Westpac LMI Waiver – Professionals, Accountants, Lawyers, Engineers

  • Westpac offers Lenders Mortgage Insurance (LMI) waivers to several professionals due to earning potential and job stability.
  • Medical professionals, accountants, lawyers, nurses and veterinarians qualify for LMI Waiver with Westpac. For a full list of eligible professions, click here.
  • Engineers are not eligible for LMI waivers at Westpac; if you are an engineer, you can access No LMI home loans with Granite home loans.
  • LMI waivers potentially save you tens of thousands of dollars when buying a property.
  • Westpac offers loans of up to 95% LVR with No LMI for certain medical professionals.
  • For other eligible professions, you can borrow up to 90% LVR with No LMI.

Westpac offers eligible customers Lenders Mortgage Insurance (LMI) Waivers on home loans, providing a fantastic opportunity for certain professionals to purchase property with a smaller deposit while avoiding the hefty costs of LMI. This waiver is particularly beneficial for medical, legal, and accounting professionals, allowing them to enter the property market without needing to save the full 20% deposit, potentially saving tens of thousands of dollars in LMI fees.

While some may choose to apply for the Westpac LMI Waiver directly through the bank, working with an experienced mortgage broker makes the process smoother. At Eden Emerald Mortgages, we offer expert guidance, answer all your questions, and manage the application process from start to finish to ensure everything is done correctly. Our brokers also compare lenders to secure the most competitive rates, and explore other banks with LMI waivers if Westpac isn’t the right fit for you. Best of all, our services are completely FREE for borrowers, as we are compensated by the lender, ensuring our sole focus is on helping you achieve your property goals.

When you work with a mortgage broker from Eden Emerald Mortgages, you’ll benefit from:

  • Time Savings: Let us handle the paperwork and liaise with Westpac on your behalf.
  • Tailored Advice: Our experienced team understand the LMI Waiver criteria at Westpac and can help you determine eligibility.
  • Access to Multiple Options: If you are ineligible for LMI waiver at Westpac, or the interest rates are too high, we can find you the best alternatives from other lenders.
  • Advocacy: We actively negotiate with Westpac and other lenders to secure the best terms and rates for you.

Speak to an Expert and 

Get Your Mortgage Approved

To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.

Shaun Bettman

#1 Mortgage Broker

Name*
Email*
Phone*
Loan Amount*
Message*
0 of 350

Westpac LMI Waiver: Eligible Professions

Here is a quick table which summarises the industries that Westpac accepts for LMI waivers. Click on the industry or profession to find out specific information for your job, including maximum loan amounts and eligibility requirements.  

Medical Professionals

A range of medical professionals are accepted by Westpac for LMI Waivers. This is split into two categories, with differing eligibility:

If you are a healthcare worker that is not listed above, you may not be eligible for Westpac LMI waiver, but you could qualify at other banks that have No LMI loans for your profession. Contact us here for assistance in finding lenders that will waive LMI for healthcare workers.

Here is some key information about Westpac LMI Waiver home loans for Doctors, GPs, Specialists and Dentists:

  • Borrow up to 95% LVR with No LMI
  • Maximum loan amount of $5 million 
  • No minimum income requirements
  • Must be currently employed in Australia and registered with AHPRA
  • Require documents to prove registration and profession

Here is some key information about Westpac LMI Waiver home loans for other eligible medical professionals:

  • Borrow up to 90% LVR with No LMI
  • Maximum loan amount of $5 million
  • Minimum income requirement of $90,000 per annum
  • Must be currently employed in Australia and registered with AHPRA
  • Require documents to prove registration and profession

Legal Professionals

Legal professionals including solicitors, barristers, magistrates and judges are eligible for Westpac LMI Waiver. If your specific job title is not listed, but you work in the legal industry, you can check with us if you are eligible, by filling out this form.

Here is some key information about Westpac LMI Waiver home loans for Legal Professionals:

  • Borrow up to 90% LVR with No LMI
  • Minimum income requirement of $120,000 per annum
  • Must be currently employed in Australia and hold relevant industry accreditation
  • Require documents to prove registration and profession

Accounting Professionals

Accountants and auditors are eligible for Westpac LMI Waiver. If you work in the accounting industry but you are not an accountant or auditor, you may still qualify. Message us here so we can check your specific situation for you. Here is some key information about LMI Waiver home loans for eligible accounting professionals:

  • Borrow up to 90% LVR with No LMI
  • Minimum income requirement of $120,000 per annum
  • Must be currently employed in Australia and hold relevant industry accreditation
  • Require documents to prove registration and profession

Veterinarians

Veterinarians are eligible for No LMI home loans at Westpac, and here is some key information about these loans:

  • Borrow up to 90% LVR with No LMI
  • Minimum income requirement of $90,000 per annum
  • Must be currently employed in Australia and have a current registration with the relevant veterinary board
  • Require documents to prove registration and profession

Entertainment Professionals

Those who work in the entertainment industry (eg: actors, photographers, models, journalists and more) can qualify for Westpac's LMI Waiver. Here is some key information about LMI Waiver home loans for eligible entertainment professionals:

  • Borrow up to 90% LVR with No LMI
  • Minimum income requirement of $120,000 per annum
  • Must have worked in the industry for at least two years
  • Provide evidence of income including sponsorships and endorsements
  • Must have an accredited manager or agent

Professional Athletes

Professional athletes and sports players are eligible for Westpac's LMI Waiver. Here is some key information about LMI Waiver home loans for athletes:

  • Borrow up to 90% LVR with No LMI
  • Minimum income requirement of $120,000 per annum
  • Must have played or competed professionally for at least two years
  • Provide evidence of income including sponsorships and endorsements
  • Must have an accredited manager or agent

Application Process for LMI Waivers

Applying for an LMI waiver at Westpac involves several steps, and here is a quick outline of the process:

  1. Check Eligibility: Determine if your profession qualifies for a LMI waiver at Westpac and if you meet the other eligibility criteria.
  2. Consult a Mortgage Broker: A mortgage broker will guide you through the necessary documents required, and complete the application for you. Speak to a free mortgage broker now (free to you as a client, as the broker is paid a commission by the lender) to begin the process.
  3. Gather Documentation: Collect necessary documents as advised by the broker, such as proof of professional registration, employment history, income statements, and any other required paperwork.
  4. Submit Application: Apply for the mortgage, including a request for an LMI waiver. Provide all necessary documentation and information.
  5. Lender Assessment: Westpac will assess your application, including your eligibility for the LMI waiver. This may involve verifying your professional industry, spending habits, and employment history.
  6. Approval and Settlement: If approved, Westpac will proceed with the mortgage process without requiring you to pay LMI. This will significantly reduce your upfront costs and overall mortgage amount.

Contact a Mortgage Broker to Waive Your LMI

Speak to an expert at Eden Emerald Mortgages to begin the process, or even to ask any questions you have about eligibility. Leave your details below and we will call you back as soon as possible. Alternatively, you can call us directly on (02) 9188 9398.

Name*
Email*
Phone*
Loan Amount*
Message*
0 of 350

Alternatives to LMI Waivers

For Australians who are not eligible for an LMI waiver with Westpac, check if your profession is able to access LMI waivers elsewhere, or see this list of banks and lenders that offer No LMI home loans. If you don't qualify with other lenders, here are some other ways to avoid or reduce LMI costs:

  • Saving a Larger Deposit: Increasing your deposit to at least 20% of the property’s purchase price eliminates the need for LMI.
  • Guarantor Loans: Having a family member act as a guarantor can help you secure a loan without paying LMI.
  • First Home Guarantee (FHBG): For first-time homebuyers, the Australian government’s First Home Guarantee allows eligible buyers to purchase a home with a 5% deposit without paying LMI.

Conclusion

Westpac LMI waivers provide a great opportunity for a range of professionals to buy property with as little as 5% - 10% deposit, with no need to spend tens of thousands of dollars on LMI. If you have any more questions, or want to begin the process of applying for a home loan with Westpac, fill out the form below and an experienced mortgage broker from EE Mortgages will contact you.

Speak to an Expert and 

Get Your Mortgage Approved

To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.

Shaun Bettman

#1 Mortgage Broker

Name*
Email*
Phone*
Loan Amount*
Message*
0 of 350

You may also like