Westpac Medico Policy – LMI Waiver for Doctors and Medical Professionals

Although it’s possible to apply directly with Westpac, working with a trusted mortgage broker can simplify the process and improve your chances of approval. At Eden Emerald Mortgages, we take care of the entire application process for you—from checking your eligibility to ensuring your submission is complete and accurate. We also compare Westpac’s policy with over 40 other lenders to make sure you're getting the best value. And since our service is paid for by the lender, there’s no cost to you.

By using 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 Westpac Medico Policy criteria and can help you determine eligibility.
• Access to Multiple Options: If you are ineligible for Westpac Medico Policy, 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.

Westpac Medico Policy: Eligible Professions

Westpac offers the medico policy to a wider range of healthcare workers compared to CBA, NAB and ANZ. Here is a list of professions that qualify for the Westpac Medico Policy:

• Anaesthetists
• Audiologists
• Cardiologists
• Chiropractors
• Cosmetic surgeons
• Dentists
• Dental surgeons
• Dermatologists
• Doctors
• Epidemiologists
• Endocrinologists
• Gastroenterologists
• General Practitioners
• Gynaecologists
• Immunologists
• Medical interns
• Medical residents
• Medical registrars
• Midwives
• Neurologists
• Nurses
• Obstetricians
• Occupational Therapists
• Oncologists
• Ophthalmologists
• Optometrists
• Orthodontists
• Osteopaths
• Paediatricians
• Pathologists
• Pharmacists
• Physiotherapists
• Plastic Surgeons
• Podiatrists
• Psychologists
• Radiographers
• Radiologists
• Rheumatologists
• Sonographers
• Speech Pathologists
• Surgeons
• Urologists
• Veterinarians

Key Information about Westpac Medico Policy

• Borrow up to 95% LVR with No LMI for doctors, specialists and dentists
• 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

• Borrow up to 90% LVR with No LMI for other medical professionals and veterinarians
• Maximum loan amount of $5 million 
• Minimum income requirement of $90,000 per annum
• Maximum property value of $4 million for units and other residential properties
• Must be currently employed in Australia and registered with AHPRA or relevant veterinary board
• Require documents to prove registration and profession
  

Application Process for Westpac Medico Policy

Applying for the Westpac Medico Policy involves several steps, and here is a quick outline of the process:

1. Check Eligibility: Determine if your profession qualifies for a Westpac Medico Policy LMI waiver, and check 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 Medico Policy. This may involve verifying your employment and registration, 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.

Alternatives to Westpac Medico Policy

If your profession isn't covered by Westpac Medico Policy, you can 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 are a medical professional, have a look at this article to see where you can waive LMI.

If you don't qualify for an LMI waiver at any 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’s Medico Policy offers eligible medical professionals the opportunity to buy a home with just a 5-10% deposit—without having to pay costly Lenders Mortgage Insurance (LMI). If you’re interested in finding out whether you qualify or want to begin your Westpac home loan application, simply complete the form below. A knowledgeable broker from Eden Emerald Mortgages will be in touch shortly to walk you through the process and help you find the most suitable loan for your situation.