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  • Writer's picturePeter Esho

Westpac LMI Waiver: A Healthy Dose of Savings for Nurses


Westpact LMI Waiver Nurses & Midwives
Review of Westpac Nurse LMI Waiver. Pictured (Blacktown Hospital nurses)

Westpac says it has helped more than 3,600 nurses and midwives since expanding its LMI Waiver policy for these professions in late 2022. At Esho Capital, we specialise in LMI Waiver products and continually seek new offerings for our clients.


We recently reviewed the ANZ Low Risk LMI Waiver policy which is a location based, as opposed to profession based.


LMI Waiver policies are slowly expanding as lenders look to innovate and create a niche offering from what can be a very saturated and commoditised mortgage market. To recap, loans with a loan-to-valuation ratio (LVR) above 80% usually require lender mortgage insurance (LMI).


An LMI Waiver means the lender, often a bank, forgoes the need for mortgage insurance on loans exceeding 80% LVR.


Traditionally, these waivers have been available to professionals such as lawyers, accountants, and medical specialists. Westpac added nurses and midwives to the medico list following the pandemic. Loans are still subject to the standard lending criteria, but there are a few key features for the LMI Waiver:


  • Registered nurses and midwives need to be on an annual salary of at least $90,000

  • Genuine savings of at least 10% must be evident

  • Nurses and midwives are deemed to be Category B applicants (Doctors and specialists and Category A).

  • Alongside nurses and midwives, other Category B professions include Audiologist, Chiropractors, Occupational therapist, Optometrists, Osteopath, Pharmacists, Physiotherapists, Podiatrist, Psychologist, Radiographer, Sonographer, Speech Pathologist and Veterinary Practitioners.

  • All other standard non-mortgage insured policies and product offerings for fully documented loans apply, including all Interest Only repayment terms.


Bottom line: Other lenders such as Granite have followed in Westpac's footsteps and expanded their LMI Waiver policies to include nurses, midwives and other essential service providers.


Personally, I think it's great to see lenders extending a helping hand to those who need and deserve it most. It's a perfect example of combining economic opportunity with social good.

If you would like to know more about the policy, your eligibility, pricing, terms and conditions, feel free to reach out to the Esho Capital team using the link below. Or if you prefer, you can send us a message on WhatsApp instantly and start a conversation.






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