Lower deposit and flexible options - Westpac Backed
LMI waivers, improved borrowing power options, and more - see what benefits your profession could unlock.
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?
Eligible healthcare professionals could buy a home with as little as 10% deposit, with options to help you save on Lenders Mortgage Insurance (LMI)*.
See complete list of eligible professions.
Your home loan experience
- Apply online and you could get conditional approval in one business day.
- Be supported by a dedicated home loan specialist, from application to settlement.
- Unlimited extra repayments on variable home loans with options to switch to fixed or split between variable and fixed with no switch fee.
- Up to $30k extra repayments on fixed home loans with no break cost1.
How it works
- You can apply if you’re a registered nurse or midwife earning over $90k annually.
- Any casual income is calculated over 52 weeks (eligible for LMI waiver applicants, only).
- If you're a healthcare (e.g. hospital employed nurse or specialist), emergency services, core building trade or essential trade related professional, you could have 100% of your overtime and allowances assessed as income^.
- Self-employed? If you're borrowing under your own name you may be able to apply for the same Westpac home loans, offers and rates as salary-earners. Maximum loan limits apply. Please speak with your home loan specialist for more information.
Apply online in as little as 10-20 mins
- See how much you could borrow, hit submit, and you could get conditional or full approval within 1 business day.
- You’ll have a dedicated home loan specialist who’ll support you from application, through to settlement.
- Don’t worry, we’ll ask permission before a credit check is conducted.
- There is no obligation until you accept your loan offer.
Read more on how to apply online
Apply by phone or in-person:
- Book an appointment
- Call through the Westpac App (sign in, select ‘Contact us’ and proceed with next steps).
- Chat with a home loan specialist at your nearest branch.
Which professions are eligible?
Here are the eligible healthcare & emergency service professionals who can apply for our LMI waiver^^ with a maximum LVR+ of 90-95%.
Minimum incomes
- Audiologists
- Chiropractors
- Midwives
- Occupational Therapists
- Optometrists
- Osteopaths
- Pharmacists
- Physiotherapists
- Podiatrists
- Psychologists
- Radiographers
- Registered Nurses
- Sonographers
- Speech Pathologists
- 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 and allowances inclusion
If you're an eligible healthcare, emergency service, core building, or essential trade related professional, you could have 100% of your overtime and allowances assessed as income^. Eligible applicants, include:
Eligible healthcare & emergency service professionals:
- Doctors
- Front-line Ambulance Officers and / or front-line Paramedics
- Front-line Fire Officers and / or front-line Fire Fighters
- Front-line Police Officers
- Medical Imaging Professionals
- Medical Specialists
- Midwives
- Nurses
- Occupational Therapists
- Pharmacists
- Physiotherapists
- Surgeons
- Veterinarians
Eligible core building & essential trade related professionals:
- Aircraft Maintenance Engineers
- Airconditioning and Refrigeration Mechanics
- Automotive Electricians
- Cabinet and Furniture Makers
- Carpenters and Joiners
- Electrical Distribution Trades Workers
- Electricians
- Glaziers
- Metal Fitters and Machinists
- Motor Mechanics
- Panel beaters
- Plumbers
- Surveyors and Spatial Scientists
- Vehicle Painters
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:
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.
Any tax information described is general in nature and it is not tax advice or a guide to tax laws. We recommend you seek independent, professional tax advice applicable to your personal circumstances.
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.
^ PAYG Plus 100% Non-base Income (overtime and allowances): Conditions, credit criteria, eligibility, exclusions, fees and charges apply. Available for eligible healthcare, emergency services, core building and other essential trade related roles as outlined in the details on our website. Not available for office-based emergency services staff, casual employees, self-employed and contractors. To assess the non-base income, income evidence must be with the same employer for a minimum of 6 months. Where this requirement is not met, applications may still be referred for consideration.
+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 195KB)