Our Broker Policy
Use this page to provide helpful information on our Home Loan Product & Policy options. It’s important to remember these Policy options are subject to approval and conditions may apply.
Credit Policy, at a glance
We now have handy Policy Quick Guides for First Home Buyer, Investor, Self-employed and Special Package clients for you to quickly check their eligibility***. Get your copy today by searching "Quick-Guide" in BrokerHub.
LMI* Waiver Policies
Max loan amount $5m ($7.5m total lending with LMI waiver). We will verify professional qualifications as part of your application. The following medical occupations are eligible for our 95% LVR+ LMI waiver with no minimum income requirement:
- Dentists
- General Practitioners
- Hospital-employed Doctors (Intern, Resident, Registrar, Staff Specialist)
- Medical Specialists
View our quick guides on BrokerHub for more on the following Policy:
Self-employed clients can be assessed under the Fast Track method, by providing latest two years’ individual ATO NOA for borrowing up to 80% LVR. Eligible Medico clients* can still get LMI waivers up to 95%. For non-Fast Track applications, we may accept the use of latest year income for servicing for those who meet the criteria.
Visit our Self-Employed page or our quick guide on BrokerHub to learn more.
Other Policy we support:
Eligible Emergency Services frontline employed applicants could have their overtime and allowances assessed at 100% (conditions apply). Eligible professions include:
- Fire Officers or Firefighters
- Police Officers
- Ambulance Officers or Paramedics
- Hospital employed Nurses, Doctors, Surgeons or Specialists
Credit policies and scenarios hotline
Call 1300 130 928 (select option 1, then option 5) for support with credit scenario questions.
The operating hours are: Monday to Friday 8am - 5pm (ACDT), or 8:30am - 5:30pm (AEDT)
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Things you should know
For broker purposes only – not to be shared with or forwarded to customers.
This information's been prepared without taking your clients objectives, needs and overall financial situation into account. For this reason, your client 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 advice on any taxation matters.
If any of the information related to (or provided by) Westpac Group that you rely on is printed, downloaded or stored in any manner on your systems, files or otherwise, please ensure that you update your systems and files with the most up-to-date information provided by us and rely only on such updated information.
+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.
*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.
***For more detailed information on requirements and eligibility criteria, refer to the Credit Policy in BrokerHub.
Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.