Nurses & Healthcare Professionals Can Now Skip LMI—Here’s How to Save Thousands
A Game-Changer for Healthcare Workers
A new Lenders Mortgage Insurance (LMI) waiver policy is giving nurses, midwives, and healthcare professionals a major financial advantage when purchasing a home.
💡 Eligible workers earning over $90,000 per year can now buy a home with just a 10% deposit—while avoiding LMI costs with a Westpac home loan.
Who Qualifies for LMI Waivers?
Expanded Eligibility for Allied Health Workers
Westpac’s no LMI policy also applies to other high-income healthcare professionals, including:
🔹 Dentists
🔹 General practitioners
🔹 Optometrists
🔹 Pharmacists
🔹 Veterinary practitioners
🔹 Medical specialists
🔹 Physiotherapists
🔹 Psychologists
🔹 Radiographers
🔹 Speech pathologists
📌 Check the full eligibility list and requirements at Westpac’s official website. Or reach out to us to see if your occupation qualifies
Why Is This LMI Waiver Important?
The Hidden Cost of Low Deposits
Ordinarily, buyers who don’t have a 20% deposit must pay LMI, which can cost anywhere between $8,000 and $30,000—depending on the property price.
📌 What is LMI?
Lenders Mortgage Insurance protects banks—not borrowers—against financial loss if a borrower defaults on their loan.
Skipping LMI means:
✅ Significant upfront savings
✅ Faster homeownership timeline
✅ No need to wait years to save a full 20% deposit
Not in Healthcare? Other No LMI Options Exist
No LMI Loans for Other Professions
If you’re not a healthcare worker, there are other low deposit, no LMI home loan options available.
🔹 Some lenders offer no LMI loans for lawyers and accountants
🔹 Government-backed schemes can help first-time buyers and single parents
📌 Eligible government programs include:
✅ First Home Guarantee – Allows first-time buyers to purchase with a 5% deposit
✅ Family Home Guarantee – Helps single parents buy a home with just a 2% deposit
📌 Read more about these government schemes at: NHFIC Home Guarantee Scheme.
📌 Read more on our dedicated Medico Home loan options page here
Explore Your LMI Waiver Options
Get Expert Help on Your Home Loan
If you’re wondering whether you qualify for a no LMI home loan, let us help!
At CBM Mortgages, we can:
✅ Assess your eligibility for an LMI waiver
✅ Compare lenders offering no LMI loans
✅ Help you maximize government incentives
📞 Contact CBM Mortgages today to start saving thousands on your home loan!
Read our blog post on how much deposit can shape your loan here
Disclaimer
This article provides general information only and does not constitute financial advice. Always consult a qualified financial advisor or mortgage broker to assess your personal situation before making any financial decisions.
Written by Craig McDonald 14/06/2025
