- Medical professionals including doctors, dentists, physiotherapists, optometrists and veterinarians are eligible for Westpac LMI waiver (see full list of professions here).
- You can borrow up to 95% LVR with No LMI.
- Maximum loan amount of $5 million.
- No minimum income required for doctors, specialists and dentists.
- Minimum annual income of $90,000 for all other eligible medical professions.
- To estimate your borrowing capacity, take a look at our useful calculator.
Westpac offers a Medico Policy tailored to support eligible medical professionals—including doctors, dentists, optometrists, physiotherapists, and others—by waiving Lenders Mortgage Insurance (LMI) on home loans up to 95% of the property’s value. This benefit can dramatically lower upfront costs, helping you enter the property market sooner and with greater financial flexibility.
Although you can apply for Westpac’s Medico Policy directly, many professionals prefer working with a knowledgeable mortgage broker like Eden Emerald Mortgages. Their team understands the finer details of Westpac’s eligibility requirements and handles the entire process to ensure your application is accurate and complete. They also compare loans from over 40 lenders to find you the most competitive option available. Best of all, their service is completely free for borrowers, as they’re paid by the lender. To get started, simply fill out the form below and one of their experienced brokers will be in touch.
Speak to an Expert and Waive Your LMI
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, you can speak to Shaun by filling out the form below.
Shaun is an experienced mortgage broker from EE Mortgages who will call you to discuss your situation free of charge. You can also call him on (02) 9188 9398.
Westpac Medico Policy LMI Waiver: Which Professions are Eligible?
Maximum LVR
90%
Eligible Professions
Veterinarians, General Practitioners, Specialists, Surgeons, Locums, Interns, Residents
Important Information
- Borrow up to $5 million
- Minimum $90,000 annual income required
- Must be currently employed in Australia and registered with relevant veterinary board
- Documents required to prove your profession
How to Apply for Westpac Medico Policy LMI Waiver
To apply for a Westpac Medico Policy, simply follow these steps:
- Check Eligibility: Find out if you are eligible, based on your profession, deposit amount, and desired loan amount. It is a good idea to speak to a mortgage broker who can help you determine eligibility, as well as guide you through the entire process.
- Speak to Westpac: If you use a mortgage broker, they will speak to Westpac on your behalf, so you can skip this step. If you decide to apply for the Medico Policy by yourself, then visit Westpac and tell them you want to apply for an LMI waiver home loan.
- Submit Documents: Provide any documents that are requested, such as proof or employment, relevant certification or registration for your profession, pay slips, bank statements and tax returns.
- Receive Confirmation: If you are approved, Westpac will waive your LMI, and you can borrow up to 95% LVR without having to pay any LMI fees.
Frequently Asked Questions
Yes, Westpac waives LMI for a range of medical professionals including doctors, veterinarians, dentists, optometrists and chiropractors. Check the list above to see if you qualify.
There are several banks and lenders that waive LMI for medical professionals, including ANZ, BOQ, CBA, Granite Home Loans, Macquarie Bank, NAB, St. George and Westpac. To see the full list, read this article.
Yes, nurses are eligible to borrow up to 90% LVR with No LMI under the Westpac Medico Policy. You can also click here to find out which other lenders waive LMI for nurses.
If you are doctor or dentist you will be able to waive LMI at Westpac with only 5% deposit. Alternatively, if you are a first-home buyer you can avoid LMI with 5% deposit.
Use a Mortgage Broker to Apply for Westpac Medico Policy
The simplest way to access the Westpac Medico Policy is by working with a mortgage broker. Their services come at no cost to you (as they are compensated by the lender), and they’ll assist you through the entire home loan and LMI waiver process. A broker can help you find the lowest possible interest rates while maximising your borrowing power.
You can speak to
EE Mortgages, a specialist mortgage broker in LMI waivers. To get started or even just to answer some questions, fill out the form below or call them on (02) 9188 9398.
Speak to an Expert and Waive Your LMI
To receive free guidance throughout your home loan process, including expert advice and recommendations on LMI Waivers, you can speak to Shaun by filling out the form below.
Shaun is an experienced mortgage broker from EE Mortgages who will call you to discuss your situation free of charge. You can also call him on (02) 9188 9398.