Buy a Home with a 90% Loan
Buy a Home with a 90% Loan—No LMI? These Professionals in Australia Are in Luck!
Introducing Healthcare LMI!
Westpac, one of the world’s leading financial institutions, has launched an exciting new initiative called Healthcare LMI, specifically designed for healthcare professionals. This innovative program allows eligible professionals to borrow up to 90% of a property’s value without paying Lenders Mortgage Insurance (LMI)—a major financial advantage for homebuyers in the industry.
What is LMI?
Lenders Mortgage Insurance (LMI) is an additional cost for borrowers who do not have a 20% deposit when applying for a home loan. It protects the lender in case the borrower defaults on the loan. While LMI can be added to the loan amount and paid over time, it’s an extra expense that doesn’t benefit the borrower directly.
Now, imagine buying a home with just a 10% deposit—without paying LMI! That’s exactly what Westpac’s Healthcare LMI offers.
What is Healthcare LMI?
Healthcare LMI is a home loan benefit exclusively for healthcare professionals. The key advantages include:
- ✅ No LMI is required for loans up to 90% LVR
- ✅ Higher loan amounts—up to $5 million
- ✅ Competitive interest rates
- ✅ Flexible repayment options
Eligible professionals only need to provide proof of their occupation and financial details to apply.
Who Is Eligible? (Updated on 05/04/2023)
No Minimum Income Requirement (Fully Exempt Professions)
- Dentists
- General Practitioners (GPs)
- Hospital-employed doctors (Interns, Residents, Registrars, Specialists)
- Medical Specialists
- Optometrists
- Pharmacists
- Veterinarians
Minimum $90,000 Annual Salary Requirement
- Audiologists
- Chiropractors
- Midwives
- Occupational Therapists
- Osteopaths
- Physiotherapists
- Podiatrists
- Psychologists
- Radiographers
- Registered Nurses
- Sonographers
- Speech Pathologists
Want to Learn More?
Westpac’s Healthcare LMI is a fantastic opportunity for healthcare professionals looking to buy a home with a lower deposit and without paying thousands in LMI.
If you’re interested, contact a mortgage broker for professional advice and assistance. Our finance brokerage firm, with offices in Hobart and Sydney, specializes in helping professionals secure the best home loan deals.
Reach out today to see if you qualify and start your homeownership journey! 🚀
Visit our website for more details: openmortgage.au