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%.
Apply online in as little as 10-20 mins
- See how much we could lend you, hit submit, and you could get conditional or full approval within 1 business day
- You’ll have a dedicated lender who’ll support you through to settlement
- Occupation not listed on the form? Your lender can apply your LMI waiver later
- Don’t worry, we’ll ask permission before the credit check
- No obligation until you accept your loan offer.
Read more on how to apply online
Apply by phone or in-person:
- Book appointment
- Call through the Westpac App (sign in, select Contact us and skip some of the security questions)
- Chat with a lender at your nearest branch.
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 personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
Taxation considerations contained in this article (on this page) are general in nature. They do not take into account your personal circumstances and they should not be interpreted or used as tax advice or a tax guide. You should seek independent tax advice to determine the appropriate tax consequences relevant to your circumstances before making any 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 293KB)
^Options to lower repayments: conditions, eligibility and suitability criteria apply.
- Reduced loan repayments. Had your home loan for more than a year? You could apply to lower your minimum repayment by up to 50%, for up to 12 months. But, when this time ends, your repayments will increase to ensure you repay your loan within its original term.
- Repayment Holiday. Ahead on your home loan because you’ve made extra repayments? If you need to, you can arrange to skip repayments or repay less, as long as your ‘Available’ funds are enough to cover your minimum scheduled repayment
- Switching to an Interest Only repayment term. Sometimes you can apply to repay just the interest for a while. But, when you go back to repaying Principal & Interest, your repayments will be higher. This is because you still have to pay back the money you borrowed. And means you’ll pay more interest overall than if you instead chose to continue paying Principal & Interest.