Westpac will be extending its lenders mortgage insurance (LMI) waiver to registered nurses and midwives, as part of its support to professions with strong female workforce representation.
Starting 2 October, eligible registered nurses and midwives applying for a home loan with a 10% deposit will be able to get an LMI waiver if they earn over $90,000 per annum.
With the LMI waiver, a health professional borrowing for a $700,000 property in New South Wales with only 10% deposit could save around $23,050.
Westpac consumer and business banking chief executive Chris de Bruin said this announcement builds on the bank’s earlier announcement in June, which expanded the criteria for LMI waiver to eight further allied health professions.
“Nurses and midwives provide an incredible service to our communities, so we are delighted to help them buy a home sooner by waiving thousands of dollars in LMI,” he said.
“These professions also typically attract a larger proportion of women, and we are passionate about helping more women buy their own homes.”
Mr de Bruin said the bank is committed to increasing its female workforce across home and business lending.
“Women can also face financial setbacks during their lifetime, such as taking time out of the workforce to care for children, and gender pay gaps,” he said.
“By extending our LMI waiver to a broad range of health professions, our ultimate goal is to ease some of the challenges people face when buying a home so more Australians can build financial security and independence over their lifetime.”
With the changes, the following professions, subject to meeting the minimum income threshold, will be able to get Westpac’s LMI waiver:
- Dentists
- General Practitioners
- Hospital Employed Doctors
- Optometrists
- Pharmacists
- Veterinary Practitioners
- Medical Specialists
- Audiologist
- Chiropractors
- Occupational Therapists
- Osteopaths
- Physiotherapists
- Podiatrists
- Psychologists
- Radiographers
- Sonographers
- Speech Pathologists
- Registered Nurses
- Midwives
Collections: Mortgage News
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