period as the amount you’ve borrowed will need to be paid back in a shorter timeframe. This also means you’ll pay more interest over the life of the loan on Interest Only repayments than if you’d opted to continue paying principal and interest.