Nurse home loans with no LMI
5 min read
In fantastic news for nurses and midwives, Westpac are now offering 90% LVR home loans and no LMI as part of their medical home loan packages.
There are many benefits to working in the medical profession, and one is that you are a preferred and valuable client for lenders and banks in Australia thanks to your fantastic job security. You are a desirable client to have! And in recent news, Westpac and a number of other lenders have now included nurses and midwives in their medical home loan definitions.
What are the benefits of a nurse 90% no LMI home loan?
The benefit for you, is that you are able to access nurse and midwife packages which include home loans with:
- Low 10% deposit needed
- No lenders mortgage insurance
Am I eligible for a LMI waiver?
The eligibility criteria is given below:
- You must be a registered nurse or midwife
- Earning a minimum $90,000 per annum
- Have a 10% deposit
What other professions are included?
There are a range of different professions who can access doctor and medical profession home loans (subject to lender approval):
- Anaesthesiologist/anaesthetist
- Audiologist
- Cardiologist
- Cardiothoracic Surgeon
- Chiropractor
- Sports chiropractor
- Animal chiropractor
- Clinical Pharmacologist
- Cosmetic Surgeon
- Dentist
- Dermatologist
- Doctor
- Ear and Throat Surgeon
- Epidemiologist
- Emergency Doctor
- Emergency Medicine Specialist
- Emergency Surgeon
- Endocrinologist
- GI Surgeon
- Gastroenterologist
- General Practitioner (GP)
- GP Registrar
- General Surgeon
- Gynaecologist
- Haematologist
- Heart Surgeon
- Hepatologist
- Herpetologist
- Intern doctor(internship)
- Immunologist
- Kinesiologist
- Maxillofacial Surgeon
- Medical Administrator
- Medical Practitioner
- Medical Registrar
- Nephrologist
- Neurosurgeon
- Neurologist
- Neurophysiologist
- Obstetrician
- Occupational Therapist
- Oncologist
- Ophthalmologist
- Optometrist
- Oral and Maxillofacial Surgeon
- Oral Surgeon
- Orthodontists
- Orthopaedic Surgeon
- Orthopaedic Registrar
- Osteopath
- Paediatric Surgeon (Neonatal/Perinatal)
- Paediatrician
- Pathologist
- Physiotherapist
- Pharmacist
- Physician
- Plastic Surgeon
- Podiatrist
- Psychiatrist
- Psychologist
- Radiographer
- Radiologist
- Radiation Oncologist
- Resident doctor(residency)
- Reconstructive Surgeon
- Respiratory Surgeon
- Respiratory/Thoracic Surgeon
- Rheumatologist
- Sonographer
- Speech Pathologist
- Specialist Physician
- Surgeon
- Surgical Registrar
- Thoracic Surgeon
- Urologist
- Vascular Surgeon
- Veterinarian
Certain association memberships are required to qualify
To qualify for a medical professional home loan you need to be a member of one of these associations:
- Australian Association of Practice Managers
- Australian College of Rural and Remote Medicine (ACRRM)
- Australian Dental Association (ADA)
- Australian Dental Council (ADC)
- Australian Medical Association (AMA)
- Australian Medical Council (AMC)
- Australian Veterinary Business Association
- Australian Veterinary Association
- Australasian College for Emergency Medicine (ACEM)
- Australasian College of Cosmetic Surgery (ACCS)
- Australasian College of Dermatologists (ACD)
- College of Intensive Care Medicine of Australia and New Zealand (CICM)
- Medical Practitioners Board of Australia
- Royal Australasian College of Dental Surgeons (RACDS)
- Royal Australasian College of Medical Administrators (RACMA)
- Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG)
- Royal Australian and New Zealand College of Ophthalmologists (RANZCO)
- Royal Australasian College of Surgeons (RACS)
- Royal Australasian College of Physicians (RACP)
- Royal College of Pathologists of Australasia (RCPA)
- Royal Australian and New Zealand College of Psychiatrists (RANZCP)
- Optometrists Association Australia
- The Australia and New Zealand College of Anaesthetists (ANZCA)
- The Royal Australian College of General Practitioners (RACGP)
- The Royal Australian and New Zealand College of Radiologists (RANZCR)
- Urological Society of Australia and New Zealand (USANZ)
- Other associations may be accepted on a case-by-case basis
Get in touch with Entourage to find out more!