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Westpac’s Medico home loan with LMI waiver is designed to relieve common pain points in doctor home loans. Here’s everything you need to know about their Medico policy and discover whether you qualify.
Westpac Medico Policy
Westpac offers the following benefits under its Medico policy to qualified professionals:
- Eligible applicants can borrow up to 95% LVR with no LMI.
- No genuine savings requirement.
- Maximum loan amount of $5 million on a single security.
- Total lending of $7.5 million with an LVR greater than 80%.
- Accept Provisional and Limited AHPRA registrations.
- Only one year of tax returns and financials is required to verify self-employed income.
- Accept rural properties up to 50 hectares.
- Eligible for land and construction lending.
- No setup fees.
- Redraw available on fixed-rate loans.
What occupations are eligible for Westpac Medico with LMI waiver?
The following medical practitioners and healthcare professionals can borrow up to 95% LVR with no LMI and no minimum income requirement:
- Anaesthesiologists/anesthetists
- Cardiologists
- Cosmetic surgeons
- Dentists
- Dental surgeons
- Dermatologists
- Doctors, Intern Doctors, & General Practitioners
- Epidemiologists
- Endocrinologists
- Gastroenterologists
- Gynaecologists
- Immunologists
- Medical resident
- Medical registrar
- Neurologists
- Obstetricians
- Oncologists
- Ophthalmologists
- Optometrists
- Orthodontists
- Paediatricians
- Pathologists
- Pharmacists
- Plastic Surgeons
- Radiologists
- Rheumatologists
- Surgeons
- Urologists
- Veterinary Practitioners
The following healthcare practitioners are required to submit proof of minimum gross annual taxable income of $90,000.
Furthermore, you must be a member of one of the following professional associations to qualify for a Medico home loan:
- Australian Association of Practice Managers
- Australian Dental Association (ADA)
- Australian Dental Council (ADC)
- Australian Health Practitioner Regulation Agency (AHPRA)
- Australian Medical Association (AMA)
- Australian Medical Council (AMC)
- Australian Veterinary Business Association
- Australian Veterinary Association
- Medical Practitioners Board of Australia
- Urological Society of Australia and New Zealand (USANZ)
- Other associations on a case-by-case basis
Do I qualify for the Westpac Medico LMI Policy Waiver?
To qualify for a 95% LVR home loan with an LMI waiver under Westpac Medico:
Medical/Dental Practitioners & Optometrists:
- Must be duly registered and can provide a registration status and type with the Australian Health Practitioner Regulation Agency (AHPRA)
- General registration, Specialist registration, and Provisional registration are accepted.
- Student and non-practising registrations are not accepted.
Veterinary Practitioners:
- Must be duly registered and confirmed by visiting the state-based Veterinary Practitioners Board and relevant veterinary board websites.
Other requirements:
- Must satisfy the general Medico guidelines. Speak with our mortgage brokers at 1300 030 388 to know more.
- Total Westpac lending must be less than $7.5m.
Apply for a Westpac Medico LMI Waiver
At Mortgage Pros, we deliver flexible and bespoke home loan solutions for healthcare professionals. We work with 40+ banks and non-bank lenders, including Westpac and other major financial institutions, ensuring you get a finance solution that suits your needs.
Contact us at 1300 030 388 or enquire now about Medico home loan options. Our brokers will take you through Westpac’s Medico policy and discuss whether you are eligible for an LMI waiver.
